BitMEX users will soon be able to long or short SHIB via two new listings – SHIBUSD and SHIBUSDT.
SHIB is an Ethereum-based token which powers the Shiba Inu ecosystem. The project builds on the well-known shiba inu meme, which is the same meme that drove the popularity for tokens like Dogecoin (DOGE).
Through the arrival of the SHIB listings on BitMEX, users can enjoy up to 33x 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.
SHIBUSD Quanto Contract Specs
As with all quanto contracts, the SHIBUSD product has a fixed Bitcoin multiplier, regardless of the SHIB/USD price. This allows traders to long or short the SHIB/USD exchange rate without ever touching SHIB or USD.
Traders can post margin in XBT, and earn or lose in XBT as the SHIB/USD rate changes.
This quanto risk premium may be one of the factors that results in the SHIBUSD swap trading at a premium/discount to the SHIBUSD spot price.
For an explanation of the same concept, check out this blog post referencing ETHUSD.
Key contract details for our SHIB listing:
- Symbol: SHIBUSD
- Margin Currency: XBT
- Bitcoin Multiplier: 10 XBT (1,000,000,000 Satoshis)
- XBT Contract Value: SHIBUSD Price * Bitcoin Multiplier (1,000,000,000 Sat / 1 USD)
- Underlying: .BSHIB
- Max Leverage: 33x
- Risk limit: 50 XBT
- 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 SHIBUSD perpetual contract here, or check out the full contract specs here.
SHIBUSDT Linear Contract Specs
SHIBUSDT is a linear perpetual swap, margined in USDT. This allows users to gain exposure to the price of the SHIB token and trade it with leverage, without needing to have SHIB holdings.
Key contract details for our SHIB token listing:
- Symbol: SHIBUSDT
- Margin Currency: USDT
- Contract Size: 1 SHIB
- Lot Size: 10,000
- Minimum Trade Amount: 10,000 SHIB
- Underlying: .BSHIBT
- Max Leverage: 20x
- Risk limit: 1,000,000 USDT
- Maker Fee: 0.02%
- Taker Fee: 0.075%
- Base Initial Margin: 5.00%
- Base Maintenance Margin: 2.50%
Users will be able to trade the SHIBUSDT perpetual contract here, or check out the full contract specs here.
As always, to be the first to know about our new listings, product launches, and giveaways, you can connect with us on Discord, Telegram, and Twitter. We encourage you to also check our blog regularly.
In the meantime, if you have any questions please contact Support.
Related
The post appeared first on Blog BitMex
