Now Live: STRK Futures Contract with 2x Leverage
STRK, the native token of Starknet, an L2 Validity-Rollup on Ethereum, is listing on BitMEX via a new Tether-margined futures listing – STRKUSDTG24. Starknet Foundation is launching the first round of the Starknet Provisions Program, and will be airdropping the Starknet Token (STRK) to the community which will be available to claim on 20 Feb 12:00 UTC.
STRKUSDTG24 is Tether-margined and offers up to 2x leverage. Trading is expected to begin from 20 February 2024 at around 12:00 UTC.
For a deeper look at our new Starknet 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 verified users- you can register here.
About STRK, the Starknet Token
Starknet is a permissionless decentralized Validity-Rollup, also known as a ZK-Rollup. It operates as an L2 network over Ethereum, enabling any dApp to achieve unlimited scale for its computation – without compromising Ethereum’s composability and security, thanks to Starknet’s reliance on the safest and most scalable cryptographic proof system – STARK.
STRK Linear Futures Contract Specs
STRKUSDTG24 will be 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).
STRK contract details:
Symbol: STRKUSDTG24
Expiry Date: 23 February, 2024
Margin currency: USDT
Contract Size: 1 STRK
Lot Size: 1
Minimum Trade Amount: 1 STRK
Underlying: .BSTRKT
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 STRK listing and other futures contracts:
Mark Method: Last Price
Price Limits: Limit Up and Limit Down set hourly at Mark Price +/- 20%
Settlement Price: .BSTRKT30M
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 STRK.
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 .BSTRKT 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 STRK 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 .BSTRKT 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 will be able to trade the STRKUSDTG24 futures contract here, or refer to the full contract specs here.
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