In just a few hours, FLOKI, the self-nominated people’s cryptocurrency and the utility token of the Floki ecosystem, will arrive at BitMEX via two new listings – FLOKIUSD and FLOKIUSDT.
The listings will also arrive with up to 50x leverage, making available one of the highest max position sizes in the industry.
FLOKI is a cryptocurrency birthed by fans and members of the Shiba Inu (SHIB) community, one inspired by – and named for – Elon Musk’s Shiba Inu.
Currently, there are four flagship utility projects underway:
- An NFT gaming metaverse called Valhalla
- A suite of decentralized finance products launched under the “FlokiFi” umbrella.
- An NFT and merchandise marketplace called FlokiPlaces
- A content and education platform called University of Floki
BitMEX traders will be able to long or short FLOKI via these two new listings from 10 May 2023 12:00 UTC. For more, read on.
If you haven’t yet signed up for a BitMEX account, you can do so here.
FLOKIUSD Quanto Contract Specs
As with all quanto contracts, the FLOKIUSD product has a fixed Bitcoin multiplier, regardless of the FLOKI/USD price. This allows traders to long or short the FLOKI/USD exchange rate without ever touching FLOKI or USD.
Traders can post margin in XBT, and earn or lose in XBT as the FLOKI/USD rate changes.
This quanto risk premium may be one of the factors that results in the FLOKIUSD swap trading at a premium/discount to the FLOKIUSD spot price.
For an explanation of the same concept, check out this blog post referencing ETHUSD.
Key Contract Details for FLOKIUSD Listing:
- Symbol: FLOKIUSD
- Margin Currency: XBT
- Bitcoin Multiplier: 1 XBT (100,000,000 Satoshis)
- XBT Contract Value: FLOKIUSD Price * Bitcoin Multiplier (100,000,000 Sat / 1 USD)
- Underlying: .BFLOKI
- Max Leverage: 50x
- Risk limit: 50 XBT
- Maker Fee: 0.02%
- Taker Fee: 0.075%
- Base Initial Margin: 2.00%
- Base Maintenance Margin: 1.00%
You will be able to trade the FLOKIUSD perpetual contract here, or check out the full contract specs here.
FLOKIUSDT Linear Contract Specs
FLOKIUSDT is a linear perpetual swap, margined in USDT. This allows users to gain exposure to the price of the FLOKI token and trade it with leverage, without needing to have FLOKI holdings.
Key Contract Details for FLOKIUSDT Listing:
- Symbol: FLOKIUSDT
- Margin Currency: USDT
- Contract Size: 0.1 FLOKI
- Lot Size: 10,000
- Minimum Trade Amount: 1,000 FLOKI
- Underlying: .BFLOKIT
- Max Leverage: 33x
- Risk limit: 1,000,000 USDT
- Maker Fee: 0.02%
- Taker Fee: 0.075%
- Base Initial Margin: 3.00%
- Base Maintenance Margin: 1.50%
You will be able to trade the FLOKIUSDT perpetual contract here, or check out the full contract specs here.
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