From 13 September at 04:00 UTC, BitMEX users will be able to long or short FIL via two new listings – FILUSD and FILUSDT. It’s an addition backed by BitMEX Co-Founder, Arthur Hayes’ bullish sentiment towards the project.
What is Filecoin?
The Filecoin token (FIL) is the native token of the Filecoin blockchain platform, a decentralised storage system that aims to solve the issues of inefficient file storage and retrieval. With FIL, users can pay for transaction fees, or miners can use the token as collateral to guarantee their services.
The best thing about trading these FIL listings on BitMEX? Users can enjoy up to 10x leverage and one of the highest max position sizes in the industry.
For the lowdown on these listings, read on.
If you haven’t signed up for a BitMEX account yet, we’re currently offering 10,000 BMEX Tokens – you can register here.
FILUSD Quanto Contract Specs
As with all quanto contracts, the FILUSD product has a fixed Bitcoin multiplier, regardless of the FIL/USD price. This allows traders to long or short the FIL/USD exchange rate without ever touching FIL or USD.
Traders can post margin in XBT, and earn or lose in XBT as the FIL/USD rate changes.
This quanto risk premium may be one of the factors that results in the FILUSD swap trading at a premium/discount to the FILUSD spot price.
For an explanation of the same concept, check out this blog post referencing ETHUSD.
Key contract details for our FIL listing:
- Symbol: FILUSD
- Margin Currency: XBT
- Bitcoin Multiplier: 0.0001 XBT (10,000 Satoshis)
- XBT Contract Value: XUSD Price * Bitcoin Multiplier (10,000 Sat / 1 USD)
- Underlying: .BFIL
- Max Leverage: 10x
- Risk limit: 50 XBT
- Maker Fee: 0.02%
- Taker Fee: 0.075%
- Base Initial Margin: 10.00%
- Base Maintenance Margin: 5.00%
You will be able to trade the FILUSD perpetual contract here, or check out the full contract specs here.
FILUSDT Linear Contract Specs
FILUSDT is a linear perpetual swap, margined in USDT. This allows users to gain exposure to the price of the FIL token and trade it with leverage, without needing to have FIL holdings.
Key contract details for our FIL token listing:
- Symbol: FILUSDT
- Margin Currency: USDT
- Contract Size: 1 FIL
- Lot Size: 10
- Minimum Trade Amount: 10 FIL
- Underlying: .BFILT
- Max Leverage: 10x
- Risk limit: 1,000,000 USDT
- Maker Fee: 0.02%
- Taker Fee: 0.075%
- Base Initial Margin: 10.00%
- Base Maintenance Margin: 5.00%
You will be able to trade the FILUSDT perpetual contract here, or check out the full contract specs here.
Additionally, with the reintroduction of our Legacy Maker Rebates for Tether – margined contracts, users can now receive a rebate of 0.02% when trading FILUSDT.
To be the first to know about our new listings, product launches, giveaways and more, we invite you to join one of our online communities and connect with other traders. You can also follow us on Twitter, or read our blog and site announcements for the absolute latest.
In the meantime, if you have any questions please contact Support who are available 24/7.
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