Now Live: Pre-Launch Futures Contract for RED with 2x Leverage

A new pre-launch futures contract for RED – REDUSDTZ25 – is now available to trade on BitMEX. The new listing is margined in Tether (USDT) and offers up to2xleverage so you can long or short RED.

Trading for REDUSDTZ25 started here at04:00 UTC on 26 Feb 2024.=

For details on the new Pre-Launch 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 newly verified users - you can register here.

RED Linear Futures Contract Specs

REDUSDTZ25is a linear futures contract, margined in USDT (ERC-20). It works similarly to a regular futures contract but with some key differences (as detailed at the bottom).

RED contract details:

• Symbol:REDUSDTZ25

• Expiry Date:26 Dec 2025

• Margin currency:USDT

• Contract Size:1 RED

• Lot Size:10

• Minimum Trade Amount:10 RED

• Underlying:.BREDT

• Max Leverage:2x

• Maker Fee:0.1%

• Taker Fee:0.25%

• Base Initial Margin:50.00%

• Base Maintenance Margin:25.0%

You can trade the REDUSDTZ25 futures contract here, or refer to the full contract specs here.

Key differences between our Pre-Launch listings and other futures contracts:

• Mark Method:Last Price

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

• Settlement Price:.BREDT30M

• Auto Deleveraging:Enabled

Pre-Launch 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 RED.

• 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.BREDTindex will be constructed by BitMEX when it is possible for our team to produce a robust index that represents the spot price of 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.BREDT 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.

About RED, the RedStone Token

RED is the native token of RedStone Oracle network, a decentralised oracle platform designed to provide secure and reliable data feeds to smart contracts across various blockchain ecosystems.

RED serves as a utility token for staking, governance, and incentivising data providers on RedStone, with a total supply of 1 billion tokens. RED is and will be allocated as follows: 48.3% to community, 24.3% to ecosystem and data providers, and 31.7% to early backers. At launch, 28% of the supply was unlocked, with the remaining tokens vesting over four years.

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In the meantime, if you have any questions please contact Support who are available 24/7.