BitMEX launches Solana (SOL) perpetual contract with up to 33x leverage

[RSS News]

Crypto derivatives exchange BitMEX, announced today the summer rollout of listing 10 new products has begun; starting with – Solana (SOL).

The SOLUSDT Perpetual Swap contract with up to 33x leverage will go live at 04:00 UTC on Tuesday, June 1st, 2021; and is visible now testnet.

Like all BitMEX quanto contracts, the SOLUSDT product will have a fixed Bitcoin multiplier regardless of the Tether/Solana price. This allows traders to long or short the SOL/USDT exchange rate without ever touching either SOL or USDT.

Traders post margin in XBT and earn or lose XBT as the SOL/USDT rate changes. This quanto risk premium may be one of the factors which result in the SOLUSDT swap trading at a premium/discount to the SOLUSDT spot price.

Contract Details:

• Symbol: SOLUSDT
• Bitcoin Multiplier: 0.00001 XBT (1,000 Satoshis)
• XBT Contract Value: SOLUSDT Price * Bitcoin Multiplier (1,000 Sat / 1 USDT)
• Underlying:*.BSOLT
• Max Leverage: 33x
• Maker Fee: -0.025%
• Taker Fee: 0.075%
• Base Initial Margin: 3.00%
• Base Maintenance Margin: 1.50%

The testnet contract will be visible on the platform from 04:00 UTC on 31 May 2021 as*Unlisted, 24 hours before trading starts at 04:00 UTC on 1 June 2021.

Source: BitMEX