Wallets&Exchanges

Now Live: Bitcoin- Margined TURBO Listing

TURBO has arrived at BitMEX via a new listing – TURBOUSD, with up to 50x leverage, making this new contract one of the highest max position sizes in the industry. 

What is TURBO? 

The Turbo Token (TURBO) is a meme based cryptocurrency that was created with a futuristic toad mascot, through an experiment in which an artificial intelligence system, GPT-4, was challenged to create the next great meme coin with a budget of $69. 

The project’s founder pledged to follow all instructions provided by the AI and document the process. Turbo Token features a futuristic toad mascot and has gained momentum from the enthusiasm of its community. The project serves as an example of the potential for AI-guided creativity in shaping the world of cryptocurrency.

TURBOUSD began trading on 26 May 2023 at 04:00 UTC. For more, read on. 

If you haven’t yet signed up for a BitMEX account, you can do so here.

TURBOUSD Quanto Contract Specs

As with all quanto contracts, the TURBOUSD product has a fixed Bitcoin multiplier, regardless of the TURBO/USD price. This allows traders to long or short the TURBO/USD exchange rate without ever touching TURBO or USD.

Traders can post margin in XBT, and earn or lose in XBT as the TURBO/USD rate changes. 

This quanto risk premium may be one of the factors that results in the TURBOUSD swap trading at a premium/discount to the TURBOUSD spot price. 

For an explanation of the same concept, check out this blog post referencing ETHUSD.

Key Contract Details for Our TURBOUSD Listing:

Symbol: TURBOUSD
Margin Currency: XBT
Bitcoin Multiplier: 0.01 XBT (1,000,000 Satoshis)
XBT Contract Value: TURBOUSD Price * Bitcoin Multiplier (1,000,000 Sat / 1 USD)
Underlying: .BTURBO
Max Leverage: 50x
Risk limit: 50 XBT
Maker Fee: 0.02%
Taker Fee: 0.075%
Base Initial Margin: 2.00%
Base Maintenance Margin: 1.00%

You can trade the TURBOUSD perpetual contract here, or check out the full contract specs here.

To be the first to know about our new listings, product launches, and giveaways, you can connect with us on Discord, Telegram, and Twitter. We encourage you to also check our blog regularly. 

In the meantime, if you have any questions please contact Support

The post Now Live: Bitcoin- Margined TURBO Listing appeared first on BitMEX Blog.

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