Now Live: Pre-IEO AltLayer Futures Contract

ALT, the native token of AltLayer, is now trading on BitMEX, via a new pre-IEO linear futures listing –  ALTUSDTF24. AltLayer is a Binance Launchpool project expected to begin spot trading on 25 January.

ALTUSDTF24 is Tether-margined and offers up to 2x leverage. Trading began here from 19 January 2024 at 09:00 UTC before the listing on Binance Launchpool.

For a deeper look at our new ALT 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 ALT, the AltLayer Token

A Binance Launchpool project, AltLayer is a platform to launch native and restaked rollups with both Optimistic and ZK Rollup Stacks. Restaked rollups takes rollups spun from any rollup stack and provide them with enhanced security, decentralisation, interoperability, and crypto-economic fast finality. 

AltLayer is expected to launch on Binance Launchpool on 25 January at 10:00 UTC. 

ALT Linear Futures Contract Specs

ALTUSDTF24 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).

ALT contract details:

  • Symbol: ALTUSDTF24
  • Expiry Date: 26 January 2024
  • Margin currency: USDT
  • Contract Size: 1 ALT
  • Lot Size: 10
  • Minimum Trade Amount: 10 ALT
  • Underlying: .BALTT
  • 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 ALT listing and other futures contracts:

  • Mark Method: Last Price
  • Price Limits: Limit Up and Limit Down set hourly at Mark Price +/- 20%
  • Settlement Price: .BALTT30M
  • 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 ALT.
  • 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 .BALTT 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 ALT 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 .BALTT will 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 ALTUSDTF24 contract here, or refer to the full contract specs here

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