Now Live: Pre-IEO Fusionist Futures Contract with Up to 2x Leverage.
ACE, the native token of the native token of Endurance, has come to BitMEX, via our new, pre-IEO, linear futures listing – ACEUSDTZ23. It’s Tether-margined and offers up to 2x leverage. For a deeper look at our new Fusionist listing, and more on the ACE Token, 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 ACE, the Fusionist Token
ACE is the native token of Endurance, a decentralised game/social blockchain that will be housing Fusionist, a web3 game. Endurance is the decentralised upgrade on Alpha Prestige – a centralised user engagement reward system.
Endurance will be capable of storing all users’ behaviours and achievements on-chain through a BOAT (Bound On-Chain Achievement Token) setup. This will increase user bonding, transparency, privacy, and security for the entire system.
ACE Linear Futures Contract Specs
ACEUSDTZ23 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).
ACE contract details:
Symbol: ACEUSDTZ23
Expiry Date: 29 December, 2023
Margin currency: USDT
Contract Size: 1 ACE
Lot Size: 10
Minimum Trade Amount: 10 ACE
Underlying: .BACET
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 ACE listing and other futures contracts:
Mark Method: Last Price
Price Limits: Limit Up and Limit Down set hourly at Mark Price +/- 20%
Settlement Price: .BACET30M
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 ACE.
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 .BACE 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 ACE 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 .BACE 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.
You can trade the ACEUSDTZ23 contract here, or refer to the full contract specs here.
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