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ORDI has arrived at BitMEX via a new listing – ORDIUSD. With up to 50x leverage, this new contract offers one of the highest max position sizes in the industry.
What is ORDI?
Ordinals (ORDI) is a cryptocurrency that operates with inscriptions written on the Bitcoin blockchain. Thanks to the ORDI protocol, information such as text, images, sound, and video can be written to the smallest unit of Bitcoin, satoshi. With a total of 2.1 quadrillion satoshis in Bitcoin, the Ordinals protocol opens up new use cases in the form of NFTs and tokens.
ORDIUSD began trading 30 May 2023 at 04:00 UTC.
For more, read on.
ORDIUSD Quanto Contract Specs
As with all quanto contracts, the ORDIUSD product has a fixed Bitcoin multiplier, regardless of the ORDI/USD price. This allows traders to long or short the ORDI/USD exchange rate without ever touching ORDI or USD.
Traders can post margin in XBT, and earn or lose in XBT as the ORDI/USD rate changes.
This quanto risk premium may be one of the factors that results in the ORDIUSD swap trading at a premium/discount to the ORDIUSD spot price.
For an explanation of the same concept, check out this blog post referencing ETHUSD.
Key Contract Details for Our ORDIUSD Listing:
- Symbol: ORDIUSD
- Margin Currency: XBT
- Bitcoin Multiplier: 0.00001 XBT (1,000 Satoshis)
- XBT Contract Value: ORDIUSD Price * Bitcoin Multiplier (1,000 Sat / 1 USD)
- Underlying: .BORDI
- Max Leverage: 50x
- Risk limit: 50 XBT
- Maker Fee: 0.02%
- Taker Fee: 0.075%
- Base Initial Margin: 2.00%
- Base Maintenance Margin: 1.00%
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