A new pre-launch futures contract for PUMP – PUMPUSDTN25 – is now available to trade on BitMEX. The new listing is margined in Tether (USDT) and offers up to 2x leverage so you can long or short PUMP.
Trading for PUMPUSDTN25 started here at 05:00 UTC.
For details on the new Pre-Launch 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 newly verified users – you can register here.
PUMP Linear Futures Contract Specs
PUMPUSDTN25 is a linear futures contract, margined in USDT (ERC-20). It works similarly to a regular futures contract but with some key differences (as detailed at the bottom).
PUMP contract details:
- Symbol: PUMPUSDTN25
- Expiry Date: 25 July 2025
- Margin currency: USDT
- Contract Size: 1 PUMP
- Lot Size: 100
- Minimum Trade Amount: 100 PUMP
- Underlying: .BPUMPT
- Max Leverage: 2x
- Maker Fee: 0.1%
- Taker Fee: 0.25%
- Base Initial Margin: 50.00%
- Base Maintenance Margin: 25.0%
You can trade the PUMPUSDTN25 futures contract here, or refer to the full contract specs here.
Key differences between our Pre-Launch listings and other futures contracts:
- Mark Method: Last Price
- Price Limits: Limit Up and Limit Down set hourly at Mark Price +/- 20%
- Settlement Price: .BPUMPT30M
- Auto Deleveraging: Enabled
Pre-Launch futures are highly volatile and speculative contracts. Because of this, we’ve changed a few items:
- We are using Last Price marking because there is not yet an observable price for PUMP.
- 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 .BPUMPT index will be constructed by BitMEX when it is possible for our team to produce a robust index that represents the spot price of each 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 .BPUMPT is 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.
About PUMP, the Pump.fun Token
PUMP is the native token of the pump.fun platform, a prominent cryptocurrency launchpad on the Solana blockchain. Launched in January 2024, pump.fun allows users to easily create and trade new tokens, primarily meme coins, without requiring extensive technical knowledge or upfront liquidity. The platform operates on a “bonding curve” model, where the token’s price increases as more users buy it, and tokens that reach a certain market capitalization “graduate” to decentralized exchanges like Raydium for broader liquidity.
The PUMP token is designed to serve as a utility and governance token within the pump.fun ecosystem. While not strictly required for basic platform use, it is expected to unlock access to additional features, promotional events, and potentially provide holders with a share of the platform’s protocol revenue.
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