BitMEX added perpetual contracts for fiat currencies
Cryptocurrency exchange BitMEX has launched trading FX-contracts – open-ended currency contracts with a leverage up to 50x. It is reported in the official blog of the platform.
FX-contracts are traded around the clock. On weekends, the price of the contract fluctuates around the closing quotes of the market on Friday.
Users can open long and short positions in 22 currency pairs: EURUSD, EURCHF, EURTRY, USDCHF and others.
The exchange uses bitcoin (XBT) or Tether (USDT ERC-20) as margin. Holders of open positions pay a funding rate.
BitMEX offers three types of contracts for currency swaps:
- quantum contract: the currency pair is represented by two assets, e.g., the dollar and the Indian rupee (USDINR), and the collateral and payments are secured in a third asset, bitcoin (XBT);
- Inverse contract: the margin and yield are calculated in the base currency rather than the quoted currency. For example, in the USDTMXN pair, the margin is calculated in USDT instead of MXN;
- Linear contract: margin and yield are calculated in Tether (USDT).
BitMEX is a platform for trading cryptocurrencies and derivatives, as well as staking and passive income, which is among the top 10 derivatives trading platforms on CoinMarketCap.