Now Live: KLAY Coin Listings (Quanto and Linear)

There’s now a new way for BitMEX users to participate in the KLAY universe, with KLAYUSD and KLAYUSDT listings having gone live on 8 September 2022 at 04:00 UTC.

An open-source blockchain platform, Klaytn (KLAY) has quickly earned a reputation as the blockchain of choice for gaming, the metaverse, and the creator economy. And from today, users will be able to trade our new XBT- and USDT-marginedKLAY coin listings, with up to 100x leverage. If you haven’t yet created a BitMEX account, you can do so here.

KLAYUSD Quanto Contract Specs

As with allquanto contracts, the KLAYUSD product has a fixed Bitcoin multiplier, regardless of the KLAY/USD price. This allows traders to long or short the KLAY/USD exchange rate without ever touching KLAY or USD.

Traders can post margin in XBT, and earn or lose in XBT as the KLAY/USD rate changes. This quanto risk premium may be one of the factors that results in the KLAYUSD swap trading at a premium/discount to the KLAYUSDT spot price.

For an explanation of the same concept for ETHUSD, check out this blog post.

Key contract details for our KLAY coin listing:

• Symbol: KLAYUSD

• Margin currency:  XBT

• Bitcoin Multiplier: 0.001 XBT (100,000 Satoshis)

• XBT Contract Value: KLAYUSD Price * Bitcoin Multiplier (100,000 Sat / 1 USDT)

• Underlying: .BKLAY

• Max Leverage: 100x

• Maker Fee: -0.01%

• Taker Fee: 0.075%

• Base Initial Margin: 1.00%

• Base Maintenance Margin: 0.50%

You can start trading the KLAYUSD perpetual contract here, or check out the fullcontract specs here.

KLAYUSDT Linear Contract Specs

KLAYUSDT is a linear perpetual swap, margined in USDT. Key contract details for our KLAY coin listing:

• Symbol: KLAYUSDT

• Margin currency:  USDT

• Contract Size: 0.01 KLAY

• Lot Size: 1000

• Minimum Trade Amount: 10 KLAY

• Underlying: .BKLAYT

• Max Leverage: 100x

• Maker Fee: -0.01%

• Taker Fee: 0.075%

• Base Initial Margin: 1.00%

• Base Maintenance Margin: 0.50%

You can start trading the KLAYUSDT perpetual contract here, or check out the fullcontract specs here. Both the .BKLAY and .BKLAYT indices are based on prices from Binance, Crypto.com, Gate.io, Huobi, Kucoin, and OKX.

What is Klaytn?

Klaytn is a public Ethereum Virtual Machine (EVM) Layer 1 blockchain focused on the metaverse, gamefi, and creator economy. Launched in 2019, the Klaytn blockchain project combines the strengths of both public and private protocols to deliver a user-friendly blockchain experience via its hybrid structure. To streamline building for the metaverse, the blockchain offers an end-to-end metaverse developer package that includes Layer 2 solutions, Software Development Kits (SDKs) and smart contract libraries, Interplanetary File System (IPFS) solutions, wallets, oracles and bridges, as well as an ecosystem of supporting services - such as stablecoin integration, NFT marketplaces, and more.

What is KLAY?

KLAY is the native utility token that fuels and secures the Klaytn blockchain, and is primarily used for all platform transactions - as well as all other blockchain applications on the network. The Klaytn blockchain was launched with 10 billion KLAY coins at genesis, and there’s currently 2.6 billion KLAY coins in circulation. KLAY CoinDistribution With every new block, newly issuedKLAY coinsand the sum of transaction fees used in the block are aggregated and distributed to the following destinations. This is done according to a predetermined ratio:

• Klaytn Governance Council Reward: 34%

• Klaytn Growth Fund (KGF): 54%

• Klaytn Improvement Reserve (KIR): 12%

9.6 KLAY tokens will be minted for every new block, which implies that around 300 million KLAY coins will be minted per year. To be the first to know about our new listings, product launches, and giveaways, you can connect with us on Discord, Telegram, and Twitter. We encourage you to also check our blog regularly.

In the meantime, if you have any questions please contact Support.