Now Live: Pre-IEO BLAST Futures Contract

BLAST is now trading on BitMEX via a new, pre-IEO, linear futures listing – BLASTUSDTZ24. It’s Tether-margined and offers up to 2x leverage.

Trading began here on 27 November 2023 at 09:00 UTC. For a deeper look at our new Blast listing, and more on the BLAST Token, 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 BLAST, the BLAST Network Token

Blast Network (BLAST) is an Ethereum Layer 2 designed to maximise staking yields. Blast is currently invite-only with a TVL of over 400 million. Users can stake ETH and stablecoins on the platform, although assets can’t be withdrawn until the Blast bridge goes live in February (expected on 24 Feb 2024). In the meantime, users receive “Blast points,” which can be used to redeem an airdrop scheduled for May (expected on 24 May 2024).

Blast Network is developed by Blur, the NFT marketplace’s founder, Pacman.

BLAST Linear Futures Contract Specs

BLASTUSDTZ24 is 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).

BLAST contract details:

  • Symbol: BLASTUSDTZ24
  • Expiry Date: 27 December 2024
  • Margin currency: USDT
  • Contract Size: 1 BLAST
  • Lot Size: 10
  • Minimum Trade Amount: 10 BLAST
  • Underlying: .BBLASTT
  • 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 BLAST listing and other futures contracts:

  • Mark Method: Last Price
  • Price Limits: Limit Up and Limit Down set hourly at Mark Price +/- 20%
  • Settlement Price: .BBLASTT30M
  • 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 BLAST.
  • 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 .BBLASTT 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 BLAST 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 .BBLASTT 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 BLASTUSDTZ24 contract here, or refer to the full contract specs here

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