The Seychelles-based derivatives exchange, BitMEX, has recently introduced a groundbreaking product called the MEMEMEXTUSDT Basket Index Perpetual Swap Contract. This new offering is set to revolutionize the way traders can gain exposure to meme coins in the crypto market.
The MEMEMEXTUSDT Basket Index Perpetual Swap Contract is being hailed as the “S&P500 for crypto meme coins,” allowing traders to speculate on the performance of various meme coins like Dogecoin, Shiba Inu, Pepe, and others through a single contract. By offering up to 25x leverage and being margined in USDT, this new contract provides a unique opportunity for traders to diversify their investment in the crypto industry.
Key Features of the Contract
Each contract of the MEMEMEXTUSDT Basket Index Perpetual Swap Contract is equivalent to 0.0001 MEMEMEXT, with a lot size of 1000. The maker fee is set at -0.015%, while the taker fee is 0.075%. Additionally, the base initial margin requirement is 4.00%, and the base maintenance margin is 2.00%. These competitive fees and margin requirements make this contract an attractive option for traders looking to enter the meme coin market.
With the introduction of the Basket Index perpetual contracts, traders now have the opportunity to mitigate their risk and invest in a diverse range of meme coins without the need to navigate individual tokens. This enables traders to access the potentially lucrative meme coin market while benefiting from the safety and security of trading through BitMEX.
BitMEX CEO Stephen Lutz expressed his enthusiasm for the new product, highlighting the benefits it offers to serious crypto traders. He emphasized that the MEMEMEXTUSDT Basket Index Perpetual Swap Contract provides a solution for traders who were previously hesitant to directly engage with meme coins due to concerns about volatility, short cycles, and liquidity issues. By offering a basket of meme coins with the safety of an insurance fund, traders can now participate in this exciting market without needing to convert their assets.
The launch of the MEMEMEXTUSDT Basket Index Perpetual Swap Contract by BitMEX represents a significant step forward in the crypto trading landscape. By providing traders with a convenient and secure way to invest in meme coins, this new offering is likely to attract a wide range of participants looking to capitalize on the popularity and potential profitability of meme coin investments.
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