In retrospect, it was inevitable. As the surge in interest in Dogecoin continues, we are launching a DOGEUSDT perpetual swap contract with up to 20x leverage this Friday.
The BitMEX platform offers top-tier liquidity, security, and platform performance to traders. Recent enhancements to our platform rules will result in an even better DOGEUSDT trading experience.
Like other quanto contracts, the DOGEUSDT product will have a fixed Bitcoin multiplier regardless of the Tether/Dogecoin price. This allows traders to long or short the DOGE/USDT exchange rate without ever touching either DOGE or USDT. Traders post margin in XBT, and earn or lose XBT as the DOGE/USDT rate changes. This quanto risk premium may be one of the factors which results in the DOGEUSDT swap trading at a premium / discount to the DOGEUSDT spot price – see our blog post explaining the same concept for ETHUSD from 2018.
The DOGEUSDT perpetual contract is now available in Testnet, along with the full specs.
Key contract details:
- Symbol: DOGEUSDT
- Bitcoin Multiplier: 0.001 XBT (100,000 Satoshis)
- XBT Contract Value: DOGEUSDT Price * Bitcoin Multiplier (100,000 Sat/$1)
- Underlying: .BDOGET
- Max Leverage: 20x
- Maker Fee: -0.025%
- Taker Fee: 0.075%
- Base Initial Margin: 5.00%
- Base Maintenance Margin: 2.50%
The contract will be visible on the platform from 4 February 2021 at 04:00 UTC as Unlisted, 24 hours before trading starts at 04:00 UTC on 5 February.
For any questions regarding this announcement, please contact Support.