BitMEX, a renowned derivatives exchange based in Seychelles, has recently introduced the MEMEMEXTUSDT Basket Index Perpetual Swap Contract. This innovative offering aims to provide traders with an avenue to access and speculate on the performance of leading meme coins in the market through a single contract.
Termed as the “S&P500 for crypto meme coins,” this new contract will enable traders to forecast the collective performance of popular OG meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB), alongside newer entrants like Pepe (PEPE), dogwifhat (WIF), Floki Inu (FLOKI), Brett (BRETT), Bonk (BONK), Book of Meme (BOME), Memecoin (MEME), and Mog Coin (MOG). The contract is margined in USDT and offers leverage up to 25x, catering to traders seeking amplified exposure to meme coin dynamics.
Contract Specifics
Each contract is equivalent to 0.0001 MEMEMEXT, with a lot size of 1000. BitMEX has set the maker fee at -0.015% and the taker fee at 0.075%. Furthermore, the base initial margin requirement is 4.00%, while the base maintenance margin is 2.00%. By introducing these Basket Index perpetual contracts, traders now have the option to diversify their risk by investing in a specific segment of the crypto market rather than individual tokens.
In a statement regarding the launch of this groundbreaking contract, BitMEX CEO, Stephen Lutz, emphasized the significance of this offering for the crypto trading community. He stated, “We understand that many seasoned crypto traders have been hesitant to directly engage with Meme Coins due to valid concerns surrounding volatility, short cycles, and liquidity issues in certain coins. However, with the ability to trade a basket that provides safety through an insurance fund and eliminates the necessity to convert USDT and/or Tier1 crypto into Meme Coins, we have bridged the gap for traders.”
The introduction of the MEMEMEXTUSDT Basket Index Perpetual Swap Contract by BitMEX represents a pivotal moment in the realm of crypto trading. By granting traders access to a diverse selection of meme coins through a single contract, BitMEX is facilitating a new level of convenience, safety, and efficiency in the trading process. As the crypto landscape continues to evolve, initiatives like these are essential in catering to the evolving needs and preferences of traders worldwide.
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