BitMEX, the cryptocurrency derivatives exchange announced the launch of QTUM Futures contracts, expiry 29 September 12:00 UTC with symbol QTUMU17. Each contract is worth 1 QTUM and the contract offers 2x leverage.
Since the QTUM platform is still under development, the following rules will apply:
- QTUMU17 will have 25% Up and Down Limit against the previous session close price to prevent price manipulation. Session id 8 hours long and runs from 12:00-20:00, 20:00-04:00, and 04:00-12:00 UTC.
- The settlement will occur either at the ICO price (if QTUM/XBT trading has not begun) or at the .QTUMXBT30M Index Price if QTUM/XBT has begun trading prior to 28 September 120:00 UTC.
The QTUM futures’ underlying is the QTUM/XBT exchange rate on Bittrex as recorded in the .QTUMXBT Index. The futures are quoted in bitcoin and all margin and PNL calculations are denominated in bitcoin.
| Contract Calculations | |
|---|---|
| Multiplier | 1 |
| XBT Contract Value | Multiplier * Futures Price * 1 QTUM |
| USD Contract Value | XBT Contract Value * XBTUSD |
| PnL Calculation | # Contracts * Multiplier * (Exit Price – Entry Price) |
Traders who think that the price of QTUM will rise will buy the futures contract. Conversely, traders who believe the price will drop will sell the futures contract.
Margin and Leverage
All margin is posted in bitcoin, that means traders can go long or short this contract using only bitcoin. The QTUM futures contracts feature a leverage of up to 2x.
For example, to buy 10 bitcoin worth of contracts, you will only require 5 bitcoin of initial margin.
What is Qtum?
Qtum is an open source Blockchain project that is developed by the Singapore-based Qtum Foundation. Qtum is a hybrid blockchain application platform. Qtum’s core technology combines a fork of bitcoin core, an Account Abstraction Layer allowing for multiple Virtual Machines including the Ethereum Virtual Machine (EVM) and Proof-of-Stake consensus aimed at tackling industry use cases. The Qtum project offers many advantages to the Smart Contract development community. This project is designed to implement the best parts of the Bitcoin and Ethereum projects, into a business-friendly blockchain.
Further details about this contract can be read in the QTUM Series Guide.
Can someone please explain clearly about how this values 1 QTUM price?.. so confusing reading this and showing ico price as value of btc..and ether times the amount of coins collected etc.. It must be noted that when the ico was done, bitcoin was below 1200 and ether was way way down than now. So in reality , if the ico price is adjusted to current valuations of ETH and BTC which is more indicative of the funds actually in possession with QTUM the current valuation for the ico price should be lot lot more than the usd price at time of the offering..
Let us say we multiply 2500$ btc price by .02 as the contracts value. it comes to 50$… so what does this 50 dollar indicate and how much does this put as the value of each QTUM?