BitMEX, the world’s leading crypto derivatives exchange, announced the launch of the MEMEMEXTUSDT Basket Index Perpetual Swap Contract. This groundbreaking product offers traders a unique opportunity to gain exposure to the top 10 meme coins in the market through a single, innovative contract, which will start trading on 4 July 2024 at 04:00 UTC.
The launch of MEMEMEXTUSDT is a continuation of BitMEX’s active efforts to diversify its suite of innovative trading products, having launched BitMEX Options and enabling ultra-high leverage of up to 250x for its perpetual swaps just this year alone.
Stephan Lutz, CEO at BitMEX, said, “Meme coins have seen incredible growth over the past year, and we’ve noticed a growing appetite from BitMEX users to get in on the action. The sheer number of meme coins can be overwhelming, making it tricky for traders to find their footing. Thus, we’re excited to launch the MEMEMEXTUSDT Perpetual Swap. This single-instrument solution allows traders to easily diversify their exposure across the top meme coins and capitalise on the latest market trends – all while managing risks effectively. We’ve witnessed a crypto boom the first half of the year, and I’m eager to see what the next six months will bring.”
Navigating the unpredictable landscape of meme coins can be daunting. BitMEX’s MEMEMEXTUSDT perpetual swap contract was created to reduce the complexity of this process by providing a comprehensive contract akin to the S&P 500 but for crypto meme coins. By aggregating multiple meme coins into a single index product, the MEMEMEXTUSDT contract can provide improved liquidity, enabling traders to more easily execute their trades at favourable prices.
The MEMEMEXTUSDT contract allows traders to speculate on the overall performance of the vast and ever-changing meme coins sector, eliminating the need to trade, monitor, and research multiple individual tokens. As the performance of the index is not dependent on the fluctuations of a single asset, traders can also effectively diversify their risks. For those, especially retail traders, who are apprehensive about the unpredictable nature of meme coins, this new contract provides a relatively lower-risk avenue to participate in this market.
The BitMEX Meme Basket Index is constructed as a weighted average price of the top 10 meme coins by market capitalisation, with the index constituents rebalanced monthly to ensure it continues to track the best performing meme coins. Any changes to the index will be announced ahead of time to provide full transparency. The MEMEMEXTUSDT is a USDT-margined linear perpetual swap that offers up to 25x leverage.
MEMEMEXTUSDT Contract Specs
- Symbol: MEMEMEXTUSDT
- Margin Currency: USDT
- Contract Size: 0.0001 MEMEMEXT
- Lot Size: 1000
- Minimum Trade Amount: 0.1 ZK
- Underlying: .BMEMEMEXT
- Max Leverage: 25x
- Maker Fee: -0.015%
- Taker Fee: 0.075%
- Base Initial Margin: 4.00%
- Base Maintenance Margin: 2.00%
To celebrate the launch, BitMEX is offering a prize pool of up to 10,000 USDT to traders who utilise the MEMEMEXTUSDT contract. The top performers will receive a share of this exciting prize, providing an extra incentive for traders to get in on the action. Details can be found on BitMEX blog.
With the goal of offering exciting new avenues for BitMEX traders to invest in and enhancing trading experiences for all, the platform has been introducing and evolving cutting-edge tools and features for the best crypto traders. Last year, BitMEX launched over 70 derivatives contracts including Prediction Markets, and Pre-Launch listings, alongside new pro trading platform features like Chart Trading, Sub Accounts, News Feeds, Multi-charting, and Guilds, a social trading feature that incentivises users to collaborate and compete in weekly competitions to become even better traders.