Now Live: Tether-Margined FLR Futures

Our new futures contract – FLRUSDTH23 – is now live and ready to trade – with up to 2x leverage. FLRUSDTH23 began trading here today at 08:00 UTC.

About the FLARE Token

The Flare token (known formerly as the Spark token), has the ticker FLR. It is the native asset of the Flare network, a blockchain project that aims to bring smart contract functionality to crypto assets, issued on blockchains, that don’t support Turing-complete smart contracts. 

For example, holders of XRP would be able to “bridge” their coins over to Flare Network, where they would be represented with FXRP. These FXRP tokens could then be deployed in decentralized finance applications, which wouldn’t be possible on the XRP Ledger itself. 

Flare also aims to support other crypto assets that don’t have their own smart contracts, for example Bitcoin, Stellar and Litecoin. 

The token’s distribution date is believed to be around 9 January 2023, which is believed to be “the optimal path for the fairest and most inclusive distribution.” 

To know more about our new FLR contract, read on.

FLR Linear Futures Contract Specs

FLRUSDTH23 is a linear futures contract, margined in USDT (ERC-20). It works similarly to a regular futures contract, but with some key differences, detailed below:

FLR contract details:

  • Symbol: FLRUSDTH23
  • Expiry Date: 31 March 2023
  • Margin currency: USDT
  • Contract Size: 0.001 FLR
  • Lot Size: 1000
  • Minimum Trade Amount: 1 FLR
  • Underlying: .BFLRT
  • Max Leverage: 2x
  • Maker Fee: 0.00%
  • Taker Fee: 0.25%
  • Base Initial Margin: 50.00% 
  • Base Maintenance Margin: 25.00% 

Key differences from our other futures contracts:

  • Mark Method – Last Price
  • Price Limits – Limit Up and Limit Down set hourly at Mark Price +/- 20%
  • Settlement Price – .BFLRT30M
  • Auto Deleveraging – Enabled
  • Maker Fee: 0.00%
  • Taker Fee: 0.25%

This is a highly speculative contract (FLR doesn’t actively trade yet and might never do so). Because of this, we’ve changed a few items. 

  • We are using Last Price marking because there is not yet an observable price for FLR.
  • 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 .BFLRT 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 Flare token. Once such an index exists, we (BitMEX) may use our discretion to change the Mark Method to Fair Price.  Until such an Index is created, the value of .BFLRT 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.
  • We have also altered the fees for this contract to 0 maker rebate and 25 basis points taker fee. We will change these fees once it looks more like a ‘regular’ futures contract. BMEX Token taker discounts will still apply. 

The FLRUSDTH23 futures contract is now live on Testnet, along with the full contract specs.

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In the meantime, if you have any questions please contact Support.