TURBO has arrived at BitMEX via a new listing – TURBOUSD, with up to 50x leverage, making this new contract one of the highest max position sizes in the industry.
What is TURBO?
The Turbo Token (TURBO) is a meme based cryptocurrency that was created with a futuristic toad mascot, through an experiment in which an artificial intelligence system, GPT-4, was challenged to create the next great meme coin with a budget of $69.
The project’s founder pledged to follow all instructions provided by the AI and document the process. Turbo Token features a futuristic toad mascot and has gained momentum from the enthusiasm of its community. The project serves as an example of the potential for AI-guided creativity in shaping the world of cryptocurrency.
TURBOUSD began trading on 26 May 2023 at 04:00 UTC. For more, read on.
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TURBOUSD Quanto Contract Specs
As with all quanto contracts, the TURBOUSD product has a fixed Bitcoin multiplier, regardless of the TURBO/USD price. This allows traders to long or short the TURBO/USD exchange rate without ever touching TURBO or USD.
Traders can post margin in XBT, and earn or lose in XBT as the TURBO/USD rate changes.
This quanto risk premium may be one of the factors that results in the TURBOUSD swap trading at a premium/discount to the TURBOUSD spot price.
For an explanation of the same concept, check out this blog post referencing ETHUSD.
Key Contract Details for Our TURBOUSD Listing:
- Symbol: TURBOUSD
- Margin Currency: XBT
- Bitcoin Multiplier: 0.01 XBT (1,000,000 Satoshis)
- XBT Contract Value: TURBOUSD Price * Bitcoin Multiplier (1,000,000 Sat / 1 USD)
- Underlying: .BTURBO
- Max Leverage: 50x
- Risk limit: 50 XBT
- Maker Fee: 0.02%
- Taker Fee: 0.075%
- Base Initial Margin: 2.00%
- Base Maintenance Margin: 1.00%
You can trade the TURBOUSD perpetual contract here, or check out the full contract specs here.
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