Launching Soon: XBT and USDT-Margined Green Metaverse Token Listings

STEPN has taken the GameFi space by storm, and its governance token – the Green Metaverse Token (GMT) – is arriving at BitMEX.

Users will soon be able to trade our new XBT and USDT-margined GMT perpetual contracts, with up to 33x leverage.

The GMTUSD and GMTUSDT listings will go live on 11 April 2022 at 04:00 UTC, and are visible on Testnet now.

GMTUSD Quanto Contract Specs

As with all quanto contracts, the GMTUSD product will have a fixed Bitcoin multiplier, regardless of the USD/GMT price. This allows traders to long or short the GMT/USD exchange rate without ever touching GMT or USD. 

Traders post margin in XBT, and earn or lose XBT as the GMT/USD rate changes. This quanto risk premium may be one of the factors that results in the GMTUSD swap trading at a premium/discount to the GMTUSDT spot price. For an explanation of the same concept for ETHUSD, check out this blog post. 

Key contract details:

• Symbol: GMTUSD
• Margin currency:  XBT
• Bitcoin Multiplier: 0.0001 XBT (10,000 Satoshis)
• XBT Contract Value: GMTUSD Price * Bitcoin Multiplier (10,000 Sat / 1 USDT)
• Underlying: .BGMT
• Max Leverage: 33x
• Maker Fee: -0.01%
• Taker Fee: 0.05%
• Base Initial Margin: 3.00% 
• Base Maintenance Margin: 1.50% 

The GMTUSD perpetual contract is now available on Testnet, along with the full contract specs.

GMTUSDT Linear Contract Specs

GMTUSDT is a linear perpetual swap, margined in USDT.

Key contract specs:

• Symbol: GMTUSDT
• Margin currency:  USDT
• Contract Size: GMTUSD Price * Bitcoin Multiplier (10,000 Sat / 1 USDT)
• Lot Size: 100
• Minimum Trade Amount: 0.001 GMT
• Underlying: .BGMTT
• Max Leverage: 33x
• Maker Fee: -0.01%
• Taker Fee: 0.05%
• Base Initial Margin: 3.00% 
• Base Maintenance Margin: 1.50% 

Both the GMTUSD and GMTUSDT contracts will be visible on the platform from 10 April 2022 at 04:00 UTC as Unlisted, 24 hours before trading starts at 04:00 UTC on 11 April 2022.

Both the .BGMT and .BGMTT indices are equally weighted, based on prices from Binance, FTX, Gate.io, Huobi, and OKX. Coinbase prices will be added once GMT is listed.

If you have any questions, please contact our Support team who will be happy to help.

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