Tomorrow, BOB will arrive at BitMEX via a new listing – BOBUSD, with up to 50x leverage, making this new perpetual contract one of the highest max position sizes in the industry.
What is BOB?
The BOB Token is an AI meme token behind the “Bob Is Here To Explain” Twitter account, an AI bot designed to reply to anyone who tags @ExplainThisBob under a specific tweet.
The project’s answer to “What is BOB?” is
“Everyone loves Bob. Elon loves Bob. Even Bob loves Bob. He simply knows it all. When in doubt, ask Bob. He is here for you. In his humble demeanour, he will blow you away.
Why even go see your doctor if you have Bob, your wife or husband are giving you trouble, see Bob. You have constipation, see Bob. You don’t know where you are going in life, see Bob. I mean let’s be real here. Who doesn’t like Bob. His giga brain is too sizeable for the average Joe.”
The project proclaims:
“$BOB will take over the meme space by surprise. Was stealth launched and locked for about 690 months (about 57 years) with a renounced contract. Bob’s knowledge will blow away even the most prominent scholars.”
BOBUSD will begin trading from tomorrow, 25 May 2023 at 04:00 UTC.
For more, read on.
If you haven’t yet signed up for a BitMEX account, you can do so here.
BOBUSD Quanto Contract Specs
As with all quanto contracts, the BOBUSD product has a fixed Bitcoin multiplier, regardless of the BOB/USD price. This allows traders to long or short the BOB/USD exchange rate without ever touching BOB or USD.
Traders can post margin in XBT, and earn or lose in XBT as the BOB/USD rate changes.
This quanto risk premium may be one of the factors that results in the BOBUSD swap trading at a premium/discount to the BOBUSD spot price.
For an explanation of the same concept, check out this blog post referencing ETHUSD.
Key Contract Details for Our BOBUSD Listing:
- Symbol: BOBUSD
- Margin Currency: XBT
- Bitcoin Multiplier: 0.1 XBT (10,000,000 Satoshis)
- XBT Contract Value: BOBUSD Price * Bitcoin Multiplier (10,000,000 Sat / 1 USD)
- Underlying: .BBOB
- 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 BOBUSD perpetual contract here, or check out the full contract specs here when the contract begins trading.
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