XAI, the native token of Xai Network, a gaming blockchain, is coming to BitMEX, via our new, pre-IEO, linear futures listing – XAIUSDTF24. Xai Network is a Binance Launchpool project expected to begin spot trading on 9 January.
XAIUSDTF24 is Tether-margined and offers up to 2x leverage. Trading is expected to begin from 4 January 2023 2023 at 04:00 UTC before the listing on Binance Launchpool.
For a deeper look at our new XAI listing, read on.
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.
About XAI, the Xai Token
A Binance Launchpool project, Xai Network is a gaming blockchain built on top of Arbitrum as its first Layer-3. The project was built to enable open trade in the next generation of video games – potentially allowing billions of traditional gamers to own and trade valuable in-game items without the need to interact with crypto-wallets.
The project is expected to launch on Binance Launchpool on 9 January at 10:00 UTC.
XAI Linear Futures Contract Specs
XAIUSDTF24 will be a linear futures contract, margined in USDT (ERC-20). It will work similarly to a regular futures contract, but with some key differences (as detailed below).
XAI contract details:
- Symbol: XAIUSDTF24
- Expiry Date: 26 January 2024
- Margin currency: USDT
- Contract Size: 1 XAI
- Lot Size: 10
- Minimum Trade Amount: 10 XAI
- Underlying: .BXAIT
- Max Leverage: 2x
- Maker Fee: –0.0175%
- Taker Fee: 0.25%
- Base Initial Margin: 50.00%
- Base Maintenance Margin: 25.0%
Key differences between our XAI listing and other futures contracts:
- Mark Method: Last Price
- Price Limits: Limit Up and Limit Down set hourly at Mark Price +/- 20%
- Settlement Price: .BXAIT30M
- Auto Deleveraging: Enabled
This new listing is a highly volatile and speculative contract. Because of this, we’ve changed a few items:
- We are using Last Price marking because there is not yet an observable price for XAI.
- To protect the market against manipulation, we will use Limit Up and Limit Down prices, which are set each hour, on the hour, at Mark Price +/- 20%. Traders will not be able to place bids above the Limit Up Price or place offers below the Limit Down Price.
- The .BXAIT index will be constructed by BitMEX when it is possible for our team to produce a robust index that represents the spot price of the XAI token. Once such an index exists, we may use our discretion to change the Mark Method to Fair Price. Until such an Index is created, the value of .BXAIT will be set to 0. If there is no index constructed by the expiry date, the Settlement Value will be 0.
- As with all crypto derivatives contracts traded on BitMEX, there is a possibility that auto-deleveraging will occur. Since this contract is purely speculative, the possibility of auto-deleveraging is higher than on a regular contract.
You will be able to trade the XAIUSDTF24 contract here, or refer to the full contract specs here.
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