[BitMEX] The BNBUSDT Quanto Perpetual Contract Comes to BitMEX
We’re driven to provide markets for products that command liquidity and matter the most for our users, so, we’re launching the BNBUSDT Perpetual Swap contract with up to 50x leverage at 04:00 UTC on 20 May 2021.
The BNBUSDT Swap adds to our ever-growing product offering. Just this year, we’ve added 7 Altcoin Perps, including DOGE and UNI – and there are more on the way.
As with all quanto contracts, the BNBUSDT product will have a fixed Bitcoin multiplier regardless of the Tether/Binance Coin price. This allows traders to long or short the BNB/USDT exchange rate without ever touching either BNB or USDT.
Traders post margin in XBT, and earn or lose XBT as the BNB/USDT rate changes. This quanto risk premium may be one of the factors which results in the BNBUSDT swap trading at a premium / discount to the BNBUSDT spot price – see our blog post explaining the same concept for ETHUSD.
Key contract details:
- Symbol: BNBUSDT
- Bitcoin Multiplier: 0.000001 XBT (100 Satoshis)
- XBT Contract Value: BNBUSDT Price * Bitcoin Multiplier (100 Sat / 1 USDT)
- Underlying: .BBNBT
- Max Leverage: 50x
- Maker Fee: -0.025%
- Taker Fee: 0.075%
- Base Initial Margin: 2.00%
- Base Maintenance Margin: 1.00%
The contract will be visible on the platform from 04:00 UTC on 19 May 2021 as Unlisted, 24 hours before trading starts at 04:00 UTC on 20 May 2021.
If you have any questions, please contact our Support team who will be happy to help.