Now Live: Pre-Launch Futures Contract for SCR with 2x Leverage
A new pre-launch futures contract for Scroll (SCR) – SCRUSDTH25 – 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 SCR before it’s listed on spot exchanges.
Trading for SCRUSDTH25 started here at 09:00 UTC on 9 Oct 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.
SCR Linear Futures Contract Specs
SCRUSDTH25 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).
SCR contract details:
Symbol: SCRUSDTH25
Expiry Date: 28 March 2025
Margin currency: USDT
Contract Size: 1 SCR
Lot Size: 1
Minimum Trade Amount: 1 SCR
Underlying: .BSCRT
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 SCRUSDTH25 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: .BSCRT30M
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 SCR.
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 .BSCRT 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 .BSCRT 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 SCR, the native token of Scroll
SCR token is launched by Scroll, a Layer 2 scaling solution designed to enhance the Ethereum network’s efficiency and scalability, in which usage of zkRollup technology and commitment to security and open development make it a promising platform for developers looking to build on the Ethereum network.
SCR Token’s pre-market trading on major exchanges is expected to start on Oct 11, 2024 at 10:00 (UTC), airdrop starts on Oct 22, 2024.
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