MATIC, the native token of Polygon and a trader favourite, is coming to BitMEX in the form of a MATIC USDT Quanto Perpetual Swap.
With up to 20x leverage available, the MATICUSDT Perpetual Swap contract will go live at 04:00 UTC on 7 July 2021. The contract is already available to trade on Testnet now.
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We’ve been launching new products nonstop this summer – check out the VETUSDT Perpetual Swap, SOLUSDT Perpetual Swap, FILUSDT Perpetual Swap, and the introduction of the XBTEUR Perpetual Swap and Futures contracts. To stay up to date on the latest, visit our blog, follow us on Twitter, or join our Telegram channel.
More Details
As with all quanto contracts, the MATIC product will have a fixed Bitcoin multiplier regardless of the Tether/MATIC price. This allows traders to long or short the MATIC/USDT exchange rate without ever touching either MATIC or USDT.
Traders post margin in XBT, and earn or lose XBT as the MATIC/USDT rate changes. This quanto risk premium may be one of the factors which results in the MATICUSDT swap trading at a premium / discount to the MATICUSDT spot price – see our blog post explaining the same concept for ETHUSD.
Key contract details:
- Symbol: MATICUSDT
- Bitcoin Multiplier: 0.0001 XBT (10,000 Satoshis)
- XBT Contract Value: MATICUSDT Price * Bitcoin Multiplier (10,000 Sat / 1 USDT)
- Underlying: .BMATICT
- Max Leverage: 20x
- Maker Fee: -0.025%
- Taker Fee: 0.075%
- Base Initial Margin: 5.00%
- Base Maintenance Margin: 2.50%
The MATICUSDT perpetual contract is now available on Testnet, along with the full specs.
The contract will be visible on the platform from 04:00 UTC on 6 July 2021 as Unlisted, 24 hours before trading starts at 04:00 UTC on 7 July 2021.
If you have any questions, please contact our Support team who will be happy to help.
