Now Live: The First Tether-Margined CYBER Futures Contract

Cyber Connect (CYBER), one of Web3’s biggest decentralized social networks, is now available to trade on BitMEX, via our new Tether-margined linear futures listing –  CYBERUSDTQ23.

The contract began trading here today, whereby traders on BitMEX can get exposure to CYBER via our new futures contract, and with up to 20x leverage.

For a deeper look at our new CYBER listing, read on. 

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

About the CYBER Token

Cyber Connect (CYBER) is one of Web3’s earliest and biggest decentralized social networks. It enables developers to create social applications that empower users to own their; digital identity, content, connections, and monetization channels.

Cyber Connect consists of three main features:

1. CyberProfile: a decentralized identity standard that provides access to Web3.
2. Social Graph: links digital identity, data, content and friends.
3. CyberWallet: smart contract wallet that stores digital assets securely.

CYBER Linear Futures Contract Specs

CYBERUSDTQ23 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 below).

CYBER contract details:

• Symbol: CYBERUSDTQ23
• Expiry Date: 25 August, 2023
• Margin currency: USDT
• Contract Size: 1 CYBER
• Lot Size: 10
• Minimum Trade Amount: 10 CYBER
• Underlying: .BCYBERT
• 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 CYBER listing and other futures contracts:

• Mark Method: Last Price
• Price Limits: Limit Up and Limit Down set hourly at Mark Price +/- 20%
• Settlement Price: .BCYBERT30M
• 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 CYBER.
• 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 .BCYBERT 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 CYBER 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 .BCYBERT 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.

CYBER began trading on BitMEX from 10 August 2023 at 08:00 UTC, via our new Tether-margined linear futures listing –  CYBERUSDTQ23. 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 CYBER Futures Contract appeared first on BitMEX Blog.