Kriya Perps: Incentivized Testnet
Trade with 20x leverage, built on top of Deepbook
We know you’ve been waiting…
And we’re thrilled to let you know its finally here!
Starting today, we begin the phased release of leverage trading on KriyaDEX!
Kriya Perps: Context
Kriya’s vision is to be the DeFi hub on Sui Network. Our core belief is that strong liquidity is built ground up. Starting from foundational low beta products to high beta, more speculative, capital efficient products.
KriyaDEX is already one of most liquid spot DEX’s on Sui Mainnet with TVL nearing 10M USD. The Lending/Borrowing ecosystem on Sui is flourishing with 20M+ TVL. The strong foundation is set. What next? We believe the next wave of growth in Sui DeFi will be powered by derivative products built on top of these primitives -
Linear leverage: Perpetuals, Futures
Asymmetric leverage: Options
Advisory Layer: Cross-protocol vaults, LP management vaults, etc.
We don’t think much, we just picked the first one on the list and the idea of Kriya Perps was born!
The infra
Order matching: Kriya Perps is an orderbook based perpetuals exchange. Its built on top of Deepbook, Sui’s native on-chain CLOB.
Margining: Kriya uses a ‘Mark Pricing’ based margin system. The mark price is derived from a combination of: Current orderbook spread and spot oracle price (pyth + backups). Perps v1 will work on isolated margin. Once stable liquidity is established, we’ll enable cross-margining
Settlement: Currently collateral deposits and withdrawals are services in USDC. We plan to expand this to more stables soon. Funding rate settlements are triggered via public functions, deduction time is validated on-chain.
Phased Release Plan
Incentivized Testnet Guide
The goal of phase 1 is to:
Test Basic functionality (order placements, collateral deposit/withdrawal, PNL accuracy)
Make users hands-on with core UX, get feedback
Observe Traffic/System load patterns
There is not an elaborate scoring system for rewards, since it’s phase 1, we’ve kept it simple. There is a total reward pool of 100,000 $KRIYA tokens which is split into 2 pools
Total Reward Pool = 100000 $KRIYA tokens
Pool 1 - 50000 $KRIYA - To be split among every user who places at least 5 orders
Pool 2 - 50000 $KRIYA - To be split among every who gets liquidated
If less than 100 eligible participants in a pool, the reward pool will be 25000 $KRIYANow that we’re aligned on the incentives, lets get to a step-by-step guide on how to use Kriya Perps on Testnet
Step 1 - Change network to testnet in your wallet, switch to ‘Sui Testnet’ on app.kriya.finance
Step 2 - Acquire testnet SUI for gas (via your Wallet provider (Sui wallet airdrops 1 SUI at a time), you can also get testnet Sui via Sui discord)
Step 3 - Mint fake USDC from the ‘faucet’ tab
Step 4 - Head to the perpetuals tab, this where the magic happens. The below image shows all components of the trading screen:
[Orderbook, Place Order, Positions, Orders, Past Trades, Margin Account State]
And yes, A TRADING VIEW chart this time for all the tradoooooooooors
Step 5 - Place order, These are the user inputs : [Market/Limit, Long/Short, Leverage/Collateral]
Step 6 - Track Open position, might take up to 10 second to load on testnet. We’re in the process of optimizing data indexing.
Step 7 (Optional) - Add/withdraw collateral to alter leverage [withdrawing collateral will increase leverage which will increase chance of liquidation]
Step 8 (Optional) - Increase position / Partially close position / Take reverse position after 100% qty closure
And that’s all folks! It is, in, fact, that, simple .
Next up:
Releasing Technical Docs
Getting smart contracts audit ready
Prepping UI for Phase 2
We look forward to your support in this journey!
To stay updated, make sure to follow us on : Twitter
Drop in for feedback / queries in our: Discord server
Increase your airdrop chances by participating in our: Zealy Quests
Real
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