Now Live: Pre-Launch Futures Contract for NOT with 2x Leverage

A new Pre-Launch futures contract for NOT (Notcoin) – NOTUSDTK24 – 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 NOT before it’s listed on spot exchanges.

Trading for NOTUSDTK24 started here at 09:00 UTC on 10 May 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.

NOT Linear Futures Contract Specs

NOTUSDTK24 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).

NOT contract details:

• Symbol: NOTUSDTK24
• Expiry Date: 31 May 2024
• Margin currency: USDT
• Contract Size: 1 NOT
• Lot Size: 1000
• Minimum Trade Amount: 1000 NOT
• Underlying: .BNOTT
• 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 NOTUSDTK24 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: .BNOTT30M
• 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 NOT.
• 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 .BNOTT 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 .BNOTT 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 NOT, the Notcoin Token

Notcoin is a free play-to-earn game on Telegram where users can earn points by simply taping the coin icons. It was launched on 1 January 2024 by using the infrastructure of Telegram embraced blockchain network Ton. The platform currently hosts 35 million+ players to date and will be launching on major spot exchanges this month. 

NOT is the upcoming native token of Notcoin which is expected to launch on 16 May 2024. 

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.

The post Now Live: Pre-Launch Futures Contract for NOT with 2x Leverage appeared first on BitMEX Blog.