PIXEL, the native token of Pixels, a web3 game on the Ronin Network, is now available to trade on BitMEX via a new Tether-margined futures listing – PIXELUSDTG24. Pixels is a Binance Launchpool project and is expected to begin trading on 19 February 2024.
PIXELUSDTG24 is Tether-margined and offers up to 2x leverage.
Trading PIXELUSDTG24 on BitMEX started trading on 8 February 2024 at 10:00 UTC.
For a deeper look at our new Pixels 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 Pixels And The PIXEL Token
Pixels is a social web3 game on the Ronin Network. It offers a mesmerizing open-world game that revolves around farming, exploration, and creation.
PIXEL is the native utility and governance token in the Pixels ecosystem. With PIXEL, users can mint NFTs, enjoy VIP passes, join Guilds, and purchase premium in-game features.
PIXEL Linear Futures Contract Specs
PIXELUSDTG24 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).
PIXEL contract details:
Expiry Date: 23 February, 2024
Margin currency: USDT
Contract Size: 1 PIXEL
Lot Size: 10
Minimum Trade Amount: 10 PIXEL
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 PIXEL listing and other futures contracts:
Mark Method: Last Price
Price Limits: Limit Up and Limit Down set hourly at Mark Price +/- 20%
Settlement Price: .BPIXELT30M
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 PIXEL.
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 .BPIXELT 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 PIXEL 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 .BPIXELT 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.
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The post Now Live: The First Ever PIXEL Futures Contract with 2x Leverage appeared first on BitMEX Blog.