A new pre-launch futures contract for HYPE – native token of Hyperliquid – HYPEUSDTZ25 – is now available to trade on BitMEX. The new listing is margined in Tether (USDT) and offers up to 2x leverage so you can long or short HYPE.
Trading for HYPEUSDTZ25 started here at 09:00 UTC on 2 Dec 2024.
For details on the new Pre-Launch listing, read on.
If you haven’t signed up for a BitMEX account yet, we’re currently offering up to $5,000 in BMEX Tokens for newly verified users – you can register here.
HYPE Linear Futures Contract Specs
HYPEUSDTZ25 is a linear futures contract, margined in USDT (ERC-20). It works similarly to a regular futures contract but with some key differences (as detailed at the bottom).
HYPE contract details:
- Symbol: HYPEUSDTZ25
- Expiry Date: 26 Decemberh 2025
- Margin currency: USDT
- Contract Size: 0.001 HYPE
- Lot Size: 1000
- Minimum Trade Amount: 1 HYPE
- Underlying: .BHYPET
- Max Leverage: 2x
- Maker Fee: -0.0175%
- Taker Fee: 0.25%
- Base Initial Margin: 50.00%
- Base Maintenance Margin: 25.0%
You can trade the HYPEUSDTZ25 futures contract here, or refer to the full contract specs here.
Key differences between our Pre-Launch listings and other futures contracts:
- Mark Method: Last Price
- Price Limits: Limit Up and Limit Down set hourly at Mark Price +/- 20%
- Settlement Price: .BHYPET30M
- Auto Deleveraging: Enabled
Pre-Launch futures are highly volatile and speculative contracts. Because of this, we’ve changed a few items:
- We are using Last Price marking because there is not yet an observable price for HYPE.
- To protect the market against manipulation, we will use Limit Up and Limit Down prices, which are set each hour, on the hour, at Mark Price +/- 20%. Traders will not be able to place bids above the Limit Up Price or place offers below the Limit Down Price.
- The .BHYPET index will be constructed by BitMEX when it is possible for our team to produce a robust index that represents the spot price of each token. Once such an index exists, we may use our discretion to change the Mark Method to Fair Price. Until such an Index is created, the value of .BHYPET is set to 0. If there is no index constructed by the expiry date, the Settlement Value will be 0.
- As with all crypto derivatives contracts traded on BitMEX, there is a possibility that auto-deleveraging will occur. Since this contract is purely speculative, the possibility of auto-deleveraging is higher than on a regular contract.
About HYPE, the native token of Hyperliquid
HYPE is the native token of a decentralized perpetuals exchange, Hyperliquid.
Hyperliquid facilitates perpetual futures trading directly on its native L1 blockchain, setting itself apart by eliminating gas fees for transactions, with enhanced transaction speed and efficiency.
HYPE was launched on Nov 29, 2024, and 31% of its total supply airdropped to early Hyperliquid users.
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