BitMEX Launches Memecoin Index Swap, Offering Exposure to Top 10 Tokens

BitMEX unveils a new memecoin index swap, allowing traders to gain diversified exposure to the top 10 memecoins in a single contract.

Key Insights

  • BitMEX launches MEMEMEXTUSDT Basket Index Perpetual Swap Contract
  • New instrument offers exposure to top 10 memecoins with up to 25x leverage
  • Contract aims to simplify memecoin trading and improve liquidity

HONG KONG (MarketsXplora) – Cryptocurrency derivatives exchange BitMEX has introduced a new financial instrument allowing traders to gain exposure to the top 10 memecoins through a single contract, the company announced on Thursday.

The MEMEMEXTUSDT Basket Index Perpetual Swap Contract, launched by BitMEX, offers a weighted average price of the leading memecoins by market capitalization. The index is designed to be rebalanced monthly, ensuring it continues to track the best-performing memecoins in the rapidly evolving crypto market.

“The MEMEMEXTUSDT perpetual swap allows traders to easily diversify their exposure across the top memecoins and capitalize on the latest market trends – all while managing risks effectively,” BitMEX CEO Stephan Lutz told MarketsXplora.

The USDT-margined linear perpetual swap offers leverage of up to 25x, with BitMEX positioning it as a comprehensive contract similar to the S&P 500, but tailored for the memecoin sector of the cryptocurrency market.

Read also! Poltical Memecoins Soar Amid Calls for Biden to Step Aside

Contract aims to simplify memecoin trading

According to the exchange, this new instrument aims to simplify memecoin trading and potentially improve liquidity, enabling more favorable trade execution.

The contract specifications include a maker fee of -0.015% and a taker fee of 0.075%. The base initial margin is set at 4.00%, with a base maintenance margin of 2.00%.

To mark the launch, BitMEX is offering a prize pool of up to $10,000 in USDT for traders using the new contract, with top performers eligible for a share of the rewards.

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