A new perpetual contract listing – MERLUSD – featuring Merlin Chain – is now available to trade on BitMEX, with up to 10x leverage.
Trading for MERLUSD will started here at 12:00 UTC on 19 April 2024.
For the lowdown on the latest listings, 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.
MERLUSD Contract Specs
As with all quanto contracts, the MERLUSD product has a fixed Bitcoin multiplier, regardless of the MERL/USD price. This allows traders to long or short the MERL/USD exchange rate without ever touching MERL or USD.
Traders can post margin in XBT, and earn or lose in XBT as the MERL/USD rate changes.
This quanto risk premium may be one of the factors that results in the MERLUSD swap trading at a premium/discount to the MERLUSD spot price.
For an explanation of the same concept, check out this blog post referencing ETHUSD.
Key contract details for our MERL listing:
- Symbol: MERLUSD
- Margin Currency: XBT
- Bitcoin Multiplier: 0.0001 XBT (10,000 Satoshis)
- XBT Contract Value: MERLUSD Price * Bitcoin Multiplier (10,000 Sats / 1 USD)
- Underlying: .BMERL
- Max Leverage: 10x
- Risk limit: 50 XBT
- Maker Fee: 0.02%
- Taker Fee: 0.075%
- Base Initial Margin: 10.00%
- Base Maintenance Margin: 5.00%
You can trade the MERL perpetual contract here, or refer to the full contract specs here.
About MERL, the Merlin Chain Token
Merlin Chain is a Bitcoin Layer 2 that integrates the ZK-Rollup network, decentralized oracle network, Data Availability, and on-chain BTC fraud-proof modules. Merlin Chain is committed to empowering Bitcoin’s native assets, protocols, and products on Layer1 through its Layer 2 network, to Make Bitcoin Fun Again.
MERL is the native token of Merlin Chain and is expected to launch spot trading on 19 April around 10:00 am UTC.
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