Derivatives cryptocurrency exchange BitMEX has launched the MEMEMEXTUSDT Basket Index Perpetual Swap Contract, which provides exposure to the market’s top 10 meme coins through a single contract.
The BitMEX Mimecoin Basket Index is comprised of a weighted average price of the top 10 Mimecoins by market cap, with index components rebalanced monthly to continuously track the best performing Mimecoins. USDT Margined Linear Perpetual Swaps with up to 25x leverage.
BitMEX’s new memecoin basket index
“The MEMEMEXTUSDT perpetual swap allows traders to easily diversify their exposure to the top meme coins and take advantage of the latest market trends, while also effectively managing risk,” said BitMEX CEO Stephan Lutz.
According to BitMEX, the new single-product solution reduces the complexity of trading Mimecoin by providing a comprehensive contract similar to the S&P 500 for the cryptocurrency Mimecoin.
In a press release Thursday, BitMEX said the multi-memecoin contracts could “provide enhanced liquidity, allowing traders to more easily execute trades at favorable prices.”
MEMEMEXTUSDT Contract Specifications
The MEMEMEXTUSDT contract specifications are as follows: The contract symbol is MEMEMEXTUSDT and the margin currency is USDT. Each contract represents 0.0001 MEMEMEXT and the lot size is set to 1000. The maker fee is -0.015% and the taker fee is 0.075%. The default initial margin required is 4.00% and the default maintenance margin is 2.00%.
To celebrate the launch, BitMEX is offering up to $10,000 worth of USDT prizes to traders utilizing the MEMEMEXTUSDT contract, with prizes awarded to the highest performing traders.
The launch of the new product comes on the heels of BitMEX recently allowing ultra-high leverage of up to 250x on its perpetual swaps.
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