Later this week, BitMEX users will be able to long or short BONE via two new listings – BONEUSD and BONEUSDT.
BONE is the governance token of the ShibaSwap decentralized exchange, an application built on the Shibchain. The project runs alongside other initiatives in the Shiba Inu ecosystem, such as the SHIB token, which drove to towering heights since its launch in late 2020.
The arrival of the new BONE listings on BitMEX means users can now enjoy up to 5x leverage and one of the highest max position sizes in the industry.
For the lowdown on these listings and to understand how they work, 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.
BONEUSD Quanto Contract Specs
As with all quanto contracts, the BONEUSD product has a fixed Bitcoin multiplier, regardless of the BONE/USD price. This allows traders to long or short the BONE/USD exchange rate without ever touching BONE or USD.
Traders can post margin in XBT, and earn or lose in XBT as the BONE/USD rate changes.
This quanto risk premium may be one of the factors that results in the BONEUSD swap trading at a premium/discount to the BONEUSD spot price.
For an explanation of the same concept, check out this blog post referencing ETHUSD.
Key contract details for our BONE listing:
- Symbol: BONEUSD
- Margin Currency: XBT
- Bitcoin Multiplier: 0.00001 XBT (1,000 Satoshis)
- XBT Contract Value: BONEUSD Price * Bitcoin Multiplier (1,000 Sat / 1 USD)
- Underlying: .BBONE
- Max Leverage: 5x
- Risk limit: 1 XBT
- Maker Fee: 0.02%
- Taker Fee: 0.075%
- Base Initial Margin: 20.00%
- Base Maintenance Margin: 10.00%
You will be able to trade the BONEUSD perpetual contract here, or check out the full contract specs here.
BONEUSDT Linear Contract Specs
BONEUSDT is a linear perpetual swap, margined in USDT. This allows users to gain exposure to the price of the BONE token and trade it with leverage, without needing to have BONE holdings.
Key contract details for our BONE token listing:
- Symbol: BONEUSDT
- Margin Currency: USDT
- Contract Size: 0.001 BONE
- Lot Size: 100
- Minimum Trade Amount: 0.1 BONE
- Underlying: .BBONET
- Max Leverage: 5x
- Risk limit: 20,000 USDT
- Maker Fee: 0.02%
- Taker Fee: 0.075%
- Base Initial Margin: 20.00%
- Base Maintenance Margin: 10.00%
You will be able to trade the BONEUSDT perpetual contract here, or check out the full contract specs here.
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In the meantime, if you have any questions please contact Support.
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