BitMEX Launches MEMEMEXTUSDT Basket Index Perpetual Swap Contract
BitMEX, a derivatives exchange based in Seychelles, has introduced a new product called the MEMEMEXTUSDT Basket Index Perpetual Swap Contract. This new offering is tailored to allow traders to access exposure to various popular meme coins using a single contract.
Exploring BitMEX’s MEMEMEXTUSDT Offering
The MEMEMEXTUSDT contract has been likened to the “S&P500 for crypto meme coins,” showcasing the overall performance of key meme coins in the market. Traders can speculate on meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), dogwifhat (WIF), Floki Inu (FLOKI), Brett (BRETT), Bonk (BONK), Book of Meme (BOME), Memecoin (MEME), and Mog Coin (MOG) all in one contract.
- USDT Margined Contract
- Up to 25x Leverage
- Lot Size of 1000
- Maker Fee: -0.015%
- Taker Fee: 0.075%
- Initial Margin Requirement: 4.00%
- Maintenance Margin: 2.00%
By offering Basket Index perpetual contracts, BitMEX is allowing traders to diversify their risk and invest across a segment of the crypto market rather than focusing on individual tokens.
BitMEX CEO Stephen Lutz expressed excitement about the new offering, emphasizing the benefits it provides to traders who may have hesitated to directly engage with meme coins in the past. Lutz highlighted the safety, insurance fund, and convenience aspects of trading a basket of meme coins rather than switching between different crypto assets.
Hot Take: MEMEMEXTUSDT – A New Way to Trade Meme Coins with BitMEX
BitMEX’s launch of the MEMEMEXTUSDT Basket Index Perpetual Swap Contract opens up a unique opportunity for traders to access multiple meme coins through a single contract. This innovative product provides diversification benefits and showcases BitMEX’s commitment to offering new and exciting trading opportunities in the crypto market. With up to 25x leverage and a range of popular meme coins included in the contract, traders can explore new trading strategies and potentially capitalize on the growing popularity of meme coins in the crypto space.
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