BitMEX users can now long or short OP via two new listings – OPUSD and OPUSDT. Trading began here and here on 16 January at 04:00 UTC.
OP is the token that powers Optimism, a layer-2 blockchain built on Ethereum. It currently stands as one of the biggest scaling solutions for Ethereum – benefiting from the security of the Ethereum mainnet as well as helping the Ethereum ecosystem scale via using optimistic rollups.
Through the arrival of the OP listings on BitMEX, users can enjoy up to 20x leverage and one of the highest max position sizes in the industry.
For the lowdown on these listings, read on.
If you haven’t signed up for a BitMEX account yet, we’re currently offering 10,000 BMEX Tokens – you can register here.
OPUSD Quanto Contract Specs
As with all quanto contracts, the OPUSD product has a fixed Bitcoin multiplier, regardless of the OP/USD price. This allows traders to long or short the OP/USD exchange rate without ever touching OP or USD.
Traders can post margin in XBT, and earn or lose in XBT as the OP/USD rate changes.
This quanto risk premium may be one of the factors that results in the OPUSD swap trading at a premium/discount to the OPUSD spot price.
For an explanation of the same concept, check out this blog post referencing ETHUSD.
Key contract details for our OP listing:
- Symbol: OPUSD
- Margin Currency: XBT
- Bitcoin Multiplier: 0.0001 XBT (10,000 Satoshis)
- XBT Contract Value: OPUSD Price * Bitcoin Multiplier (10,000 Sats / 1 USD)
- Underlying: .BOP
- Max Leverage: 20x
- Risk limit: 50 XBT
- Maker Fee: 0.02%
- Taker Fee: 0.075%
- Base Initial Margin: 5.00%
- Base Maintenance Margin: 2.50%
You can trade the OPUSD perpetual contract here, or check out the full contract specs here.
OPUSDT Linear Contract Specs
OPUSDT is a linear perpetual swap, margined in USDT. This allows users to gain exposure to the price of the OP token and trade it with leverage, without needing to have OP holdings.
Key contract details for our OP token listing:
- Symbol: OPUSDT
- Margin Currency: USDT
- Contract Size: 1 OP
- Lot Size: 1
- Minimum Trade Amount: 1 OP
- Underlying: .BOPT
- Max Leverage: 20x
- Risk limit: 1,000,000 USDT
- Maker Fee: -0.015%
- Taker Fee: 0.075%
- Base Initial Margin: 5.00%
- Base Maintenance Margin: 2.50%
You can trade the OPUSDT perpetual contract here, or check out the full contract specs here.
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In the meantime, if you have any questions please contact Support.