Bitfinex Derivatives Launches Public Beta Integration with Thalex
Felix Pinkston Jul 17, 2024 10:57
Bitfinex Derivatives has announced the public beta integration with Thalex, enhancing account and asset management for users.
Bitfinex Derivatives has announced the public beta of its integration with Thalex, a prominent crypto derivatives exchange, according to blog.bitfinex.com. This integration aims to streamline the user experience by allowing Bitfinex Derivatives customers to utilize their existing accounts and verification for quick and easy account creation with Thalex.
Seamless Access to Thalex from Bitfinex Derivatives
With the new integration, Bitfinex Derivatives users can transfer assets effortlessly between their Bitfinex and Thalex accounts. This synergy provides access to the comprehensive product suites of both platforms. Thalex is known for its options and futures, which are settled daily in Tether tokens (USDT), enhancing Bitfinex Derivatives' offerings.
Thalex's trading fees are competitively anchored around 1 basis point (bps), providing advanced trading features and incentives to all traders.
Public Access to Integration
The integration follows an initial phase of private testing and now offers full access to Thalex's features. Interested users can apply for access through the Bitfinex platform. Once accepted, users can onboard with Thalex directly from their Bitfinex Derivatives account. A paper trading option is also available on the Thalex testnet for those who wish to familiarize themselves with the platform before committing to live trades.
An Overview of Thalex’s Futures and Options Contracts
General Overview
Thalex provides linear options, futures, and combination contracts that are USD-quoted and cash-settled in USDT. It supports margin from a universal account encompassing USDT, BTC, and ETH, and caters to portfolio margin requirements for all contracts per underlying asset.
Perpetuals
Thalex has simplified perpetuals to ensure transparent funding rates. The funding rate is calculated as (Mark – Index) / 24h, with no dampers or caps, meaning funding changes linearly with the basis and is continuously reflected in P&L.
Futures
Designed to act as a delta-hedge for options, Thalex futures offer corresponding maturities for every option maturity, simplified funding rates for better pricing, and liquidity enhanced by implied matching with perpetuals and futures rolls.
Futures Rolls
Futures rolls facilitate rolling a future to a longer maturity with atomic execution of both trade legs. Dedicated order books are created for each combination of Perpetual-Future and Future-Future spreads, providing pricing for the convergence or divergence of carry costs embedded in futures’ premia and expected perpetual funding.
Key features include delta-neutral orders with lower margin requirements and simultaneous execution of buy and sell orders in perpetual and future legs, resulting in two outright positions.
Options
Thalex offers European, linear option contracts that are stablecoin-settled, allowing them to function effectively as a hedge. Profitable option trades can increase an account's USDT balance through daily settlement, providing traders flexibility in rebalancing profits.
Thalex also supports market makers with tools like market maker protection, mass quotes, and adequate rate limits and latency.
Thalex Market Quality Program
Thalex’s Market Quality Program (MQP) aims to enhance market liquidity by rewarding participants who contribute to visible liquidity. The program features a monthly reward pool of up to $200,000, distributed based on a liquidity scoring system that evaluates each participant’s contribution to the order book.
MQP is designed to be inclusive, allowing any liquidity provider to participate and potentially earn rewards. Participants become eligible for MQP rewards as soon as they submit a limit order.
Bitfinex Derivatives is provided by iFinex Financial Technologies Limited. This announcement is not an offer to sell or a solicitation to purchase any financial products. Thalex is a third-party service as described in Bitfinex’s derivatives terms of service.
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