Now Live: Pre-IEO Futures Contract for SAGA with 2x Leverage

You can now trade SAGA on BitMEX via our pre-IEO futures contract: SAGAUSDTJ24. It is margined in Tether (USDT) and offers up to 2x leverage, so you can long or short SAGA even before it’s listed on spot exchanges.

You can trade the SAGAUSDTZ24 futures contract here, or refer to the full contract specs here.

Trading for SAGAUSDTJ24 is commenced shortly after 12:00 UTC on 5 April 2024.

For details on the new pre-IEO listings, 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 newly verified users - you can register here.

SAGA Linear Futures Contract Specs

SAGAUSDTJ24 will be a linear futures contract, margined in USDT (ERC-20). It will work similarly to a regular futures contract but with some key differences (as detailed at the bottom). SAGA contract details:

• Symbol:SAGAUSDTJ24

• Expiry Date:26 April 2024

• Margin currency:USDT

• Contract Size:1 SAGA

• Lot Size:1

• Minimum Trade Amount:1 SAGA

• Underlying:.BSAGAT

• Max Leverage:2x

• Maker Fee:-0.0175%

• Taker Fee:0.25%

• Base Initial Margin:50.00%

• Base Maintenance Margin:25.0%

About SAGA Saga Protocol is a Layer 1 that allows developers to automatically spin up VM-agnostic, parallelized, and interoperable dedicated chains, or “Chainlets,” that provide applications with infinite horizontal scalability. SAGA is the Saga Protocol’s native utility token and is used for payment, staking, and governance.

Saga Protocol is a Binance Launchpool project and the spot listing is expected to launch on 9 April 2024.

You can trade theSAGAUSDTZ24futures contract here, or refer to the full contract specs here.

Key differences between our pre-IEO listings and other futures contracts:

• Mark Method:Last Price

• Price Limits:Limit Up and Limit Down set hourly at Mark Price +/- 20%

• Settlement Price:.BSAGAT30M

• Auto Deleveraging:Enabled

The Pre-IEO futures are highlyvolatile andspeculative contracts. Because of this, we’ve changed a few items:

• We are using Last Price marking because there is not yet an observable price for SAGA.

• To protect the market against manipulation, we will use Limit Up and Limit Down prices, which are set each hour, on the hour, at Mark Price +/- 20%. Traders will not be able to place bids above the Limit Up Price or place offers below the Limit Down Price.

• The.BSAGATindex will be constructed by BitMEX when it is possible for our team to produce a robust index that represents the spot price of the each token. Once such an index exists, we may use our discretion to change the Mark Method to Fair Price. Until such an Index is created, the value of.BSAGAT isset to 0. If there is no index constructed by the expiry date, the Settlement Value will be 0.

• As with all crypto derivatives contracts traded on BitMEX, there is a possibility that auto-deleveraging will occur. Since this contract is purely speculative, the possibility of auto-deleveraging is higher than on a regular contract.

To be the first to know about our new listings, product launches, giveaways and more, we invite you to join one of our online communities and connect with other traders.  For the absolute latest, you can also follow us on Twitter, or read our blog and siteannouncements for the absolute latest.