Through simple, secure, and scalable technology, the NEAR protocol empowers millions to explore new experiences. And we’re about to introduce a new way for BitMEX users to participate in the NEAR universe.
Users will soon be able to trade our new XBT- and USDT-margined NEAR perpetual contracts, with up to 33x leverage.
The NEARUSD and NEARUSDT listings will go live on 5 May 2022 at 04:00 UTC, and are visible on Testnet now.
As with all quanto contracts, the NEARUSD product will have a fixed Bitcoin multiplier, regardless of the NEAR/USD price. This allows traders to long or short the NEAR/USD exchange rate without ever touching NEAR or USD.
Traders post margin in XBT, and earn or lose XBT as the NEAR/USD rate changes. This quanto risk premium may be one of the factors that results in the NEARUSD swap trading at a premium/discount to the NEARUSDT spot price. For an explanation of the same concept for ETHUSD, check out this blog post.
Key contract details:
- Symbol: NEARUSD
- Margin currency: XBT
- Bitcoin Multiplier: 0.001 XBT (100,000 Satoshis)
- XBT Contract Value: NEARUSD Price * Bitcoin Multiplier (100,000 Sat / 1 USDT)
- Underlying: .BNEAR
- Max Leverage: 33x
- Maker Fee: -0.01%
- Taker Fee: 0.075%
- Base Initial Margin: 3.00%
- Base Maintenance Margin: 1.50%
The NEARUSD perpetual contract is now available on Testnet, along with the full contract specs.
NEARUSDT Linear Contract Specs
NEARUSDT is a linear perpetual swap, margined in USDT.
Key contract specs:
- Symbol: NEARUSDT
- Margin currency: USDT
- Contract Size: 0.001 NEAR
- Lot Size: 1000
- Minimum Trade Amount: 0.001 NEAR
- Underlying: .BNEART
- Max Leverage: 33x
- Maker Fee: -0.01%
- Taker Fee: 0.075%
- Base Initial Margin: 3.00%
- Base Maintenance Margin: 1.50%
Both the NEARUSD and NEARUSDT contracts will be visible on the platform from 4 May 2022 at 04:00 UTC as Unlisted, 24 hours before trading starts at 04:00 UTC on 5 May 2022.
Both the .BNEAR and .BNEART indices are equally weighted, based on prices from Binance, Gate.io, Huobi, and OKX.
If you have any questions, please contact our Support team who will be happy to help.
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