Bitcoin Margined ORDI is scheduled to go live from trading at BitMEX on May 30, 2023, at 4:00 UTC. It will sport a maximum leverage of 50x, making it one of the highest position sizes in the industry. The first trading pair to go live on the platform will be ORDIUSD.
XBT will be the margin currency. Meaning traders will post margin in the said currency. Also, their earnings and losses will be noted in XBT depending on how the rate changes for the pair. ORDIUSD has a fixed BTC multiplier of 0.00001. The cap on risk limit is 50 XBT.
Traders will be liable to pay the make fee and taker fee of 0.02% and 0.075%, respectively. Keeping XBT as the margin currency brings the benefit of claiming a premium discount on the swap trading of the pair.
Only the registered BitMEX traders can access the ORDIUSD pair. Anyone who is yet to register on the platform can do so by providing their valid email address and setting up a strong password. Following this, they will be redirected to the home page, wherein they can explore the tools and then begin trading. The process has been explained in detail in our BitMEX review. Traders registering for the first time can choose to enable 2-factor authentication.
Headquartered in Hong Kong, the crypto venture has over 15 trading pairs listed along with major cryptocurrencies like ETH, BTC, and ADA. Its operations are available across the globe except to the residents of the US. Simply put, BitMEX is a peer-to-peer platform for traders who want to buy and sell cryptocurrencies.
The announcement about ORDIUSD going live at BitMEX on May 30 follows Bitcoin and Tether margined SUI listing going live on the platform. Originally scheduled for May 03, 2023, both contracts went live at 12:11 UTC, allowing traders to go short or long on SUI via SUIUSDT and SUIUSD.
ORDIUSD goes live on May 30, 2023, at 4:00 UTC. Registered traders can begin trading effectively immediately after the launch. Unregistered traders must first sign up to get started. It will also open up the opportunity to explore different trading pairs.