Coming Soon: Pre-Launch Futures Contracts for ZK and TKO with 2x Leverage
Later today at 04:00 UTC, two new Pre-Launch futures contracts are coming to BitMEX: ZKUSDTZ24 (zkSync) and TKOUSDTZ24 (Taiko). Both listings will be Tether-margined and offer up to 2x leverage.
Trading is expected to commence at 04:00 UTC on 24 May 2024. For details on the new Pre-Launch futures 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.
ZK Linear Futures Contract Specs
ZKUSDTZ24 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 at the bottom).
zkSync contract details:
Symbol: ZKUSDTZ24
Expiry Date: 27 December 2024
Margin currency: USDT
Contract Size: 1 ZK
Lot Size: 10
Minimum Trade Amount: 10 ZK
Underlying: .BZKT
Max Leverage: 2x
Maker Fee: -0.0175%
Taker Fee: 0.25%
Base Initial Margin: 50.00%
Base Maintenance Margin: 25.0%
About ZK, the ZkSync Token
zkSync is a Layer-2 protocol that scales Ethereum with cutting-edge ZK tech. Their mission is to not only increase Ethereum’s throughput but to fully preserve its foundational values – freedom, self-sovereignty, decentralization – at scale.
ZK is the upcoming native token of zkSync, which is expected to be airdropped to eligible users on 13 June 2024.
You will be able to trade the ZKUSDTZ24 futures contract here, or refer to the full contract specs here.
TKO Linear Futures Contract Specs
TKOUSDTZ24 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 at the bottom).
Taiko contract details:
Symbol: TKOUSDTK24
Expiry Date: 27 December 2024
Margin currency: USDT
Contract Size: 1 TKO
Lot Size: 1
Minimum Trade Amount: 1 TKO
Underlying: .BTKOT
Max Leverage: 2x
Maker Fee: -0.0175%
Taker Fee: 0.25%
Base Initial Margin: 50.00%
Base Maintenance Margin: 25.0%
About TKO, the Taiko Token
Taiko is creating a decentralized, Ethereum-compatible Zero Knowledge Execution Environment (Type 1 ZK-EVM). Their objective is to scale Ethereum in a way that closely mirrors its original technological and ideological principles.
TKO is the upcoming native token of Taiko, and will be airdropped to eligible users in the coming months.
You will be able to trade the TKOUSDTZ24 futures contract here, or refer to the full contract specs here.
Key differences between our Pre-Launch listings and other futures contracts:
Mark Method: Last Price
Price Limits: Limit Up and Limit Down set hourly at Mark Price +/- 20%
Settlement Price: .BZKT30M / .BTKOT30M
Auto Deleveraging: Enabled
The new listings are highly volatile and speculative contracts. Because of this, we’ve changed a few items:
We are using Last Price marking because there is not yet an observable price for ZK and TKO.
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 .BZKT and .BTKOT indexes will be constructed by BitMEX when it is possible for our team to produce a robust index that represents the spot price of the each 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 .BZKT and .BTKOT 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.
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