Now Live: Pre-Launch Futures Contract for NIL with 2x Leverage
A new pre-launch futures contract for NIL – NILUSDTH25 – 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 NIL.
Trading for NILUSDTH25 started here at 09:00 UTC.
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.
NIL Linear Futures Contract Specs
NILUSDTH25 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).
NIL contract details:
- Symbol: NILUSDTH25
- Expiry Date: 28 March 2025
- Margin currency: USDT
- Contract Size: 1 NIL
- Lot Size: 1
- Minimum Trade Amount: 1 NIL
- Underlying: .BNILT
- Max Leverage: 2x
- Maker Fee: 0.1%
- Taker Fee: 0.25%
- Base Initial Margin: 50.00%
- Base Maintenance Margin: 25.0%
You can trade the NILUSDTH25 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: .BNILT30M
- 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 NIL.
- 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 .BNILT index will be constructed by BitMEX when it is possible for our team to produce a robust index that represents the spot price of 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 .BNILT 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 NIL, the Nillion Token
NIL is the native token of the Nillion network, a decentralized platform that enables secure and private data processing through “blind computation.” This innovative approach allows computations on encrypted data without revealing the underlying information. Nillion announced its mainnet launch would be expected in Q1 2025.
NIL serves to secure the network, manage resources, incentivize node operators, and facilitate governance, with a total supply of 1 billion tokens. The allocation details for NIL tokens are not explicitly outlined in the available sources, but a significant portion is dedicated to incentivizing community engagement and strategic partnerships.
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