BitMax.io to Launch Public Beta Testing of Bitcoin Perpetual Futures Contract with Up to 100X Leverage

Dear BitMax.io Users,

BitMax.io will launch public beta testing of BTC/USDT Perpetual Futures Contract on Web and API at 10:00 p.m. EST, Feb 27th and offer a reward for each effective bug found.  

Perpetual Contract Details 

The contract will be denominated and settled in USDT with up to 100x leverage. Contract details are as follows:

Contract	BTC/USDT
Base Asset	BTC
Quote Asset	USDT
Settlement Asset	USDT
Contract Unit	1 BTC
Maximum Leverage	100X
Valuation in USDT per Contract	1*BTC/USDT Trading Pair Price
Tick Size	0.25 USDT
Lot Size	0.0001 Contract Unit
Minimum Order Amount	5 USDT
Maximum Order Amount	1,000,000 USDT
Expiry	Perpetual

 

Key Points of Differentiation for BitMax.io Perpetual Contract:

1. Cross-asset Collateral. Users can post USDT, USDC, PAX, BTC and ETH as collateral for futures trading.

2. Composite Reference Price. The Index Price is computed by taking the average last trade price from the BTC/USDT order books from the following five spot market trading platforms - BitMax.io, Binance, Huobi, OKEx and Poloniex, and removing the highest and the lowest price.

3. Tiered Margin Rate. BitMax.io adopts tiered margin rate to mitigate the impact on market liquidity caused by forced liquidation of large positions. The higher the notional value of an account position, the higher the initial & maintenance margin requirements, accordingly, the lower the maximum leverage applied to the account.

4. 12-Hour Funding Payment Time. Funding payments are settled every 12 hours in USDT. Unrealized PnL is rolled into Realized PnL every 15 minutes.

5.  Backstop Liquidity Provider (“BLP”) Program. BitMax.io Futures will utilize BLPs to minimize risks associated with distressed positions.

Event: Up to 300 BTMX Reward for Each Bug Hunter

The event runs from 10:00 p.m. EST, Feb 27th to 10:00 p.m. EST, Mar 5th.

During public beta testing, each accepted bug report or suggestion will be rewarded with 30 – 300 BTMX.

Bugs and Suggestions	Rewards
Bugs in spelling and punctuation with no interruption on users' experience	30 BTMX
Bugs in functionality with interruption on users' experience	80 BTMX
Constructive Suggestion	150 BTMX
Significant error in functionality with serious interruption on users' experience and basic trading experience	300 BTMX

Rules:

1.  Effective bugs refer to those discovered during registration, deposit, trading, and withdrawal process, including but not limited to the following categories: functionality, page designs, operation's logic design, general users' experience etc.

2. For similar bug report or suggestion, the reward will only be offered to the first hunter;

3. Rewards will be distributed within 7 business days after the event.

Please submit your bug report here:  https://jinshuju.net/f/m59ATT

 

How to Start Futures Trading on BitMax.io?

1.  Go to [Homepage] > [My Asset] > [Account Transfer].

2. Transfer asset from Cash Account to Futures Account.

3.  Click on [Futures] on the top navigation bar to visit the Futures Trading page.

Click here to view Futures Trading Guide

Click here to view Fee Schedule

Please note that the referral program will be temporarily unavailable for Perpetual Futures Contract during the testing period. Please stay tuned for further announcements on futures referral rules.

Thank you for the continued support.

BitMax.io Team

Feb 27th, 2020

Telegram Group: https://t.me/BitMaxioEnglishOfficial