Now Live: Pre-IEO Manta Network Futures Contract

MANTA, the native token of Manta Network, a layer two solution for zero-knowledge applications, is now available on BitMEX, via our new, pre-IEO, linear futures listing – MANTAUSDTF24. Manta Network is a Binance Launchpool project expected to begin spot trading on 18 January.

MANTAUSDTF24 is Tether-margined and offers up to 2x leverage. Trading for MantaUSDTF24 has started on 16 January 2024 at 06:00 UTC – before the listing on Binance Launchpool.

For a deeper look at our new MANTA 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 MANTA, the Manta Network Token

A Binance Launchpool project, Manta Network is modular layer two solution built for Zero-knowledge (ZK) applications. The project’s mission is to deliver the best developer experience that enables ZK applications.

The project is expected to launch on Binance Launchpool on 18 January at 10:00 UTC. 

MANTA Linear Futures Contract Specs

MANTAUSDTF24 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).

MANTA contract details:

  • Symbol: MANTAUSDTF24
  • Expiry Date: 26 January 2024
  • Margin currency: USDT
  • Contract Size: 1 MANTA
  • Lot Size: 10
  • Minimum Trade Amount: 10 MANTA
  • Underlying: .BMANTAT
  • 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 MANTA listing and other futures contracts:

  • Mark Method: Last Price
  • Price Limits: Limit Up and Limit Down set hourly at Mark Price +/- 20%
  • Settlement Price: .BMANTAT30M
  • 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 MANTA.
  • 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 .BMANTAT 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 MANTA 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 .BMANTAT 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 will be able to trade the MANTAUSDTF24 contract here, or refer to the full contract specs here

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