You can now trade SAGA on BitMEX via the pre-IEO futures contract, SAGAUSDTJ24. It is margined with Tether (USDT) and offers up to 2x leverage, allowing you to short or short SAGA even before it is listed on the spot exchange.
you can trade SAGAUSDTZ24 futures contract hereOr see full contract specifications. here.
SAGAUSDTJ24 trading will begin shortly after 12:00 UTC on April 5, 2024.
Read on to learn more about the new pre-IEO listings.
If you haven't signed up for a BitMEX account yet, we're currently offering up to $5,000 in BMEX tokens to newly verified users. here.
SAGA Linear Futures Contract Specification
SagaUSDTJ24 It will be a linear futures contract with margin in USDT (ERC-20). It works similarly to a regular futures contract, but there are some key differences (detailed below).
SAGA Agreement Details:
- symbol: SagaUSDTJ24
- Expiration date: April 26, 2024
- Margin currency: USDT
- Contract size: 1 saga
- lot size: One
- Minimum transaction amount: 1 saga
- underlying: .BSAGAT
- Maximum leverage: Twice
- Maker Fee: -0.0175%
- Taker Fee: 0.25%
- Default initial margin: 50.00%
- Default maintenance margin: 25.0%
Introduction to Saga
The Saga protocol is Layer 1, allowing developers to automatically spin up VM-independent, parallelized, and interoperable private chains, or “chainlets,” that provide infinite horizontal scalability to their applications. SAGA is the native utility token of Saga Protocol and is used for payments, staking, and governance.
Saga Protocol is a Binance Launchpool project and spot listing is scheduled to launch on April 9, 2024.
you can trade SAGAUSDTZ24 futures contract hereOr see full contract specifications. here.
The key differences between pre-IEO listings and other futures contracts are:
- Mark method: last price
- Price limits: Up and down limits are set hourly at +/- 20% of the average price.
- Payment price: .BSAGAT30M
- Automatic asset liquidation: activated
Pre-IEO futures are very high. unstable and Speculative contract. This changed a few things:
- Since there is no observable price for SAGA yet, we are using the last price indicator.
- To protect against market manipulation, we use price caps and floor prices set at +/- 20% of the on-the-hour reference price every hour. Traders cannot bid above the ceiling price and cannot make offers below the ceiling price.
- that much .BSAGAT When it is possible for our team to create a robust index representing the spot price of each token, BitMEX will construct the index. If such an index exists, we may, at our discretion, change the presentation method to fair price. Until such index is created .BSAGAT is It is set to 0. If no indices are created by the expiration date, the settlement value will be 0.
- As with all cryptocurrency derivatives contracts traded on BitMEX, automatic liquidation is likely to occur. This contract is purely speculative and therefore has a higher chance of automatic liquidation compared to a regular contract.
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