Coming Soon: The First Ever Tether-Margined ZetaChain Futures Contract
ZETA, the native token of ZetaChain, a novel L1 blockchain with chain-agnostic interoperability, is listing on BitMEX via a new Tether-margined linear futures listing – ZETAUSDTG24.
The listing will start trading later today on 29 January 2024 at 09:00 UTC, with up to 2x leverage. It is going live before ZetaChain’s token launch which is anticipated to be around 1 February at 00:00 UTC.
For a deeper look at our new ZetaChain listing, 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 ZETA, the ZetaChain Token
ZetaChain is a novel L1 blockchain that has chain-agnostic interoperability built-in (EVM-compatible, Cosmos/IBC, Bitcoin, Dogecoin, Tron, etc.). Developers currently use ZetaChain’s messaging capabilities to send data and native value (without wrapping assets) between any chains.
With the ZETA token, users can; participate in consensus and secure ZetaChain, pay for gas fees, access cross-chain messaging, and more.
ZETA Linear Futures Contract Specs
ZETAUSDTG24 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).
ZETA contract details:
Symbol: ZETAUSDTG24
Expiry Date: 23 February, 2024
Margin currency: USDT
Contract Size: 1 ZETA
Lot Size: 1
Minimum Trade Amount: 1 ZETA
Underlying: .BZETAT
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 ZETA listing and other futures contracts:
Mark Method: Last Price
Price Limits: Limit Up and Limit Down set hourly at Mark Price +/- 20%
Settlement Price: .BZETAT30M
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 ZETA.
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 .BZETAT 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 ZETA 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 .BZETAT 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 ZETAUSDTG24 futures contract here, or refer to the full contract specs here.
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