Get ready, as from 27 February at 04:00 UTC, traders will be able to long or short the GMX token via two new listings – GMXUSD and GMXUSDT.
These new perpetual listings will give you the opportunity to trade and speculate on the price of the GMX token – which has seen great volatility recently.
The best thing about trading these GMX listings on BitMEX? Users can enjoy up to 50x leverage and one of the highest max position sizes in the industry.
For the lowdown on our upcoming Bitcoin- and Tether- margined listings, read on.
If you haven’t yet signed up for a BitMEX account, click here.
GMXUSD Quanto Contract Specs
As with all quanto contracts, the GMXUSD listing has a fixed Bitcoin multiplier, regardless of the GMX/USD price. This allows traders to long or short the GMX/USD exchange rate without ever touching GMX or USD.
Traders can post margin in XBT, and earn or lose in XBT as the GMX/USD rate changes. This quanto risk premium may be one of the factors that results in the GMXUSD swap trading at a premium/discount to the GMXUSD spot price.
For an explanation of the same concept, check out this blog post referencing ETHUSD.
Key contract details for our GMX token listing:
- Symbol: GMXUSD
- Margin currency: XBT
- Bitcoin Multiplier: 0.000001 XBT (100 Satoshis)
- XBT Contract Value: GMXUSD Price * Bitcoin Multiplier (100 Sat / 1 USD)
- Underlying: .BGMX
- 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%
Users will be able to trade the GMXUSD perpetual contract here, and check out the full contract specs here.
GMXUSDT Linear Contract Specs
GMXUSDT is a linear perpetual swap, margined in USDT*. This allows users to gain exposure to the price of the GMX token and trade it with leverage, without needing to have GMX holdings.
Key contract details for our GMX token listing:
- Symbol: GMXUSDT
- Margin currency: USDT
- Contract Size: 0.0001 GMX
- Lot Size: 1,000
- Minimum Trade Amount: 0.1 GMX
- Underlying: .BGMXT
- 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%
Users will be able to trade the GMXUSDT perpetual contract here, and check out the full contract specs here.
*Note: BitMEX supports Ethereum-, Tron-, and Solana-based Tether.
What is the GMX Token?
GMX is one of the fastest growing decentralised exchanges, and promises low swap fees and zero-impact trades. It operates on a dual-token model with GLP (its liquidity pool token) and GMX (the platform’s utility and governance token).
Holding the GMX token unlocks a variety of benefits. For example, those who stake GMX will receive three types of rewards: escrowed GMX, multiplier points, and ETH / AVAX rewards. GMX currently supports Avalanche and Arbitrum. For an in-depth look at GMX tokenomics, click here.
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In the meantime, if you have any questions please contact Support.
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