Crypto derivatives exchange, EMX, today has announced the launch of a BTC perpetual contract with up to 50x leverage to the EMX mainnet. The team mentioned they also plan to add more perpetual swaps for popular altcoins and other traditional commodities and equity indices in the near future.
A perpetual contract is similar to a future, however, it does not have an expiration date. EMX employs funding payments every 8 hrs between buyers and sellers of the contract to align EMX traded BTCUSD perpetual contract prices with underlying spot BTCUSD prices.
Contract Specifications
*Updated October 23rd, 2019
| Underlying Index | EMX BTC Index |
| Contract Size | 1 BTC (Every point move of the contract is equal to $1) |
| Minimum tick size | 0.5 |
| Initial Margin | 2.00% + 0.50% per 1 BTC increase in position size (50x max leverage) Formula: Initial Margin = 2% + (Position Size in BTC * 0.50%) |
| Maintenance Margin | 75% of Initial Margin |
| Liquidation Level | 50% of Initial Margin |
| Funding | Funding is paid every 8 hours to only those holding positions at 04:00, 12:00, 20:00 UTC time. If positive, longs pay the shorts; If negative, shorts pay the longs |
| Mark Price Band | 0.5% |
| Expiration | Never Expires |
| Fees | Taker fee of 0.075%. Maker rebate of 0.03%. Liquidation fee of 0.25%, which is added to the insurance fund |
| Position Limit | 20 Contracts |
| Price protection | +- 5% for Market Orders; +6% for Buy Limit Orders; -6% for Sell Limit Orders |
| Trading Hours | 24 hrs/day, 7 days/week, 365 days/year (excluding maintenance) |
Source:
EMX Whitepaper
