BitMEX, the popular cryptocurrency derivatives exchange, today announced the launch of a DOGEUSDT perpetual swap contract with up to 20x leverage. The contract will go live this Friday, February 5th.
Like other quanto contracts, the DOGEUSDT product will have a fixed Bitcoin multiplier regardless of the Tether/Dogecoin price. This allows traders to long or short the DOGEUSDT exchange rate without ever touching either DOGE or USDT. Traders post margin in XBT, and earn or lose XBT as the DOGE/USDT rate changes. This quanto risk premium may be one of the factors which result in the DOGEUSDT swap trading at a premium/discount to the DOGEUSDT spot price.
The DOGEUSDT perpetual contract is now available in testnet, along with the full specs.
Contract Details:
- Symbol: DOGEUSDT
- Bitcoin Multiplier: 0.001 XBT (100,000 Satoshis)
- XBT Contract Value: DOGEUSDT Price * Bitcoin Multiplier (100,000 Sat/$1)
- Underlying: .BDOGET
- Max Leverage: 20x
- Maker Fee: -0.025%
- Taker Fee: 0.075%
- Base Initial Margin: 5.00%
- Base Maintenance Margin: 2.50%
The contract will be visible on the platform from February 4th, 2021 at 04:00 UTC as Unlisted, 24 hours before trading starts at 04:00 UTC on February, 5th, 2021.
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