Yes ... I Read the Whitepaper - Crypto Trader Digest
“Only when you witness and appreciate beauty can you protect your capital from ugliness.”
New Crypto Trader Digest from the inimitable Arthur Hayes out now: https://bit.ly/3sidurX
“Only when you witness and appreciate beauty can you protect your capital from ugliness.”
New Crypto Trader Digest from the inimitable Arthur Hayes out now: https://bit.ly/3sidurX
BitMEX Indices to Temporarily Exclude Binance During its Scheduled Downtime
Effective 20 April 2021 at 02:00 UTC, BitMEX will temporarily remove Binance from its indices in response to Binance’s scheduled downtime, which was announced earlier today.
Scheduled downtime on Binance is expected to last for 2 hours and will affect the 20 BitMEX indices listed below. Binance will be reintroduced to our indices once trading has resumed. We will announce the reintroduction 15 minutes in advance.
The impacted indices are:
.BXRP;
.BETHXBT, .BXRPXBT, .BBCHXBT, .BLTCXBT, .BEOSXBT, .BADAXBT, .BTRXXBT;
.BAAVET, .BADAT, .BBNBT, .BDOGET, .BDOTT, .BEOST, .BLINKT, .BTRXT, .BUNIT, .BXLMT, .BXTZT, and .BYFIT.
All traders should be aware that the price of these indices may fluctuate substantially, and should exercise caution when trading products referencing these indices during this time.
Should you have any questions, please contact Support: www.bitmex.com/support
Effective 20 April 2021 at 02:00 UTC, BitMEX will temporarily remove Binance from its indices in response to Binance’s scheduled downtime, which was announced earlier today.
Scheduled downtime on Binance is expected to last for 2 hours and will affect the 20 BitMEX indices listed below. Binance will be reintroduced to our indices once trading has resumed. We will announce the reintroduction 15 minutes in advance.
The impacted indices are:
.BXRP;
.BETHXBT, .BXRPXBT, .BBCHXBT, .BLTCXBT, .BEOSXBT, .BADAXBT, .BTRXXBT;
.BAAVET, .BADAT, .BBNBT, .BDOGET, .BDOTT, .BEOST, .BLINKT, .BTRXT, .BUNIT, .BXLMT, .BXTZT, and .BYFIT.
All traders should be aware that the price of these indices may fluctuate substantially, and should exercise caution when trading products referencing these indices during this time.
Should you have any questions, please contact Support: www.bitmex.com/support
Zero Overloads on One of the Biggest Trading Days in Our History
This weekend’s market moves saw Bitcoin as well as the majority of the top ten cryptocurrencies by market capitalisation dip in price by 10 percent or more, with record trading and some exchanges experiencing technical difficulties.
In past years, as we’ve scaled, overloads in busy periods have been a particularly frustrating issue for our users. Fixing these has been one of our biggest priorities - and we’re pleased to see these efforts paying off.
The system performed exceptionally well throughout the weekend with zero overloads despite Sunday being one of our biggest-ever trading days, meaning every order placed during this time was processed. We also clocked an end to end order request to response latency of less than 12 ms for the majority of requests (quicker than the refresh rate on a typical gaming monitor).
This stands in contrast to the stability of many other exchanges during the same time period, and comes amid very high volumes - including the equivalent of over US$9 billion traded on 18 April alone.
Read more here: https://bit.ly/3tA6OHd
This weekend’s market moves saw Bitcoin as well as the majority of the top ten cryptocurrencies by market capitalisation dip in price by 10 percent or more, with record trading and some exchanges experiencing technical difficulties.
In past years, as we’ve scaled, overloads in busy periods have been a particularly frustrating issue for our users. Fixing these has been one of our biggest priorities - and we’re pleased to see these efforts paying off.
The system performed exceptionally well throughout the weekend with zero overloads despite Sunday being one of our biggest-ever trading days, meaning every order placed during this time was processed. We also clocked an end to end order request to response latency of less than 12 ms for the majority of requests (quicker than the refresh rate on a typical gaming monitor).
This stands in contrast to the stability of many other exchanges during the same time period, and comes amid very high volumes - including the equivalent of over US$9 billion traded on 18 April alone.
Read more here: https://bit.ly/3tA6OHd
Beyond Derivatives: BitMEX’s Road Ahead
BitMEX was established in 2014 to bring something from the traditional world - professional-grade derivatives - into the purely digital space of crypto. We’ve experienced incredible success throughout our short history. But the crypto landscape has evolved rapidly in the last few years, and it’s time for BitMEX to make a strategic shift.
We’re proud to announce that today marks the start of that transformation. Every journey starts with an ambitious goal. Ours is to become one of the world’s largest regulated crypto derivatives exchanges and a powerful catalyst for change in the financial services industry.
We will do this by greatly expanding our derivatives offering and by adding five new global business segments:
Spot
Brokerage
Custody
Information Products
BitMEX Academy
Read more from our CEO Alex Höptner here: https://bit.ly/3egLujC
BitMEX was established in 2014 to bring something from the traditional world - professional-grade derivatives - into the purely digital space of crypto. We’ve experienced incredible success throughout our short history. But the crypto landscape has evolved rapidly in the last few years, and it’s time for BitMEX to make a strategic shift.
We’re proud to announce that today marks the start of that transformation. Every journey starts with an ambitious goal. Ours is to become one of the world’s largest regulated crypto derivatives exchanges and a powerful catalyst for change in the financial services industry.
We will do this by greatly expanding our derivatives offering and by adding five new global business segments:
Spot
Brokerage
Custody
Information Products
BitMEX Academy
Read more from our CEO Alex Höptner here: https://bit.ly/3egLujC
Further Parameter Updates for a Better Trading Environment
Maintaining a fair and orderly trading environment for our users is very important to us, and we’re always thinking about how we can improve further.
As part of this effort we’ve decided to make two technical but important updates to the Impact Notional and % Fair Basis update methodology, which are two factors related to Mark Price. Both changes will take place on 28 April at 02:15 UTC.
Please see our blog post for further details: https://bit.ly/3aEHloD
Maintaining a fair and orderly trading environment for our users is very important to us, and we’re always thinking about how we can improve further.
As part of this effort we’ve decided to make two technical but important updates to the Impact Notional and % Fair Basis update methodology, which are two factors related to Mark Price. Both changes will take place on 28 April at 02:15 UTC.
Please see our blog post for further details: https://bit.ly/3aEHloD
Increasing Risk Limits for ETHUSD Swap
We’re pleased to announce an increase in the risk limits on our ETHUSD swap - a small but mighty change that will make it even more capital efficient to maintain positions of 50 XBT or more on the product.
The increase in the ETHUSD swap risk limits - from 50 to 75 XBT, effective 3 May 2021 at 08:00 UTC - follows our similar tweak on the XBT futures contracts.
Here’s what it means for BitMEX users:
First, there are no changes being made to any of our Base Initial Margin or Base Maintenance Margin rates - this change relates to the size of position to which those rates apply. Also, everyone with positions equal to or smaller than 50 XBT will continue to have the same market-leading margin requirements as before.
Here’s where the change comes in. From 3 May at 08:00 UTC, those who have ETHUSD Swap positions greater than 50 XBT will immediately be eligible for lower margin requirements.
Read more here: https://bit.ly/3xphv1O
We’re pleased to announce an increase in the risk limits on our ETHUSD swap - a small but mighty change that will make it even more capital efficient to maintain positions of 50 XBT or more on the product.
The increase in the ETHUSD swap risk limits - from 50 to 75 XBT, effective 3 May 2021 at 08:00 UTC - follows our similar tweak on the XBT futures contracts.
Here’s what it means for BitMEX users:
First, there are no changes being made to any of our Base Initial Margin or Base Maintenance Margin rates - this change relates to the size of position to which those rates apply. Also, everyone with positions equal to or smaller than 50 XBT will continue to have the same market-leading margin requirements as before.
Here’s where the change comes in. From 3 May at 08:00 UTC, those who have ETHUSD Swap positions greater than 50 XBT will immediately be eligible for lower margin requirements.
Read more here: https://bit.ly/3xphv1O
Parameter Updates Now ‘Live’
Today at 02:15 UTC, technical updates were made to the Impact Notional and % Fair Basis update methodology - two factors related to Mark Price.
Impact Notional - What changed?
The Impact Notional used in the calculation of Fair Price for Futures Contracts and Funding Rate for Swap Contracts changed from an XBT value (0.2XBT / Initial Margin) to a USD value and will vary by contract type as follows:
All Perpetual Swaps - USD 10,000
For Futures:
Linear Futures - USD 50,000
Quanto Futures - USD 10,000
XBT (Inverse) Futures - USD 200,000
% Fair Basis Update Methodology - What Changed?
The % Fair Basis will now update every 30 seconds (instead of 60 seconds) but only if the difference between the Impact Ask Price and Impact Bid Price is less than the larger of:
a) the maintenance margin of the futures contract
b) 3 ticks on the Futures contract
For further details on the updates, please see our blog: https://bit.ly/3eDRsva
Today at 02:15 UTC, technical updates were made to the Impact Notional and % Fair Basis update methodology - two factors related to Mark Price.
Impact Notional - What changed?
The Impact Notional used in the calculation of Fair Price for Futures Contracts and Funding Rate for Swap Contracts changed from an XBT value (0.2XBT / Initial Margin) to a USD value and will vary by contract type as follows:
All Perpetual Swaps - USD 10,000
For Futures:
Linear Futures - USD 50,000
Quanto Futures - USD 10,000
XBT (Inverse) Futures - USD 200,000
% Fair Basis Update Methodology - What Changed?
The % Fair Basis will now update every 30 seconds (instead of 60 seconds) but only if the difference between the Impact Ask Price and Impact Bid Price is less than the larger of:
a) the maintenance margin of the futures contract
b) 3 ticks on the Futures contract
For further details on the updates, please see our blog: https://bit.ly/3eDRsva
BitMEX Announces Official Launch of Partner Programme
Today, we’re proud to announce that we are officially launching the BitMEX Partner Programme to more intently focus on expanding the robust network of firms within our ecosystem.
Through the programme, we’ll connect our users with trusted tools that will enhance their trading experience while rewarding partners themselves with incentives based on the activity they refer to the BitMEX platform.
We’ll be kicking off this new chapter with our first two partners: 3Commas, a leading automated trading platform, and Tardis, a high frequency historical market data provider for crypto markets. Both companies will offer exclusive privileges to BitMEX users over the coming days.
Read more here: https://bit.ly/3xtq9w4
Today, we’re proud to announce that we are officially launching the BitMEX Partner Programme to more intently focus on expanding the robust network of firms within our ecosystem.
Through the programme, we’ll connect our users with trusted tools that will enhance their trading experience while rewarding partners themselves with incentives based on the activity they refer to the BitMEX platform.
We’ll be kicking off this new chapter with our first two partners: 3Commas, a leading automated trading platform, and Tardis, a high frequency historical market data provider for crypto markets. Both companies will offer exclusive privileges to BitMEX users over the coming days.
Read more here: https://bit.ly/3xtq9w4
Grow Up or Blow Up - Crypto Trader Digest
Volatile markets aren’t for the weak handed, but just when should you actually take profit?
If you’ve been plagued with that question, don’t worry - you’re not alone. In the latest edition of Crypto Trader Digest, Arthur Hayes provides a valuable framework that just might help.
Read more here: https://bit.ly/3t5kQQa
Volatile markets aren’t for the weak handed, but just when should you actually take profit?
If you’ve been plagued with that question, don’t worry - you’re not alone. In the latest edition of Crypto Trader Digest, Arthur Hayes provides a valuable framework that just might help.
Read more here: https://bit.ly/3t5kQQa
Increased Risk Limits for ETHUSD Swap Now ‘Live’
Today at 08:00 UTC, the risk limits for the ETHUSD Swap were increased from 50 to 75 XBT.
Users with ETHUSD Swap positions greater than 50 XBT are now eligible for lower margin requirements.
For more information, please refer to our blog: https://bit.ly/3gYktoa
Today at 08:00 UTC, the risk limits for the ETHUSD Swap were increased from 50 to 75 XBT.
Users with ETHUSD Swap positions greater than 50 XBT are now eligible for lower margin requirements.
For more information, please refer to our blog: https://bit.ly/3gYktoa
Never underestimate the power of a good partnership.
We’re proud to announce that 3Commas, a leading automated trading platform, has joined the BitMEX Partners Programme.
3Commas, as one of the most established automated trading platforms, is a natural partner for BitMEX given the demand for automated trading solutions among our user base and the wider community.
As part of the partnership celebration, the BitMEX and 3Commas teams are excited to unveil exclusive privileges for users.
Further details here: https://bit.ly/3b4O7Ej
We’re proud to announce that 3Commas, a leading automated trading platform, has joined the BitMEX Partners Programme.
3Commas, as one of the most established automated trading platforms, is a natural partner for BitMEX given the demand for automated trading solutions among our user base and the wider community.
As part of the partnership celebration, the BitMEX and 3Commas teams are excited to unveil exclusive privileges for users.
Further details here: https://bit.ly/3b4O7Ej
BitMEX x Tardis.dev: Partnering to Bring Comprehensive, Fair, and Transparent Market Data to Users
Our roster of partners is growing fast, and this is one our users will definitely want to take advantage of.
Tardis.dev, a provider of the most comprehensive and granular cryptocurrency market data products in the industry, has officially joined the BitMEX Partners Programme.
And, it’s our pleasure to unveil two exclusive privileges Tardis.dev is offering to celebrate. Users will be able to access a 30-day free trial with access to the last four months of BitMEX data or a 10% discount for an annual subscription that provides access to all BitMEX data (a US$300 value).
Read more here: https://bit.ly/3be1QJd
Our roster of partners is growing fast, and this is one our users will definitely want to take advantage of.
Tardis.dev, a provider of the most comprehensive and granular cryptocurrency market data products in the industry, has officially joined the BitMEX Partners Programme.
And, it’s our pleasure to unveil two exclusive privileges Tardis.dev is offering to celebrate. Users will be able to access a 30-day free trial with access to the last four months of BitMEX data or a 10% discount for an annual subscription that provides access to all BitMEX data (a US$300 value).
Read more here: https://bit.ly/3be1QJd
Lawrence Linker Named Head of BitMEX Academy
Today, we’re delighted to announce that Lawrence Linker has been named Head of the BitMEX Academy.
Acting as “Provost”, Lawrence will lead the development of Academy content and convene a team to help deliver it. He was previously Chief of Staff to the BitMEX CEO and, prior to joining us, founded his own Singapore-based MBA admissions consulting firm called MBA Link. He holds a BsBa in Marketing and Management Technology from Georgetown University and an MBA with a concentration in Capital Markets and Asset Management from Cornell University.
"Misinformation and misunderstanding remains the greatest obstacle to wider crypto adoption. It's a great honour to be at the forefront of this critical mission by leading the education initiative at BitMEX," Lawrence said.
Read more here: https://bit.ly/3blmQxB
Today, we’re delighted to announce that Lawrence Linker has been named Head of the BitMEX Academy.
Acting as “Provost”, Lawrence will lead the development of Academy content and convene a team to help deliver it. He was previously Chief of Staff to the BitMEX CEO and, prior to joining us, founded his own Singapore-based MBA admissions consulting firm called MBA Link. He holds a BsBa in Marketing and Management Technology from Georgetown University and an MBA with a concentration in Capital Markets and Asset Management from Cornell University.
"Misinformation and misunderstanding remains the greatest obstacle to wider crypto adoption. It's a great honour to be at the forefront of this critical mission by leading the education initiative at BitMEX," Lawrence said.
Read more here: https://bit.ly/3blmQxB
Crypto Trader Digest - Fear is the Mindkiller
In this sure-to-be-memorable edition of Crypto Trader Digest, Arthur Hayes challenges his own thinking, unpeels flimsy social constructs, and gives us all some food for thought.
Fear is the Mindkiller is now out on the BitMEX blog: https://bit.ly/3eH68ee
In this sure-to-be-memorable edition of Crypto Trader Digest, Arthur Hayes challenges his own thinking, unpeels flimsy social constructs, and gives us all some food for thought.
Fear is the Mindkiller is now out on the BitMEX blog: https://bit.ly/3eH68ee
Five years ago, a new product was announced in a short post on the BitMEX Blog. Though no one knew it at the time, this product would come to change crypto - and finance in general - forever.
All great innovations solve a problem. For crypto traders, this was that the futures markets were inherently limiting - in a 24/7 market, we were relying on outmoded traditional futures products with expiration dates and limited ability to trade with leverage.
That might do for traditional finance, but in crypto, we dream bigger. In a market that never stops, why should a crypto futures product need to expire?
The result was the first-ever XBTUSD perpetual swap - a futures contract that never expires, mimics a margin-based spot market, and requires lower margin, unlocking opportunities for leverage - up to 100x, which broke new ground.
On its 5th anniversary, we take a look back at the birth of the most traded cryptocurrency derivatives product of all time. Read more here: https://bit.ly/33Igowk
All great innovations solve a problem. For crypto traders, this was that the futures markets were inherently limiting - in a 24/7 market, we were relying on outmoded traditional futures products with expiration dates and limited ability to trade with leverage.
That might do for traditional finance, but in crypto, we dream bigger. In a market that never stops, why should a crypto futures product need to expire?
The result was the first-ever XBTUSD perpetual swap - a futures contract that never expires, mimics a margin-based spot market, and requires lower margin, unlocking opportunities for leverage - up to 100x, which broke new ground.
On its 5th anniversary, we take a look back at the birth of the most traded cryptocurrency derivatives product of all time. Read more here: https://bit.ly/33Igowk
Unlocking 100x Leverage on ETHUSD as the Perpetual Swap Turns Five
Five years ago, BitMEX introduced the perpetual swap to the world, changing crypto trading forever. Today, we’re celebrating this milestone by updating our margin requirements and increasing available leverage on our ETHUSD Swap to 100x.
We’ve always been committed to innovating responsibly, and for us that means putting in robust controls for all our contracts so that traders can trade with confidence.
Stay tuned for more events launching next week to mark the milestone.
Read on here for the technical details of the contract: https://bit.ly/3tGsCjP
Five years ago, BitMEX introduced the perpetual swap to the world, changing crypto trading forever. Today, we’re celebrating this milestone by updating our margin requirements and increasing available leverage on our ETHUSD Swap to 100x.
We’ve always been committed to innovating responsibly, and for us that means putting in robust controls for all our contracts so that traders can trade with confidence.
Stay tuned for more events launching next week to mark the milestone.
Read on here for the technical details of the contract: https://bit.ly/3tGsCjP
The BNBUSDT Quanto Perpetual Contract Comes to BitMEX
We’re driven to provide markets for products that command liquidity and matter the most for our users, so we’re launching the BNBUSDT Perpetual Swap contract with up to 50x leverage on 20 May 2021 at 04:00 UTC.
As with all quanto contracts, the BNBUSDT product will have a fixed Bitcoin multiplier regardless of the Tether/Binance Coin price. This allows traders to long or short the BNB/USDT exchange rate without ever touching either BNB or USDT. Traders post margin in XBT, and earn or lose XBT as the BNB/USDT rate changes.
The contract will be visible on the platform from 04:00 UTC on 19 May 2021 as Unlisted, 24 hours before start of trading.
Please see our blog for more information: https://bit.ly/3omU5G3
We’re driven to provide markets for products that command liquidity and matter the most for our users, so we’re launching the BNBUSDT Perpetual Swap contract with up to 50x leverage on 20 May 2021 at 04:00 UTC.
As with all quanto contracts, the BNBUSDT product will have a fixed Bitcoin multiplier regardless of the Tether/Binance Coin price. This allows traders to long or short the BNB/USDT exchange rate without ever touching either BNB or USDT. Traders post margin in XBT, and earn or lose XBT as the BNB/USDT rate changes.
The contract will be visible on the platform from 04:00 UTC on 19 May 2021 as Unlisted, 24 hours before start of trading.
Please see our blog for more information: https://bit.ly/3omU5G3
BitMEX x Coinigy: Another Great Addition to the Partners Programme
Today we are excited to welcome Coinigy into the BitMEX Partners Programme.
A veteran of the crypto industry, they have operated the ultimate cryptocurrency portfolio management suite which has come to be trusted by hundreds of thousands of users worldwide.
To celebrate, they’re giving away free annual subscriptions to 10 lucky users who have their BitMEX API connected to Coinigy in May. Read more here: https://bit.ly/3fjTYqw
Today we are excited to welcome Coinigy into the BitMEX Partners Programme.
A veteran of the crypto industry, they have operated the ultimate cryptocurrency portfolio management suite which has come to be trusted by hundreds of thousands of users worldwide.
To celebrate, they’re giving away free annual subscriptions to 10 lucky users who have their BitMEX API connected to Coinigy in May. Read more here: https://bit.ly/3fjTYqw
REMINDER: We are launching the BNBUSDT quanto perpetual swap contract with up to 50x leverage tomorrow, 04:00 UTC on 20 May 2021. The contract became visible on the platform from 04:00 UTC on 19 May 2021 as Unlisted.
As with all quanto contracts, the BNBUSDT product will have a fixed Bitcoin multiplier regardless of the Tether/Binance Coin price. This allows traders to long or short the BNB/USDT exchange rate without ever touching either BNB or USDT.
Traders post margin in XBT, and earn or lose XBT as the BNB/USDT rate changes. This quanto risk premium may be one of the factors which results in the BNBUSDT swap trading at a premium / discount to the BNBUSDT spot price - see our blog post explaining the same concept for ETHUSD: https://blog.bitmex.com/is-the-ethusd-swap-fairly-priced/
Please see our blog for more information: https://bit.ly/3hBtPGB
As with all quanto contracts, the BNBUSDT product will have a fixed Bitcoin multiplier regardless of the Tether/Binance Coin price. This allows traders to long or short the BNB/USDT exchange rate without ever touching either BNB or USDT.
Traders post margin in XBT, and earn or lose XBT as the BNB/USDT rate changes. This quanto risk premium may be one of the factors which results in the BNBUSDT swap trading at a premium / discount to the BNBUSDT spot price - see our blog post explaining the same concept for ETHUSD: https://blog.bitmex.com/is-the-ethusd-swap-fairly-priced/
Please see our blog for more information: https://bit.ly/3hBtPGB
New BNBUSDT Quanto Perpetual Swap Now Live
As of today, our latest product - the BNBUSDT perp - is now live.
Trading started at 04:00 UTC here: https://www.bitmex.com/app/trade/BNBUSDT
The full specs are on our website: https://www.bitmex.com/app/contract/BNBUSDT
Happy trading!
As of today, our latest product - the BNBUSDT perp - is now live.
Trading started at 04:00 UTC here: https://www.bitmex.com/app/trade/BNBUSDT
The full specs are on our website: https://www.bitmex.com/app/contract/BNBUSDT
Happy trading!