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Activity in decentralized exchanges like dYdX and GMX, offering perpetual futures contracts, has picked up pace since the collapse of centralized derivatives giant FTX. Trading volume on dYdX rose to $2.9 billion on January 14, according to data from nomic, after hitting a low of $212 million after rolling out FTX. Perpetuals are forward contracts, but unlike perpetuals, they do not have an expiration date. This allows traders, both bullish and bearish, to hold their long/short positions for as long as they wish.

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