We are excited to announce that the GOAT/USDT perpetual futures contract is now officially listed on OKX. Trading commenced at 9:00 am UTC on October 24, 2024. This new derivative product is available for trading on the OKX web platform, mobile application, and via API.
GOAT Perpetual Futures Contract Overview
The newly listed contract offers traders a way to gain exposure to the price movements of the Goatseus Maximus (GOAT) meme coin using USDT as margin.
Key Contract Specifications
- Underlying Index: GOAT/USDT
- Settlement Currency: USDT
- Contract Face Value: 10 GOAT
- Price Quotation: USDT value for 1 GOAT
- Minimum Price Movement (Tick Size): 0.0001
- Available Leverage: From 0.01x up to 20x
- Trading Schedule: 24 hours a day, 7 days a week
Understanding Funding Rates
The funding fee mechanism is designed to keep the perpetual futures contract price aligned with the underlying spot index. The rate is calculated periodically.
- Formula:
Clamp(MA([(Best bid + Best offer) / 2 – Spot index price] / Spot index price – Interest), -1.5%, 1.5%), where Interest = 0. - Initial Rate Cap: To ensure stability during the initial launch period, the maximum funding fee was temporarily set at 0.03% until 4:00 pm UTC on October 24, 2024.
- Standard Rate Cap: After the initial period, the predicted funding fee upper limit reverted to the standard 1.50%.
- Fee Exchange: Funding fees are exchanged directly between long and short position holders.
For a comprehensive guide on how these mechanics work and strategies for trading perpetual futures, you can explore more advanced trading strategies.
About the Goatseus Maximus (GOAT) Project
Goatseus Maximus originated as a meme coin concept from a semi-autonomous AI agent operating a Twitter account known as Terminal of Truths. The project operates within the dynamic and often volatile meme coin sector of the cryptocurrency market.
Trading Tips for the New Listing
New contract listings can experience higher than usual volatility and premium instability. It is crucial for traders to:
- Start with lower leverage to manage risk effectively.
- Closely monitor the funding rate to understand the cost of holding a position.
- Familiarize themselves with the platform's price limit rules, which are consistent with other perpetual futures contracts on OKX.
👉 View real-time trading tools and charts to aid your analysis and decision-making process.
Frequently Asked Questions
What are perpetual futures contracts?
Perpetual futures are derivative contracts that allow you to speculate on the future price of an asset without an expiry date. They use a funding fee mechanism to tether their price closely to the underlying spot market.
What leverage is available for the GOAT/USDT perpetual contract?
Traders can utilize leverage from a minimum of 0.01x up to a maximum of 20x on the GOAT/USDT perpetual futures contract, allowing for flexible position sizing based on individual risk appetite.
How are funding fees calculated and paid?
Funding fees are calculated periodically based on the difference between the perpetual contract price and the spot index price. The fee is then paid from traders holding positions that are in the majority (e.g., longs pay shorts if the funding rate is positive) to those in the minority, helping to balance the market.
When did trading for GOAT perpetual futures begin?
Trading for the GOAT/USDT perpetual futures contract officially started at 9:00 am UTC on October 24, 2024, across all OKX platforms.
Is there a risk of liquidation with leverage?
Yes, using leverage significantly increases both potential profits and potential losses. If the market moves against your position, you may face liquidation, where your position is automatically closed to prevent further losses. Always employ robust risk management.