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 trade the XBTETFX23 Prediction Markets contract here, or refer to the full contract specs here. Alternatively, you can trade the XBTETFF24 contract here, or read the full specs here.
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.