Now Live: Pre-IEO Jupiter Exchange Futures Contract with Up to 2x Leverage
JUP, the native token of Jupiter Exchange, is now trading on BitMEX via a new pre-IEO linear futures listing – JUPUSDTG24. It’s Tether-margined and offers up to 2x leverage.
For a deeper look at our new Jupiter Exchange listing, and more on the JUP 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 JUP, the Jupiter Exchange Token
JUP is a token on the Solana blockchain for the Jupiter Exchange. Jupiter Exchange is a liquidity aggregator on Solana that was launched in October 2021 designed to aggregate the best token prices across different decentralised exchanges. The Jupiter Exchange is currently doing an airdrop to over 950,000 wallets on Solana to reward early users.
JUP Linear Futures Contract Specs
JUPUSDTG24 is 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).
JUP contract details:
Symbol: JUPUSDTG24
Expiry Date: 23 February 2024
Margin currency: USDT
Contract Size: 1 JUP
Lot Size: 10
Minimum Trade Amount: 10 JUP
Underlying: .BJUPT
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 JUP listing and other futures contracts:
Mark Method: Last Price
Price Limits: Limit Up and Limit Down set hourly at Mark Price +/- 20%
Settlement Price: .BJUPT30M
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 JUP.
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 .BJUPT 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 JUP 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 .BJUPT 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 JUPUSDTG24 contract here, or refer to the full contract specs here.
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