The only place to trade Libra before it launches, regardless of if it ever actually does

The only place to trade Libra before it launches, regardless of if it ever actually does

After Polkadot and Dfinity futures, CoinFLEX is now offering physically-settled futures contracts on Facebook’s yet-to-be-released coin, Libra.

CoinFLEX’s Libra IFO will launch on October 24th with the pre-sale price of 0.20 USDT, allowing traders to bet whether or not Facebook will launch before the settlement date of December 31st, 2020.

So what will happen when you long/short Libra contract?

Buy orders (long position)

You can purchase contracts at any price, whether it’s $0.10, $0.20, $0.80, or $1. Your purchasing price equates to the percentage of likelihood you anticipate Libra launching by the settlement date.

The price is completely up to you; it’s just a way for you to speculate at your own odds.

If Libra actually launches (before Dec. 31st, 2020), long position holders will receive 1 Libra.

Let’s say you long at $0.60. At expiry your $0.60 is automatically exchanged for one Libra. However, let’s say Libra failed to launch. Then at expiry, unfortunately, you get nothing.

Sell orders (short position)

For every sell order, you need to pay a collateral of $1.10.

For instance, if you want to sell at $0.50, your total collateral will be initially $ 1.10 and then once you have sold Libra, you can then withdraw the amount of the sell price.

In other words, if you sell at $0.50, then the effective remaining capital at risk is $0.60.

Here are two shorting scenarios:

Let’s say you short 1 Libra future at $0.50 and Libra actually launches before Dec. 31st, 2020. In that case, sadly, all but $0.10 of your remaining capital are lost.

But if you short 1 Libra future at $0.50 and Libra does not launch before Dec. 31st, 2020, then congratulations, you will get your capital back plus the profit you make ($0.50).

Your profit equals the number of Libra futures you sold multiplied by the price at which you shorted it. So, 1 Libra futures * $0.50 = $0.50

Unlike the previous two IFOs, gains will be capped at $1.10 per Libra. This is to account for changes in the value of the currencies backing the stablecoin for both long and short trades.

However, similar to CoinFLEX’s past IFOs, traders who wish to trade Libra futures will need to lock up 1000 FLEX before the launch of the pre-sale in order to participate. The allocation of CoinFLEX’s Libra IFO pre-sale is open for 300 participants only, and the registration date is Monday, October 21st (1:00 PM UTC).

Act fast and don’t miss out on the only chance to go long or short Libra before it launches.

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