Now Live: The First Ever PORTAL Futures Contract with 2x Leverage

PORTAL, the native token of Portal, a cross-chain gaming platform, is live on BitMEX via a new Tether-margined futures listing –  PORTALUSDTH24. Trading began here today, 21 February 2024 at 11:00 UTC. 

PORTALUSDTH24 is Tether-margined and offers up to 2x leverage.

For a deeper look at our new Portal 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 PORTAL, the Portal Token

Portal is a web3 gaming network that unites games and gamers from various blockchain networks on its cross-chain token platform.

Portal’s technology delivers gamer access and game distribution for a vast array of titles, paving the way for a smooth transition for Web2 gamers into the Web3 universe. PORTAL is the native utility and governance token of the Portal platform, which users can use within games, purchase NFTs, use in marketplaces, and more.

PORTAL Linear Futures Contract Specs

PORTALUSDTH24 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).

PORTAL contract details:

Expiry Date: 29 March 2024
Margin currency: USDT
Contract Size: 1 PORTAL
Lot Size: 1
Minimum Trade Amount: 1 PORTAL
Underlying: .BPORTALT
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 PORTAL listing and other futures contracts:

Mark Method: Last Price
Price Limits: Limit Up and Limit Down set hourly at Mark Price +/- 20%
Settlement Price: .BPORTALT30M
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 PORTAL.
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 .BPORTALT 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 PORTAL 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 .BPORTALT 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 can trade the PORTALUSDTH24 futures contract here, or refer to the full contract specs here

To be the first to know about our new listings, product launches, giveaways and more, we invite you to join one of our online communities and connect with other traders.  For the absolute latest, you can also follow us on Twitter, or read our blog and site announcements for the absolute latest. 

The post Now Live: The First Ever PORTAL Futures Contract with 2x Leverage appeared first on BitMEX Blog.

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