Coming Soon: The First Ever ETHFI Futures Contract with 2x Leverage
ETHFI, the native token of ether.fi, a liquid restaking protocol, is listing on BitMEX via a new Pre-Launch futures listing – ETHFIUSDTH24. Ether.fi is a Binance Launchpool project and is expected to begin trading on 18 March 2024.
ETHFIUSDTH24 is Tether-margined and offers up to 2x leverage – marking the first-ever Pre-Launch futures listing for ETHFI in the market. Trading is expected to start on 14 March 2024 at 04:00 UTC.
You will be able to trade the ETHFIUSDTH24 futures contract here, or refer to the full contract specs here.
For a deeper look at our new ether.fi 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.
ETHFI Linear Futures Contract Specs
ETHFIUSDTH24 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).
ETHFI contract details:
Symbol: ETHFIUSDTH24
Expiry Date: 29 March, 2024
Margin currency: USDT
Contract Size: 1 ETHFI
Lot Size: 1
Minimum Trade Amount: 1 ETHFI
Underlying: .BETHFIT
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 ETHFI listing and other futures contracts:
Mark Method: Last Price
Price Limits: Limit Up and Limit Down set hourly at Mark Price +/- 20%
Settlement Price: .BETHFIT30M
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 ETHFI.
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 .BETHFIT 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 ETHFI 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 .BETHFIT 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 ETHFI, the ether.fi Token
Ether.fi is a native liquid restaking protocol on Ethereum and is expected to launch on Binance Launchpool coming 14 March 2024.
ETHFI is the native token of the protocol, and will be distributed to community members – more specifically, holders of eETH (Staked Ether on ether.fi) – upon token launch. In total approximately 40% of ether.fi’s token supply will be distributed to the community in the form of community allocation, grants, and emissions.
For a deeper look at the project, visit their website: https://www.ether.fi/.
You will be able to trade the ETHFIUSDTH24 futures contract here, or refer to the full contract specs here.
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