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- Funding History
- Insurance Fund
- Settlement History
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- Contract Guides
- Perpetual Contracts Guide
- Futures Guide
- Contracts
- XBT (Bitcoin)
- ADA (Cardano)
- APE (APE)
- AVAX (Avalanche)
- AXS (Axie Infinity)
- BASKET (BitMEX Basket)
- BCH (Bitcoin Cash)
- BNB (Binance Coin)
- DOGE (Dogecoin)
- DOT (Polkadot)
- EOS (EOS Token)
- ETH (Ethereum)
- FTM (Fantom)
- GAL (GAL)
- GMT (GMT)
- LINK (Chainlink)
- LTC (Litecoin)
- MANA (Decentraland)
- MATIC (Matic Network)
- NEAR (Near)
- SAND (SAND)
- SOL (Solana)
- SHIB (Shiba Inu)
- TRX (Tron)
- XRP (Ripple)
- Indices
- XBT (Bitcoin)
- .BXBT (Bitcoin Spot)
- .BXBT30M (30-Minute Bitcoin Spot)
- .BXBTEUR (XBT/EUR BitMEX Index)
- .BXBTEUR30M (30-minutes XBT/EUR BitMEX Index TWAP)
- .BXBTEUR_NEXT (XBT/EUR BitMEX Index)
- .BXBTT (XBT/USDT BitMEX Index)
- .BXBTT30M (30-minutes XBT/USDT BitMEX Index TWAP)
- .BXBTT_NEXT (XBT/USDT BitMEX Index)
- .BXBT_NEXT (XBT/USD BitMEX Index)
- .XBTBON (XBT Lending Rate)
- .XBTBON8H (8-hours XBT Lending Rate TWAP)
- .XBTEURPI (XBT Premium)
- .XBTEURPI8H (8-hours XBT Premium TWAP)
- .XBTUSDPI (XBT Premium)
- .XBTUSDPI8H (8-hours XBT Premium TWAP)
- .XBTUSDTPI (XBT Premium)
- .XBTUSDTPI8H (8-hours XBT Premium TWAP)
- ADA (Cardano)
- .ADABON (ADA Lending Rate)
- .ADABON8H (8-hours ADA Lending Rate TWAP)
- .ADAUSDPI (ADA Premium)
- .ADAUSDPI8H (8-hours ADA Premium TWAP)
- .ADAUSDTPI (ADA Premium)
- .ADAUSDTPI8H (8-hours ADA Premium TWAP)
- .BADA (ADA/USD BitMEX Index)
- .BADAT (ADA/USDT BitMEX Index)
- .BADAT30M (30-minutes ADA/USDT BitMEX Index TWAP)
- .BADAT_NEXT (ADA/USDT BitMEX Index)
- .BADAXBT (ADA/XBT BitMEX Index)
- .BADAXBT30M (30-minutes ADA/XBT BitMEX Index TWAP)
- .BADAXBT_NEXT (ADA/XBT BitMEX Index)
- .BADA_NEXT (ADA/USD BitMEX Index)
- APE (APE)
- .APEBON (APE Lending Rate)
- .APEBON8H (8-hours APE Lending Rate TWAP)
- .APEUSDPI (APE Premium)
- .APEUSDPI8H (8-hours APE Premium TWAP)
- .APEUSDTPI (APE Premium)
- .APEUSDTPI8H (8-hours APE Premium TWAP)
- .BAPE (APE/USD BitMEX Index)
- .BAPET (APE/USDT BitMEX Index)
- .BAPET_NEXT (APE/USDT BitMEX Index)
- .BAPE_NEXT (APE/USD BitMEX Index)
- AVAX (Avalanche)
- .AVAXBON (AVAX Lending Rate)
- .AVAXBON8H (8-hours AVAX Lending Rate TWAP)
- .AVAXUSDPI (AVAX Premium)
- .AVAXUSDPI8H (8-hours AVAX Premium TWAP)
- .AVAXUSDTPI (AVAX Premium)
- .AVAXUSDTPI8H (8-hours AVAX Premium TWAP)
- .BAVAX (AVAX/USD BitMEX Index)
- .BAVAXT (AVAX/USDT BitMEX Index)
- .BAVAXT_NEXT (AVAX/USDT BitMEX Index)
- .BAVAX_NEXT (AVAX/USD BitMEX Index)
- AXS (Axie Infinity)
- .AXSBON (AXS Lending Rate)
- .AXSBON8H (8-hours AXS Lending Rate TWAP)
- .AXSUSDPI (AXS Premium)
- .AXSUSDPI8H (8-hours AXS Premium TWAP)
- .AXSUSDTPI (AXS Premium)
- .AXSUSDTPI8H (8-hours AXS Premium TWAP)
- .BAXS (AXS/USD BitMEX Index)
- .BAXST (AXS/USDT BitMEX Index)
- .BAXST30M (30-minutes AXS/USDT BitMEX Index TWAP)
- .BAXST_NEXT (AXS/USDT BitMEX Index)
- .BAXS_NEXT (AXS/USD BitMEX Index)
- BASKET (BitMEX Basket)
- .ALTMEXBON (ALTMEX Lending Rate)
- .ALTMEXBON8H (8-hours ALTMEX Lending Rate TWAP)
- .ALTMEXTBON (ALTMEXT Lending Rate)
- .ALTMEXTBON8H (8-hours ALTMEXT Lending Rate TWAP)
- .ALTMEXTUSDTPI (ALTMEXT Premium)
- .ALTMEXTUSDTPI8H (8-hours ALTMEXT Premium TWAP)
- .ALTMEXUSDPI (ALTMEX Premium)
- .ALTMEXUSDPI8H (8-hours ALTMEX Premium TWAP)
- .BALTMEX (BitMEX ALTMEX Basket)
- .BALTMEX30M (30-minutes BitMEX ALTMEX Basket TWAP)
- .BALTMEXT (BitMEX ALTMEXT Basket)
- .BDEFIMEX (BitMEX DEFIMEX Basket)
- .BDEFIMEX30M (30-minutes BitMEX DEFIMEX Basket TWAP)
- .BDEFIMEXT (BitMEX DEFIMEXT Basket)
- .BMETAMEXT (BitMEX METAMEXT Basket)
- .DEFIMEXBON (DEFIMEX Lending Rate)
- .DEFIMEXBON8H (8-hours DEFIMEX Lending Rate TWAP)
- .DEFIMEXTBON (DEFIMEXT Lending Rate)
- .DEFIMEXTBON8H (8-hours DEFIMEXT Lending Rate TWAP)
- .DEFIMEXTUSDTPI (DEFIMEXT Premium)
- .DEFIMEXTUSDTPI8H (8-hours DEFIMEXT Premium TWAP)
- .DEFIMEXUSDPI (DEFIMEX Premium)
- .DEFIMEXUSDPI8H (8-hours DEFIMEX Premium TWAP)
- .METAMEXTBON (METAMEXT Lending Rate)
- .METAMEXTBON8H (8-hours METAMEXT Lending Rate TWAP)
- .METAMEXTUSDTPI (METAMEXT Premium)
- .METAMEXTUSDTPI8H (8-hours METAMEXT Premium TWAP)
- BCH (Bitcoin Cash)
- .BBCH (BCH/USD BitMEX Index)
- .BBCHT (BCH/USDT BitMEX Index)
- .BBCHT_NEXT (BCH/USDT BitMEX Index)
- .BBCHXBT (BCH/XBT BitMEX Index)
- .BBCHXBT30M (30-minutes BCH/XBT BitMEX Index TWAP)
- .BBCHXBT_NEXT (BCH/XBT BitMEX Index)
- .BBCH_NEXT (BCH/USD BitMEX Index)
- .BCHBON (BCH Lending Rate)
- .BCHBON8H (8-hours BCH Lending Rate TWAP)
- .BCHUSDPI (BCH Premium)
- .BCHUSDPI8H (8-hours BCH Premium TWAP)
- .BCHUSDTPI (BCH Premium)
- .BCHUSDTPI8H (8-hours BCH Premium TWAP)
- BNB (Binance Coin)
- .BBNB (BNB/USD BitMEX Index)
- .BBNBT (BNB/USDT BitMEX Index)
- .BBNBT30M (30-minutes BNB/USDT BitMEX Index TWAP)
- .BBNBT_NEXT (BNB/USDT BitMEX Index)
- .BBNB_NEXT (BNB/USD BitMEX Index)
- .BNBBON (BNB Lending Rate)
- .BNBBON8H (8-hours BNB Lending Rate TWAP)
- .BNBUSDPI (BNB Premium)
- .BNBUSDPI8H (8-hours BNB Premium TWAP)
- .BNBUSDTPI (BNB Premium)
- .BNBUSDTPI8H (8-hours BNB Premium TWAP)
- BVOL (Bitcoin Volatility)
- DOGE (Dogecoin)
- .BDOGE (DOGE/USD BitMEX Index)
- .BDOGET (DOGE/USDT BitMEX Index)
- .BDOGET30M (30-minutes DOGE/USDT BitMEX Index TWAP)
- .BDOGET_NEXT (DOGE/USDT BitMEX Index)
- .BDOGE_NEXT (DOGE/USD BitMEX Index)
- .DOGEBON (DOGE Lending Rate)
- .DOGEBON8H (8-hours DOGE Lending Rate TWAP)
- .DOGEUSDPI (DOGE Premium)
- .DOGEUSDPI8H (8-hours DOGE Premium TWAP)
- .DOGEUSDTPI (DOGE Premium)
- .DOGEUSDTPI8H (8-hours DOGE Premium TWAP)
- DOT (Polkadot)
- .BDOT (DOT/USD BitMEX Index)
- .BDOTT (DOT/USDT BitMEX Index)
- .BDOTT30M (30-minutes DOT/USDT BitMEX Index TWAP)
- .BDOTT_NEXT (DOT/USDT BitMEX Index)
- .BDOT_NEXT (DOT/USD BitMEX Index)
- .DOTBON (DOT Lending Rate)
- .DOTBON8H (8-hours DOT Lending Rate TWAP)
- .DOTUSDPI (DOT Premium)
- .DOTUSDPI8H (8-hours DOT Premium TWAP)
- .DOTUSDTPI (DOT Premium)
- .DOTUSDTPI8H (8-hours DOT Premium TWAP)
- EOS (EOS Token)
- .BEOS (EOS/USD BitMEX Index)
- .BEOST (EOS/USDT BitMEX Index)
- .BEOST30M (30-minutes EOS/USDT BitMEX Index TWAP)
- .BEOST_NEXT (EOS/USDT BitMEX Index)
- .BEOSXBT (EOS/XBT BitMEX Index)
- .BEOSXBT30M (30-minutes EOS/XBT BitMEX Index TWAP)
- .BEOSXBT_NEXT (EOS/XBT BitMEX Index)
- .BEOS_NEXT (EOS/USD BitMEX Index)
- .EOSBON (EOS Lending Rate)
- .EOSBON8H (8-hours EOS Lending Rate TWAP)
- .EOSUSDPI (EOS Premium)
- .EOSUSDPI8H (8-hours EOS Premium TWAP)
- .EOSUSDTPI (EOS Premium)
- .EOSUSDTPI8H (8-hours EOS Premium TWAP)
- ETH (Ethereum)
- .BETH (ETH/USD BitMEX Index)
- .BETH30M (30-minutes ETH/USD BitMEX Index TWAP)
- .BETHT (ETH/USDT BitMEX Index)
- .BETHT30M (30-minutes ETH/USDT BitMEX Index TWAP)
- .BETHT_NEXT (ETH/USDT BitMEX Index)
- .BETHXBT (ETH/XBT BitMEX Index)
- .BETHXBT30M (30-minutes ETH/XBT BitMEX Index TWAP)
- .BETHXBT_NEXT (ETH/XBT BitMEX Index)
- .BETH_NEXT (ETH/USD BitMEX Index)
- .ETHBON (ETH Lending Rate)
- .ETHBON8H (8-hours ETH Lending Rate TWAP)
- .ETHUSDPI (ETH Premium)
- .ETHUSDPI8H (8-hours ETH Premium TWAP)
- .ETHUSDTPI (ETH Premium)
- .ETHUSDTPI8H (8-hours ETH Premium TWAP)
- .ETHUSD_ETHPI (ETH Premium)
- .ETHUSD_ETHPI8H (8-hours ETH Premium TWAP)
- EUR (Euro)
- EVOL (EVOL)
- FTM (Fantom)
- GAL (GAL)
- .BGAL (GAL/USD BitMEX Index)
- .BGALT (GAL/USDT BitMEX Index)
- .BGALT_NEXT (GAL/USDT BitMEX Index)
- .BGAL_NEXT (GAL/USD BitMEX Index)
- .GALBON (GAL Lending Rate)
- .GALBON8H (8-hours GAL Lending Rate TWAP)
- .GALUSDPI (GAL Premium)
- .GALUSDPI8H (8-hours GAL Premium TWAP)
- .GALUSDTPI (GAL Premium)
- .GALUSDTPI8H (8-hours GAL Premium TWAP)
- GMT (GMT)
- .BGMT (GMT/USD BitMEX Index)
- .BGMTT (GMT/USDT BitMEX Index)
- .BGMTT_NEXT (GMT/USDT BitMEX Index)
- .BGMT_NEXT (GMT/USD BitMEX Index)
- .GMTBON (GMT Lending Rate)
- .GMTBON8H (8-hours GMT Lending Rate TWAP)
- .GMTUSDPI (GMT Premium)
- .GMTUSDPI8H (8-hours GMT Premium TWAP)
- .GMTUSDTPI (GMT Premium)
- .GMTUSDTPI8H (8-hours GMT Premium TWAP)
- LINK (Chainlink)
- .BLINK (LINK/USD BitMEX Index)
- .BLINKT (LINK/USDT BitMEX Index)
- .BLINKT30M (30-minutes LINK/USDT BitMEX Index TWAP)
- .BLINKT_NEXT (LINK/USDT BitMEX Index)
- .BLINK_NEXT (LINK/USD BitMEX Index)
- .LINKBON (LINK Lending Rate)
- .LINKBON8H (8-hours LINK Lending Rate TWAP)
- .LINKUSDPI (LINK Premium)
- .LINKUSDPI8H (8-hours LINK Premium TWAP)
- .LINKUSDTPI (LINK Premium)
- .LINKUSDTPI8H (8-hours LINK Premium TWAP)
- LTC (Litecoin)
- .BLTC (LTC/USD BitMEX Index)
- .BLTCT (LTC/USDT BitMEX Index)
- .BLTCT_NEXT (LTC/USDT BitMEX Index)
- .BLTCXBT (LTC/XBT BitMEX Index)
- .BLTCXBT30M (30-minutes LTC/XBT BitMEX Index TWAP)
- .BLTCXBT_NEXT (LTC/XBT BitMEX Index)
- .BLTC_NEXT (LTC/USD BitMEX Index)
- .LTCBON (LTC Lending Rate)
- .LTCBON8H (8-hours LTC Lending Rate TWAP)
- .LTCUSDPI (LTC Premium)
- .LTCUSDPI8H (8-hours LTC Premium TWAP)
- .LTCUSDTPI (LTC Premium)
- .LTCUSDTPI8H (8-hours LTC Premium TWAP)
- MANA (Decentraland)
- MATIC (Matic Network)
- NEAR (Near)
- .BNEAR (NEAR/USD BitMEX Index)
- .BNEART (NEAR/USDT BitMEX Index)
- .BNEART_NEXT (NEAR/USDT BitMEX Index)
- .BNEAR_NEXT (NEAR/USD BitMEX Index)
- .NEARBON (NEAR Lending Rate)
- .NEARBON8H (8-hours NEAR Lending Rate TWAP)
- .NEARUSDPI (NEAR Premium)
- .NEARUSDPI8H (8-hours NEAR Premium TWAP)
- .NEARUSDTPI (NEAR Premium)
- .NEARUSDTPI8H (8-hours NEAR Premium TWAP)
- SAND (SAND)
- SOL (Solana)
- .BSOL (SOL/USD BitMEX Index)
- .BSOLT (SOL/USDT BitMEX Index)
- .BSOLT30M (30-minutes SOL/USDT BitMEX Index TWAP)
- .BSOLT_NEXT (SOL/USDT BitMEX Index)
- .BSOL_NEXT (SOL/USD BitMEX Index)
- .SOLBON (SOL Lending Rate)
- .SOLBON8H (8-hours SOL Lending Rate TWAP)
- .SOLUSDPI (SOL Premium)
- .SOLUSDPI8H (8-hours SOL Premium TWAP)
- .SOLUSDTPI (SOL Premium)
- .SOLUSDTPI8H (8-hours SOL Premium TWAP)
- SHIB (Shiba Inu)
- TRX (Tron)
- .BTRX (TRX/USD BitMEX Index)
- .BTRXT (TRX/USDT BitMEX Index)
- .BTRXT30M (30-minutes TRX/USDT BitMEX Index TWAP)
- .BTRXT_NEXT (TRX/USDT BitMEX Index)
- .BTRXXBT (TRX/XBT BitMEX Index)
- .BTRXXBT30M (30-minutes TRX/XBT BitMEX Index TWAP)
- .BTRXXBT_NEXT (TRX/XBT BitMEX Index)
- .BTRX_NEXT (TRX/USD BitMEX Index)
- .TRXBON (TRX Lending Rate)
- .TRXBON8H (8-hours TRX Lending Rate TWAP)
- .TRXUSDPI (TRX Premium)
- .TRXUSDPI8H (8-hours TRX Premium TWAP)
- .TRXUSDTPI (TRX Premium)
- .TRXUSDTPI8H (8-hours TRX Premium TWAP)
- XRP (Ripple)
- .BXRP (XRP/USD BitMEX Index)
- .BXRPT (XRP/USDT BitMEX Index)
- .BXRPT_NEXT (XRP/USDT BitMEX Index)
- .BXRPXBT (XRP/XBT BitMEX Index)
- .BXRPXBT30M (30-minutes XRP/XBT BitMEX Index TWAP)
- .BXRPXBT_NEXT (XRP/XBT BitMEX Index)
- .BXRP_NEXT (XRP/USD BitMEX Index)
- .XRPBON (XRP Lending Rate)
- .XRPBON8H (8-hours XRP Lending Rate TWAP)
- .XRPUSDPI (XRP Premium)
- .XRPUSDPI8H (8-hours XRP Premium TWAP)
- .XRPUSDTPI (XRP Premium)
- .XRPUSDTPI8H (8-hours XRP Premium TWAP)
- USD (US Dollar)
- USDT (Tether)
Overview
A Perpetual Swap is an innovative product invented by BitMEX. The Perpetual Contract is similar to a traditional Futures Contract, but has a few differences:
- There is no expiry or settlement (subject to the Early Settlement).
- Perpetual Contracts mimic a margin-based spot market and hence trade close to the underlying reference Index Price.
- The Funding mechanism is used to tether contracts to their underlying spot price.
- This is in contrast to a Futures Contract which may trade at significantly different prices due to basis.
- Each perpetual contract has its own details which can be found in its Contract Specifications. These details include:
- Reference Index
- Funding Rate
- Maximum Leverage
Leverage
Perpetual contracts do not require traders to post 100% of collateral as margin, because of this you can trade with leverage of up to 100x on some of BitMEX’s contracts. Margin on BitMEX is denominated in Bitcoin and other cryptocurrencies, allowing traders to speculate on the future value of its products using only Bitcoin or other cryptocurrencies.
Payout
BitMEX offers perpetual contracts that have inverse, linear and quanto payouts. This document explains the key differences between these payouts, and some implications for traders.
The product suits traders who prefer to hold positions for a long time and do not want their positions to fluctuate in value due to large swings in basis.
Live Perpetual Contracts
The table below shows the perpetual contracts that are currently available for trading on BitMEX.
Contract | Contract Specs | Listed | Index | Payout Type | Max Leverage | Multiplier |
---|---|---|---|---|---|---|
XBTUSD | XBTUSD details | 5/13/2016 | .BXBT | Inverse Perpetual | 100x | 1 USD |
ETHUSD | ETHUSD details | 8/1/2018 | .BETH | Quanto Perpetual | 100x | 0.000001 XBT |
XRPUSD | XRPUSD details | 2/4/2020 | .BXRP | Quanto Perpetual | 50x | 0.0002 XBT |
BCHUSD | BCHUSD details | 6/16/2020 | .BBCH | Quanto Perpetual | 50x | 0.000001 XBT |
LTCUSD | LTCUSD details | 7/30/2020 | .BLTC | Quanto Perpetual | 50x | 0.000002 XBT |
XBTEUR | XBTEUR details | 6/16/2021 | .BXBTEUR | Inverse Perpetual | 50x | 1 EUR |
DOGEUSD | DOGEUSD details | 9/29/2021 | .BDOGE | Quanto Perpetual | 50x | 0.001 XBT |
BNBUSD | BNBUSD details | 9/29/2021 | .BBNB | Quanto Perpetual | 50x | 0.000001 XBT |
ADAUSD | ADAUSD details | 9/29/2021 | .BADA | Quanto Perpetual | 33.33x | 0.0001 XBT |
DOTUSD | DOTUSD details | 9/29/2021 | .BDOT | Quanto Perpetual | 25x | 0.00001 XBT |
AVAXUSD | AVAXUSD details | 9/29/2021 | .BAVAX | Quanto Perpetual | 20x | 0.00001 XBT |
LINKUSD | LINKUSD details | 10/20/2021 | .BLINK | Quanto Perpetual | 50x | 0.00001 XBT |
SOLUSD | SOLUSD details | 10/20/2021 | .BSOL | Quanto Perpetual | 50x | 0.000001 XBT |
EOSUSD | EOSUSD details | 10/20/2021 | .BEOS | Quanto Perpetual | 33.33x | 0.0001 XBT |
AXSUSD | AXSUSD details | 10/20/2021 | .BAXS | Quanto Perpetual | 20x | 0.000001 XBT |
DOGEUSDT | DOGEUSDT details | 11/10/2021 | .BDOGET | Linear Perpetual | 33.33x | 0.01 USDT |
SOLUSDT | SOLUSDT details | 11/10/2021 | .BSOLT | Linear Perpetual | 33.33x | 0.0001 USDT |
XRPUSDT | XRPUSDT details | 11/10/2021 | .BXRPT | Linear Perpetual | 33.33x | 0.01 USDT |
BCHUSDT | BCHUSDT details | 11/10/2021 | .BBCHT | Linear Perpetual | 33.33x | 0.00001 USDT |
XBTUSDT | XBTUSDT details | 11/10/2021 | .BXBTT | Linear Perpetual | 100x | 0.000001 USDT |
ETHUSDT | ETHUSDT details | 11/10/2021 | .BETHT | Linear Perpetual | 50x | 0.00001 USDT |
LTCUSDT | LTCUSDT details | 11/10/2021 | .BLTCT | Linear Perpetual | 33.33x | 0.0001 USDT |
ADAUSDT | ADAUSDT details | 12/15/2021 | .BADAT | Linear Perpetual | 33.33x | 0.01 USDT |
BNBUSDT | BNBUSDT details | 12/15/2021 | .BBNBT | Linear Perpetual | 33.33x | 0.0001 USDT |
SHIBUSDT | SHIBUSDT details | 12/15/2021 | .BSHIBT | Linear Perpetual | 20x | 1 USDT |
FTMUSDT | FTMUSDT details | 12/15/2021 | .BFTMT | Linear Perpetual | 20x | 0.01 USDT |
DOTUSDT | DOTUSDT details | 1/12/2022 | .BDOTT | Linear Perpetual | 33.33x | 0.001 USDT |
MATICUSDT | MATICUSDT details | 1/12/2022 | .BMATICT | Linear Perpetual | 20x | 0.01 USDT |
SANDUSDT | SANDUSDT details | 1/12/2022 | .BSANDT | Linear Perpetual | 20x | 0.001 USDT |
MANAUSDT | MANAUSDT details | 1/12/2022 | .BMANAT | Linear Perpetual | 20x | 0.001 USDT |
ALTMEXTUSDT | ALTMEXTUSDT details | 2/16/2022 | .BALTMEXT | Linear Perpetual | 25x | 0.0001 USDT |
DEFIMEXTUSDT | DEFIMEXTUSDT details | 2/16/2022 | .BDEFIMEXT | Linear Perpetual | 25x | 0.0001 USDT |
METAMEXTUSDT | METAMEXTUSDT details | 2/16/2022 | .BMETAMEXT | Linear Perpetual | 25x | 0.0001 USDT |
LINKUSDT | LINKUSDT details | 2/23/2022 | .BLINKT | Linear Perpetual | 33.33x | 0.001 USDT |
EOSUSDT | EOSUSDT details | 2/23/2022 | .BEOST | Linear Perpetual | 33.33x | 0.001 USDT |
AVAXUSDT | AVAXUSDT details | 2/23/2022 | .BAVAXT | Linear Perpetual | 20x | 0.0001 USDT |
APEUSDT | APEUSDT details | 3/22/2022 | .BAPET | Linear Perpetual | 33.33x | 0.001 USDT |
GMTUSDT | GMTUSDT details | 4/11/2022 | .BGMTT | Linear Perpetual | 33.33x | 0.001 USDT |
GMTUSD | GMTUSD details | 4/11/2022 | .BGMT | Quanto Perpetual | 33.33x | 0.0001 XBT |
NEARUSDT | NEARUSDT details | 5/5/2022 | .BNEART | Linear Perpetual | 33.33x | 0.001 USDT |
NEARUSD | NEARUSD details | 5/5/2022 | .BNEAR | Quanto Perpetual | 33.33x | 0.0001 XBT |
TRXUSDT | TRXUSDT details | 5/19/2022 | .BTRXT | Linear Perpetual | 33.33x | 0.1 USDT |
APEUSD | APEUSD details | 5/19/2022 | .BAPE | Quanto Perpetual | 33.33x | 0.00001 XBT |
TRXUSD | TRXUSD details | 5/19/2022 | .BTRX | Quanto Perpetual | 33.33x | 0.001 XBT |
GALUSD | GALUSD details | 5/19/2022 | .BGAL | Quanto Perpetual | 33.33x | 0.0001 XBT |
GALUSDT | GALUSDT details | 5/19/2022 | .BGALT | Linear Perpetual | 33.33x | 0.001 USDT |
Contract Summary
Payout Type | Inverse | Linear | Quanto |
---|---|---|---|
Example Symbol | XBTUSD | XBTUSDT | ETHUSD |
Underlying | 1/XBTUSD or USDXBT | XBTUSDT | ETHUSD |
Multiplier | $1 | 0.000001 USDT | 0.000001 XBT |
Quote Currency | USD | USDT | USD |
Margin & PNL Currency | XBT | USDT | XBT |
XBT Value of 1 Contract | 1/Price * $1 | Multiplier * Price | - |
USDT Value of 1 Contract | - | Multiplier * Price | - |
USD Value of 1 Contract | $1 | .BUSDT * USDT Value | .BXBT * XBT Value |
XBT PNL of 1 Contract | (1/EntryPrice - 1/ExitPrice) * $1 | - | (ExitPrice - EntryPrice) * Multiplier |
USDT PNL of 1 Contract | - | (ExitPrice - EntryPrice) * Multiplier | - |
What is a Quanto Contract?
A quanto is a type of derivative in which the underlying is denominated in one currency, but the instrument itself is settled in another currency at some fixed rate. Our Quanto Perpetuals operate this way.
These contracts are designed to be easy to trade and understand, but keep in mind as you trade them that your underlying margin and PNL are in Bitcoin. You are still exposed to Bitcoin/USD price risk when trading Quanto Perpetuals, even though the underlying and quote currencies are not Bitcoin.
What is an Inverse Contract?
An inverse contract is worth a fixed amount of the quote currency. In the case of the XBTUSD perpetual, each contract is worth $1 of Bitcoin at any price. XBTUSD is an inverse contract because it is quoted as XBT/USD but the underlying is USD/XBT or 1 / (XBT/USD). It is quoted as an inverse to facilitate hedging US Dollar amounts while the spot market convention is to quote the number of US Dollars per Bitcoin.
This product is suitable for traders who want to go long or short US Dollars against Bitcoin.
What is a Linear Contract?
A linear payout is the simplest to describe, and is used for many swaps. The price of a linear contract is expressed as the price of the underlying against the base currency.
Mechanics of Perpetual Markets
When trading perpetual contracts, a trader needs to be aware of several mechanics of the futures market. The key components a trader needs to be aware of are:
- Multiplier: How much is one contract worth? You can see this information under the Contract Specifications for each instrument.
- Position Marking: Perpetual contracts are marked according to the Fair Price Marking method. The mark price determines Unrealised PNL and liquidations.
- Initial and Maintenance Margin: These key margin levels determine how much leverage one can trade with and at what point liquidation occurs.
- Funding: Any position in a perpetual swap that is open when Funding occurs (every 8 hours) will pay or receive funding.
Traders can observe the current funding rate for a contract on the bottom left hand side of the Trade tab under “Contract Details”. Similarly one can view this rate in the individual “Contract Specifications”. Historical rates are in the Funding History.
Funding
Funding occurs every 8 hours at 04:00 UTC, 12:00 UTC and 20:00 UTC. You will only pay or receive funding if you hold a position at one of these times. If you close your position prior to the funding exchange then you will not pay or receive funding.
The funding you pay or receive is calculated as:
Funding = Mark Value * Funding Rate
Your Mark Value is irrespective of leverage. For example, if you hold 100 XBTUSD contracts, funding is charged/received on the notional value of those contracts, and is not based on how much margin you have assigned to the position.
When the Funding Rate
is positive, longs pay shorts. When it is negative, shorts pay longs. See examples.
Funding Rate Calculations
The Funding Rate is comprised of two main parts: the Interest Rate and the Premium / Discount. This rate aims to keep the traded price of the perpetual contract in line with the underlying reference price. In this way, the contract mimics how margin-trading markets work as buyers and sellers of the contract exchange interest payments periodically.
Interest Rate Component
Every contract traded on BitMEX consists of two instruments: a Base currency and a Quote currency. For example, on XBTUSD, the Base currency is XBT while the quote currency is USD. The Interest Rate is a function of interest rates between these two currencies:
Interest Rate (I) = (Interest Quote Index - Interest Base Index) / Funding Interval
where
Interest Base Index = The Interest Rate for borrowing the Base currency
Interest Quote Index = The Interest Rate for borrowing the Quote currency
Funding Interval = 3 (Since funding occurs every 8 hours)
Note: Under each Contract Specification page, the source borrow market is stated for each Interest Index.
Premium / Discount Component
The perpetual contract may trade at a significant premium or discount to the Mark Price. In those situations, a Premium Index will be used to raise or lower the next Funding Rate to levels consistent with where the contract is trading. Each contract’s Premium Index is available on the specific instrument’s Contract Specifications page and is calculated as follows:
Premium Index (P) = (Max(0, Impact Bid Price - Mark Price) - Max(0, Mark Price - Impact Ask Price)) / Spot Price + Fair Basis used in Mark Price
To learn more about the Impact Bid Price and Impact Ask Price, please read Fair Price Marking.
Final Funding Rate Calculation
BitMEX calculates the Premium Index (P)
and Interest Rate (I)
every minute and then performs a 8-Hour Time-Weighted-Average-Price (TWAP) over the series of minute rates.
The Funding Rate is next calculated with the 8-Hour Interest Rate Component and the 8-Hour Premium / Discount Component. A +/-0.05% dampener is added.
Funding Rate (F) = Premium Index (P) + clamp(Interest Rate (I) - Premium Index (P), 0.05%, -0.05%)
Hence, if (I - P) is within +/-0.05% then F = P + (I - P) = I. In other words, the Funding Rate will equal the Interest Rate.
This calculated Funding Rate is then applied to a trader’s XBT Position Value to determine the Funding Amount to be paid or received at the Funding Timestamp.
Funding Rate Caps
BitMEX imposes caps on the Funding Rate to ensure the maximum leverage can still be utilized. To do this, two caps are imposed:
- The absolute Funding Rate is capped at 75% of the Initial Margin - Maintenance Margin. If the Initial Margin is 1% and the Maintenance Margin is 0.5%, the maximum Funding Rate will be 75% * (1% - 0.5%)= 0.375%.
- The Funding Rate may not change by more than 75% of the Maintenance Margin between Funding Intervals.
Funding Fees
BitMEX does not charge any fees on funding; it is exchanged directly peer-to-peer.
More Information
Further information and examples of trading the Perpetual Swap is available.
Further information and examples of funding calculations are available.