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USDTUSDC: Contract Specification

USDTUSDC
USDTUSDC is in the USDT (Tether) series.
The quote currency is USDC (USD Coin).

Description

USDTUSDC is a USDT/USDC perpetual contract priced on the .BUSDTUSDC Index. Each contract is worth 0.0001 BTC per 1 USDC price, currently 0.00010001 BTC.

Funding is paid and received every 8 hours. The next payout event is at 8:00 pm UTC.

USDTUSDC uses a Premium Index to calculate funding rates. The underlying interest rates are quoted in the Funding Base Rate and Funding Quote Rate, and the premium rate is quoted in the .USDTUSDCPI8H Index. These are used to calculate the final funding rate.

Today, longs will pay 0.0180%, and shorts will receive 0.0180% at 8:00 pm UTC. BitMEX does not charge fees on funding payments.

Expiry: Perpetual, subject to Early Settlement.Maximum Initial Leverage: 10x
Maximum Maintenance Leverage: 20x

View the BitMEX Perpetual Contracts Guide

Funding Calculation

More information about the funding rate is available in the Perpetuals Guide.

Funding Base RateFunding Quote RatePremium
SymbolsUSDTUSDC.USDTUSDCPI8H
Rates0.006%0.06%0.018%

I = Interest Rate, B = Funding Base Rate, Q = Funding Quote Rate, T = Funding Times Per Day
P = Premium Rate, F = Funding Rate
The Funding Rate is the rate exchanged between users.
The Premium Rate is used to calculate it, adjusted by the Interest Rate by up to 0.05%.

Formula

I = (Q - B) / T
F = P + Clamp(I - P, -0.05%, 0.05%)

Result

I = 0.0180%
I = (0.06% - 0.006%) / 3
F = 0.0180%
F = 0.0180% + Clamp(0.0180% - 0.0180%, -0.05%, 0.05%)

Full Contract Details

Ticker RootUSDTUSDC
Expiry DatePerpetual, subject to Early Settlement
Initial Margin10.00% + Entry Taker Fee + Exit Taker Fee
Maint. Margin5.00% + Exit Taker Fee + Funding Rate
Funding Base Rate0.0060%
Funding Quote Rate0.0600%
Funding Premium Symbol.USDTUSDCPI8H
Funding Rate0.0180%
Funding Intervalevery 8 hours
Next Funding24 Feb 2025, 8:00:00 pm
Predicted Rate0.0180%
Mark Price1.0001
Auto-Deleveraging EnabledYes: This contract is highly speculative and manages loss through auto-deleveraging.
Mark MethodFairPrice
Fair Basis0.0001
Fair Basis Rate19%
Fair Basis CalculationThe fair basis on this instrument is determined by an annualized calculation of the funding rate.
Risk Limit50 BTC
Risk Step50 BTC
Open Interest351
24H Turnover0.0000 BTC
Total Volume5,249,757
TypeSettled in BTC, quoted in USDC
Contract Size0.0001 BTC per 1 USDC (Currently 0.00010001 BTC per contract)
SettlementThis contract is perpetual and does not settle. Subject to Early Settlement.
CommissionFees in BTC. See the Fees Reference for more details.
Minimum Price Increment0.0001 USDC
Minimum Trade Amount1 Cont
Max Price1,000
Max Order Quantity100,000,000
Lot Size1
Instant PNLDisabled

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