Crypto derivatives exchange BitMEX, announced today the summer rollout of listing 10 new products has begun; starting with – Solana (SOL).
The SOLUSDT Perpetual Swap contract with up to 33x leverage will go live at 04:00 UTC on Tuesday, June 1st, 2021; and is visible now testnet.
Like all BitMEX quanto contracts, the SOLUSDT product will have a fixed Bitcoin multiplier regardless of the Tether/Solana price. This allows traders to long or short the SOL/USDT exchange rate without ever touching either SOL or USDT.
Traders post margin in XBT and earn or lose XBT as the SOL/USDT rate changes. This quanto risk premium may be one of the factors which result in the SOLUSDT swap trading at a premium/discount to the SOLUSDT spot price.
- Symbol: SOLUSDT
- Bitcoin Multiplier: 0.00001 XBT (1,000 Satoshis)
- XBT Contract Value: SOLUSDT Price * Bitcoin Multiplier (1,000 Sat / 1 USDT)
- Underlying: .BSOLT
- Max Leverage: 33x
- Maker Fee: -0.025%
- Taker Fee: 0.075%
- Base Initial Margin: 3.00%
- Base Maintenance Margin: 1.50%
The testnet contract will be visible on the platform from 04:00 UTC on 31 May 2021 as Unlisted, 24 hours before trading starts at 04:00 UTC on 1 June 2021.