Now Live: Pre-Launch Futures Contract for DOGS with 2x Leverage

A new Pre-Launch futures contract for DOGS (Dogs) – DOGSUSDTQ24 – 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 DOGS before it’s listed on spot exchanges.

Trading for DOGSUSDTQ24 started here at 10:00 UTC on 21 August 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.

DOGS Linear Futures Contract Specs

DOGSUSDTQ24 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).

DOGS contract details:

• Symbol: DOGSUSDTQ24
• Expiry Date: 30 August 2024
• Margin currency: USDT
• Contract Size: 1 DOGS
• Lot Size: 1000
• Minimum Trade Amount: 1000 DOGS
• Underlying: .BDOGST
• 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 DOGSUSDTQ24 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: .BDOGST30M
• 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 DOGS.
• 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 .BDOGST 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 .BDOGST 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 DOGS, the TON meme coin

The Dogs Community (DOGS)  is a vibrant, community-driven initiative built on the TON Blockchain, designed to leverage Telegram’s vast user base and native meme culture. Centered around a beloved dog mascot originally created by Telegram’s founder, the project aims to introduce millions to blockchain technology through tokenized stickers, fostering a fun and engaging ecosystem with a focus on community ownership and fair rewards distribution.

DOGS Token claims opened on 17 August 2024, and spot listing on major exchanges is expected to go live on 23 August 2024 at 12:00 UTC.

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The post Now Live: Pre-Launch Futures Contract for DOGS with 2x Leverage appeared first on BitMEX Blog.