Now Live: Pre-IEO Pyth Network Futures Contract
PYTH, the native token of Pyth Network, one of the largest oracles for financial data, is now live on BitMEX, via our new, pre-IEO, linear futures listing – PYTHUSDTZ23. It’s Tether-margined and offers up to 2x leverage.
For a deeper look at our new Pyth Network listing, and more on the PYTH Token, 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.
About PYTH, the Pyth Network Token
The Pyth network connects high-fidelity market data from the world’s largest professional traders and exchanges to any smart contract, anywhere.
Historically, decentralised finance has relied on high-fidelity, time-sensitive, real-world data, but has had no way to access it. Pyth changes that by delivering a decentralised, cross-chain market of verifiable data from first-party sources.
PYTH, is the token of the network. You can read more about its tokenomics, here.
PYTH Linear Futures Contract Specs
PYTHUSDTZ23 will be a linear futures contract, margined in USDT (ERC-20). It will work similarly to a regular futures contract, but with some key differences (as detailed below).
PYTH contract details:
Symbol: PYTHUSDTZ23
Expiry Date: 29 December, 2023
Margin currency: USDT
Contract Size: 1 PYTH
Lot Size: 100
Minimum Trade Amount: 100 PYTH
Underlying: .BPYTHT
Max Leverage: 2x
Maker Fee: –0.0175%
Taker Fee: 0.25%
Base Initial Margin: 50.00%
Base Maintenance Margin: 25.0%
Key differences between our PYTH listing and other futures contracts:
Mark Method: Last Price
Price Limits: Limit Up and Limit Down set hourly at Mark Price +/- 20%
Settlement Price: .BPYTHT30M
Auto Deleveraging: Enabled
This new listing is a highly volatile and speculative contract. Because of this, we’ve changed a few items:
We are using Last Price marking because there is not yet an observable price for PYTH..
To protect the market against manipulation, we will use Limit Up and Limit Down prices, which are set each hour, on the hour, at Mark Price +/- 20%. Traders will not be able to place bids above the Limit Up Price or place offers below the Limit Down Price.
The .BPYTHT index will be constructed by BitMEX when it is possible for our team to produce a robust index that represents the spot price of the PYTH token. Once such an index exists, we may use our discretion to change the Mark Method to Fair Price. Until such an Index is created, the value of .BPYTHT will be set to 0. If there is no index constructed by the expiry date, the Settlement Value will be 0.
As with all crypto derivatives contracts traded on BitMEX, there is a possibility that auto-deleveraging will occur. Since this contract is purely speculative, the possibility of auto-deleveraging is higher than on a regular contract.
You will be able to trade the PYTHUSDTZ23 contract here, or refer to the full contract specs here.
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