Summary: Shorting SushiSwap is pretty straightforward, all you need is a cryptocurrency exchange that allows for short selling. While there are a few exchanges out there that have added the ability to short crypto, our recommendation is to use eToro. They’re well-known, have a global presence, and are trusted by millions of users from 100+ countries.
We’ll be using eToro in our guide, you can sign up with one of the sign-up buttons below.
Before we get started, let’s quickly explain what shorting is (for those that are new to it). Shorting is the practice of selling a cryptocurrency hoping it will drop in price so you can buy it back later for cheaper… which, if successful, will give you a net profit.
It might sound a bit complex but don’t worry, it’s a lot easier than you might think.
How to Short SushiSwap
Shorting SushiSwap can be done in 4 steps:
- Find a cryptocurrency trading platform
- Sign up with the exchange
- Fund your account with fiat or crypto
- Short SushiSwap
1. Find a crypto exchange
As mentioned before, for this guide we’ll be using eToro as they offer the ability to short the most common cryptocurrencies.
You can, of course, use any other crypto exchange that allows for short selling.
2. Sign up with the cryptocurrency exchange
Let’s start with creating an account on eToro.
The sign-up process is very quick, as is the verification that needs to be completed afterwards so you can get started.
3. Funding your account
Next is funding your account. You have several deposit methods to choose from when depositing funds into your eToro Account. These include a bank transfer, credit card, debit card, PayPal, and more.
4. Short SushiSwap
These are the steps to follow to execute a short sell:
- Go to the search bar at the top, find SushiSwap by entering the name.
- On the crypto page/section, on the right side, hit the TRADE button to enter the trading interface.
- At the top of the trading interface: Click on sell to short the crypto.
- Enter the amount for which you want to sell SushiSwap and click on “Open Trade”.
Once you’re ready to close the trade, hopefully when the value of SushiSwap has dropped, go to your Portfolio, find the SushiSwap trade, and click on the red cross to close the trade.
If your assumption/prediction was right, then the profit will be added to your account after closing the trade. If you were wrong on the other hand, you’ll incur a loss which will be debited from your eToro account.
Congratulations, now you know how to short SushiSwap!
Disclaimer: Trading, investing, and dealing with digital and cryptocurrencies might involve a lot of risks. Their prices are volatile and performance is unpredictable. Their past performance is no guarantee of future performance.
Affiliate Disclosure: This site is supported by its users. We may receive commissions for purchases made through the links on our site. This does not impact our reviews, guides or comparisons.
Where to Short SushiSwap (SUSHI)
Aside from eToro, the other major exchange you can use is Binance.
While Binance tends to be a bit more advanced when compared with eToro, they do have a lot more digital assets to trade with.
Frequently Asked Questions
Can I short SushiSwap on Binance?
Yes, you can short SushiSwap on Binance. They have over 300 cryptocurrencies on offer, have a decent phone app and a lot of advanced trading features.
Sushi is a DeFi protocol, completely community-driven. This protocol offers delicious interest to your crypto assets.
Sushi provides passive-income generating DeFi tools including liquidity providing, yield farm, and staking. Sushi, being an AMM(Automated Market Maker), has less hurdles for you to trade your cryptocurrency. All fees are paid by the users who provided liquidity.
Sushi offers many hidden gems not found on other exchanges. This makes it a great way for you to find unique opportunities. Sushi, the best of DeFi!
SUSHI is a governance token that facilitates community governance over Sushi ecosystem. SUSHI holders will be able to vote for ecosystem proposals using their tokens.
Participating in the yield farm program allows you to raise the SUSHI token.
SUSHI token can also be staked across multiple platforms, including SushiBar. It can also be used to collateralize on platforms like Aave's Yearn ecosystem partner Sushi.
Sushiswap had its tokens traded as low at $0.50 each when it was launched. The incident in which Chef Nomi (its creator) left the project to raise funds for the development fund meant that the SUSHI tokens were trading as low a $0.50 each. The project leadership shifted over to 0xmaki. We saw the token trade at almost $23 at an alltime high, which represents a staggering 4600% ROI rise since the lows. The token price is volatile due to speculation. However, the SUSHI token extracts value from trading fees. SUSHI holders can redeem xSUSHI tokens to gain 0.05% on all Sushiswap trades.
Chef Nomi, an anonymous developer, first announced Sushi in September 2020. SushiSwap, also known under the name of Chef Nomi, was announced in September 2020. It was an interesting platform idea that spoke about true decentralization.
Chef Nomi, after gaining considerable traction in DeFi's community, felt his work was finished and removed $14 million worth of SUSHI tokens (which is the amount he felt he should have received for building the platform) from the Sushi fund. Many people thought this was contrary to his community-driven platform vision. Chef Nomi returned the funds to the Sushi Development Fund and asked the audience to decide what amount he deserved.
Many industry people believed that the event had damaged Sushi’s reputation, and that the platform should be shut down. 0xMaki a Sushi believer in his early days, was able to step up and fill the vacant role of Sushi Lead. He built the platform to remarkable heights, surpassing Uniswap in total liquidity. People admire the Sushi community for their incredible rise and continue to support the platform.
Sushi is still run by 0xMaki. Now, the company has a team of more talented individuals. They are currently creating innovative products like Shoyu and Kashi. Sushi's journey has just begun.