Now Live: Pre-Launch Futures Contract for IO with 2x Leverage
A new Pre-Launch futures contract for IO (IO.NET) – IOUSDTM24 – 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 IO before it’s listed on spot exchanges.
Trading for IOUSDTM24 started here at 10:00 UTC on 6 June 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.
IO Linear Futures Contract Specs
IOUSDTM24 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).
IO contract details:
Symbol: IOUSDTM24
Expiry Date: 28 June 2024
Margin currency: USDT
Contract Size: 1 IO
Lot Size: 1
Minimum Trade Amount: 1 IO
Underlying: .BIOT
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 IOUSDTM24 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: .BIOT30M
Auto Deleveraging: Enabled
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 IO.
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 .BIOT 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 .BIOT 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 IO, the IO.NET Token
io.net Cloud is a state-of-the-art decentralized computing network that allows machine learning engineers to access scalable distributed clusters at a small fraction of the cost of comparable centralized services.
IO is the upcoming native token of IO.NET, and its first airdrop snapshot was completed on 25 April which shares the allocation of IO tokens to eligible participants upon the official launch which is anticipated to occur in the first half of 2024.
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