Now Live: The First Tether-Margined SEI Futures Contract

Sei Network (SEI), a layer 1 blockchain with a built-in central limit order book, is now available to trade on BitMEX via our new Tether-margined linear futures listing –  SEIUSDTQ23.

The contract began trading here today at 08:00 UTC, wherbey traders on BitMEX can get exposure to SEI via our new contract, and with up to 20x leverage.

For a deeper look at our SEI listing, read on. 

If you haven’t yet signed up for a BitMEX account already, you can do so here. 

About the SEI Token and Network

Sei Network (SEI) is a layer one blockchain, optimised for trading applications across DeFi, NFT, and gaming. It has a transactional throughput of 20,000 orders per second and a transaction finality of 500ms. The goal of the Sei Network is to enable high-frequency trading with off-chain speed, without compromising on-chain security.

SEI Linear Futures Contract Specs

SEIUSDTQ23 is a linear futures contract, margined in USDT (ERC-20). It works similarly to a regular futures contract, but with some key differences (as detailed below). 

SEI contract details:

• Symbol: SEIUSDTQ23
• Expiry Date: 25 August, 2023
• Margin currency: USDT
• Contract Size: 1 SEI
• Lot Size: 10
• Minimum Trade Amount: 10 SEI
• Underlying: .BSEIT
• Max Leverage: 20x
• Maker Fee: 0.00%
• Taker Fee: 0.075%
• Base Initial Margin: 5.00%
• Base Maintenance Margin: 2.50%

Key differences between our SEI listing and other futures contracts:

• Mark Method: Last Price
• Price Limits: Limit Up and Limit Down set hourly at Mark Price +/- 20%
• Settlement Price: .BSEIT30M
• Auto Deleveraging: Enabled

This new listing is a highly volatile and speculative contract. Because of this, we’ve changed a few items:

• We are using Last Price marking because there is not yet an observable price for SEI.
• 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 .BSEIT index will be constructed by BitMEX when it is possible for our team to produce a robust index that represents the spot price of the SEI 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 .BSEIT will be set 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.

SEI began trading on BitMEX from 10 August 2023 at 08:00 UTC, via our new Tether-margined linear futures listing –  SEIUSDTQ23. If you don’t have a BitMEX account yet, you can register here to create one. Currently, new joiners can earn up to 10,000 BMEX Tokens.

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. 

The post Now Live: The First Tether-Margined SEI Futures Contract appeared first on BitMEX Blog.