Now Live: Bitcoin-Margined USDC Swap Listing

Exposure to USDC has arrived at BitMEX. Traders can now long or short USDC via our USDTUSDC perpetual swap.

This new perpetual listing gives the opportunity to trade and speculate on the price of USD Coin. Will or won’t the peg hold…

The best thing about trading these USDC listings on BitMEX? Users can enjoy up to 10x leverage and one of the highest max position sizes in the industry.

For the lowdown on this listing, read on. 

If you haven’t yet signed up for a BitMEX account, click here.

USDTUSDC Quanto Contract Specs

As with all quanto contracts, the USDTUSDC product has a fixed Bitcoin multiplier, regardless of the USDT/USDC price. This allows traders to long or short the USDT/USDC exchange rate without ever touching USDT or USDC.

Traders can post margin in Bitcoin (XBT), and earn or lose in XBT as the USDT/USDC rate changes. This quanto risk premium may be one of the factors that results in the USDTUSDC perpetual swap trading at a premium or discount to the USDT/USDC spot price.

For an explanation of the same concept, you can refer to this blog post referencing ETHUSD.

Key contract details for the USDTUSDC Quanto Contract Listing:

  • Symbol: USDTUSDC
  • Margin currency: XBT
  • Bitcoin Multiplier: 0.0001 XBT (10,000 Satoshis)
  • XBT Contract Value: USDTUSDC Price * Bitcoin Multiplier (10,000 Sat / 1 USD)
  • Underlying: .BUSDTUSDC
  • Max Leverage: 10x
  • Risk limit: 50 XBT
  • Maker Fee: -0.01%
  • Taker Fee: 0.075%
  • Base Initial Margin: 10.00%
  • Base Maintenance Margin: 5.00%

Users can now trade the USDTUSDC perpetual contract here, and check out the full contract specs here.

What is USD Coin (USDC)?

As its name suggests, USDC is a stablecoin that’s promised to be pegged to the US dollar on a 1:1 basis. Launched in September 2018, USD Coin is a popular alternative to other USD-backed cryptocurrencies like Tether (USDT) and TrueUSD (TUSD).

The USD Coin launch was powered through a collaboration between Coinbase and Circle, via the co-founding of the CENTRE Consortium, which USDC’s governance depends on. CENTRE’s members are the sole entities capable of altering the circulating supply of USDC.

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