Now Live: Pre-Launch Futures Contract for EIGEN with 2x Leverage
A new Pre-Launch futures contract for EIGEN (EigenLayer) – EIGENUSDTK24 – is now available to trade on BitMEX. The new listing is margined in Tether (USDT) and offers up to 2x leverage so you can long or short EIGEN before it’s listed on spot exchanges.
Trading for EIGENUSDTK24 started here at 09:00 UTC on 30 April 2024.
For details on the new Pre-Launch 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 newly verified users – you can register here.
EIGEN Linear Futures Contract Specs
EIGENUSDTK24 is a linear futures contract, margined in USDT (ERC-20). It works similarly to a regular futures contract but with some key differences (as detailed at the bottom).
EIGEN contract details:
Symbol: EIGENUSDTK24
Expiry Date: 31 May 2024
Margin currency: USDT
Contract Size: 1 EIGEN
Lot Size: 1
Minimum Trade Amount: 1 EIGEN
Underlying: .BEIGENT
Max Leverage: 2x
Maker Fee: -0.0175%
Taker Fee: 0.25%
Base Initial Margin: 50.00%
Base Maintenance Margin: 25.0%
You can trade the EIGENUSDTK24 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: .BEIGENT30M
Auto Deleveraging: Enabled
The Pre-Launch futures 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 EIGEN.
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 .BEIGENT 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 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 .BEIGENT is 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 EIGEN, the EigenLayer Token
EigenLayer is a protocol built on Ethereum that introduces restaking, a new primitive in cryptoeconomic security. This primitive enables the reuse of ETH on the consensus layer. Users that stake ETH natively or with a liquid staking token (LST) can opt-in to EigenLayer smart contracts to restake their ETH or LST and extend cryptoeconomic security to additional applications on the network to earn additional rewards.
EIGEN is the upcoming native token of EigenLayer which will be a Universal Intersubjective Work Token to complement ETH as the Universal Objective Work Token in EigenLayer. Holders will be able to use EIGEN to secure EigenDA, Eigenlayer’s Actively Validated Service (AVS) for data availability.
EIGEN is expected to start spot trading on 10 May 2024.
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