A new listing – 100SATSUSD – featuring SATS (Ordinals) – the smallest unit of Bitcoin – will be available to trade on BitMEX, and with up to 10x leverage from tomorrow. For the lowdown on the latest listing, read on.
Please note that while SATS is the coin, as it has such a small denomination, that we are listing 100SATS at BitMEX, so 1 unit of 100SATS is equal to 100 SATS tokens.
If you haven’t signed up for a BitMEX account yet, we’re currently offering up to $5,000 in BMEX Tokens for verified users- you can register here.
100SATSUSD Contract Specs
As with all quanto contracts, the 100SATSUSD contract has a fixed Bitcoin multiplier, regardless of the 100SATSUSD price. This allows traders to long or short the 100SATSUSD exchange rate without ever touching SATS or USD.
Traders can post margin in XBT, and earn or lose in XBT as the 100SATSUSD rate changes. This quanto risk premium may be one of the factors that results in the 100SATSUSD swap trading at a premium/discount to the 100SATSUSD spot price.
Key contract details for our SATS token listing:
- Symbol: 100SATSUSD
- Margin Currency: XBT
- Bitcoin Multiplier: 0.001 XBT (100,000 Satoshis)
- XBT Contract Value: USD Price * Bitcoin Multiplier (100,000 Sats / 1 USD)
- Underlying: .BSATS
- Max Leverage: 10x
- Risk Limit: 1 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 100SATSUSD perpetual contract here, or refer to the full contract specs here.
What is SATS (Ordinals)?
SATS is the abbreviation for Satoshis, the smallest unit of Bitcoin. SATS (Ordinals) is a digital asset on the Bitcoin network that introduces a token economy utilising Satoshis.
It follows the BRC-20 token standard through the ordinals protocol and operates without the need for smart contracts. It holds a unique and interesting position in the cryptocurrency world, owing to its broad range of use cases and scalability potential.
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