XBTETFX23 and XBTETFF24 – two new Prediction Markets listings – are now available to trade on BitMEX. Giving our traders the opportunity to predict and take positions on the event of an approval by the US SEC of a Bitcoin spot ETF.
For the lowdown on this new Prediction Markets 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.
XBTETF Contract Specs
Key contract details for our XBTETFX23 contract listing:
- Settlement Event: The contract will settle at 100% where a Bitcoin ETF is approved by the US SEC on or before 21 November 2023 (full terms are here).
- Expiry: 24 November 2023 at 20:00 UTC.
Key contract details for our XBTETFF24 contract listing:
- Settlement Event: The contract will settle at 100% where a Bitcoin ETF is approved by the US SEC on or before 17 January 2024 (full terms are here).
- Expiry: 26 January 2024 at 20:00 UTC.
How Do Prediction Markets Work at BitMEX?
Prediction Markets work the same as all futures contracts on BitMEX, with a few differences as listed below:
- The price of the contracts will be marked as Last Price*.
- No leverage is granted.
- Margin and settlement in Tether (USDT).
- Payouts will be based on a bounded price from 0 to 100.
- Maker fees are set at 0.00% and Taker fees are set at 0.25%.
- Early settlement will take place if the outcome or event occurs before the contract expiry date.
- The product suite will not be available to users in particular jurisdictions.
*Last Price is used as an external price index is not required to mark the price of a contract, as long as a price is available to settle.
Each contract has a value between zero and one USD, but is quoted in percentage terms.
The new listing is a speculative contract that id marked on Last Price, users should adjust their risk tolerance accordingly when trading the products.
You can take a wider look at Prediction Markets at BitMEX, here.
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In the meantime, if you have any questions please contact Support who are available 24/7.