BSX: The first institutional grade, highly performant & liquid perp exchange on Base
The fastest, most liquid, non-custodial decentralized prep exchange is now live on base.
Liquidity, execution, speed, and transaction cost – four of the top features that are responsible for the trillions of dollars that flow through centralized exchanges. In recent times we’ve seen one or more of these four optimized to bring that liquidity back onchain, but never all at the same time. Why? It’s tough to say but my guess is that building a product that solves all these requires not just the skills to build a robust piece of infrastructure, but also the deep understanding of trading systems and traders themselves.
It’s why we’re proud to back the BSX team in their efforts to supercharge onchain trading as the first institutional-grade perpetual trading engine on Base. The team behind BSX brings extensive experience and knowledge from their previous roles at Coinbase, Kraken, Jump, FalconX, and other trading venues.
Near zero trading fee, 10x leverage, deep liquidity & cross margin.
BSX the platform is a self-custodial DEX that offers perps trading primarily for traders with any size– no size is too smol or too big. This is made possible through their design considerations of combining the speed of off-chain execution with the security and transparency of onchain settlements. In the background, BSX uses a central limit order book (CLOB) which is populated with liquidity from various market makers. This allows for minimal slippage, faster execution, and overall a better trading experience.
The platform offers some neat features such as:
Reduced gas trading thanks to Base’s low transaction fees
10x Leverage on available markets (currently: BTC/USDC, ETH/USDC, SOL/USD)
Cross margin – meaning everything in your BSX portfolio is used towards your account equity and margin. This includes your unrealized PnL.
Market and limit orders
Scalp trading functionalities
1-click trading – meaning traders only have to approve signature once, after which they can execute trades in 1-click
Seamless API and SDKs (Python, JS) integrations so that traders can use external trading terminals without exposing private keys and giving up custody of funds
At a high level, BSX looks like this:
This design allows for a few things:
Users retain full custody of their funds when they deposit into BSX
BSX’s order matching can be done in 10ms, which is comparable to and faster than some centralized exchanges!
Clearing, liquidations, and trade settlement are all done at the smart contract level on Base L2
BSX sequencer makes trading on BSX front-running and MEV-resistant
The sequencer also makes BSX much cheaper to trade on than other DEXs on Base.
To dive more into the product specifications, risk engine, funding rates, and more, check out the BSX docs here.
What’s next for BSX?
In the upcoming months, BSX intends to work closely with its traders and partners to continue improving the overall trading experience and become the main hub for onchain derivatives trading. Key roadmap items include:
Account and sub-account structure to run multiple strategies through one wallet
Isolated margin accounts
Advanced trading features
Additional markets and products (eg. options, commodities, FX trading & more)
BSX roll-up 🤫
We are thrilled to be supporting the team behind BSX and are excited about the future of decentralized trading that BSX plans to lead. To learn more about BXS check out their website, docs or follow along on X/twitter for updates.
About Bankless Ventures
Bankless Ventures is a $40M early-stage Web3 Venture fund launched in 2023 to empower pioneers to explore the frontier of Web3.
If you want to invest in the Bankless Ventures fund, you can submit an interest form as a Limited Partner (LP):
If you’re a startup that wants to be reviewed by our investment team, show us what you’re building here.
Disclosure
The views expressed here are those of Bankless Ventures, LLC (“Bankless Ventures”) personnel quoted and are not the views of Bankless Ventures affiliates. Certain information contained here has been obtained from third-party sources, including from portfolio companies of funds managed by Bankless Ventures. While taken from sources believed to be reliable, Bankless Ventures has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation. In addition, this content may include third-party advertisements; Bankless Ventures has not reviewed such advertisements and does not endorse any advertising content contained therein.
This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making a decision to invest in any fund managed by Bankless Ventures. (An offering to invest in a Bankless Ventures fund will be made only by the private placement memorandum, subscription agreement, and other relevant documentation of any such fund and should be read in their entirety.) Any investments or portfolio companies mentioned, referred to, or described are not representative of all investments in vehicles managed by Bankless Ventures, and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.