Since Q4 2021, BitMEX users have used Bitcoin and/or Tether (ERC-20) for margin and settlement. However, that all changes tomorrow, when we launch ETH-margined contracts.
Ahead of ETH margin and settlement arriving on our platform, here’s a closer look at the finer details of our Ether-margined contracts:
- On 31 May at 04:00 UTC, we will list a perpetual swap (ETHUSD_ETH) and June (ETHUSDM22_ETH) and September (ETHUSDU22_ETH) Futures. These contracts on ETHUSD all have inverse payoffs, notional in USD and margin in ETH. As usual, these contracts are made visible 24 hours before trading starts so you can see the contract details now. When trading starts you can find ETHUSD_ETH here and all the contracts will be available on our 🔥 Hot list on the trading page.
- To start trading Ether-margined contracts, users will first need to deposit ETH on BitMEX. Users can also choose to send ETH they already have on Ethereum, to buy ETH with fiat, purchase ETH via BitMEX Spot, or convert other cryptocurrencies into ETH.
- ETH can only be used as margin for contracts that are margined in ETH. This is denoted in the contract name with the suffix “_ETH”.
- API users can find the margin currency as Settlcurrency in the Instrument table as Gwei – try it at this link. We count in gwei so we can accommodate smaller trades (1 ETH is 1 billion Gwei, or 1 Gwei = 0.000000001 ETH).
- Traders can use cross margin, to use their total account balance of a corresponding currency as a shared margin across contracts margined in that currency.
Our insurance fund will include an ETH balance to support liquidations from our ETH-margined listings. The insurance fund is allocated across margin currencies, and will be rebalanced between currencies from time to time.