Coming Soon: Pre-Launch ETHENA Futures Contract with 2x Leverage
ENA, the upcoming governance token of Ethena, is listing on BitMEX via a new Pre-Launch futures listing – ENAUSDTJ24.
ENAUSDTJ24 is Tether-margined and offers up to 2x leverage. Trading is expected to start on 21 March 2024 at 09:00 UTC.
For a deeper look at our new Ethena 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.
ENA Linear Futures Contract Specs
ENAUSDTJ24 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).
ENA contract details:
Symbol: ENAUSDTJ24
Expiry Date: 26 April, 2024
Margin currency: USDT
Contract Size: 1 ENA
Lot Size: 10
Minimum Trade Amount: 10 ENA
Underlying: .BENAT
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 ENA listing and other futures contracts:
Mark Method: Last Price
Price Limits: Limit Up and Limit Down set hourly at Mark Price +/- 20%
Settlement Price: .BENAT30M
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 ENA.
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 .BENAT 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 ENA 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 .BENAT 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.
About ENA, the Ethena Token
Ethena is a synthetic dollar protocol built on Ethereum that will provide a crypto-native solution for money not reliant on traditional banking system infrastructure, alongside a globally accessible dollar-denominated savings instrument – the ‘Internet Bond’.
Ethena’s synthetic dollar, USDe, will provide the first censorship-resistant, scalable, and stable crypto-native solution for money achieved by delta-hedging staked Ethereum collateral. USDe will be fully backed transparently on-chain and free to compose throughout DeFi.
ENA is the upcoming governance token of the Ethena project. For a deeper look at the project, visit their website: https://www.ethena.fi/.
You will be able to trade the ENAUSDTJ24 futures contract here, or refer to the full contract specs here.
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