BitMEX launches new memecoin basket index tracking crypto market's top 10 memecoins
Quick Take BitMEX launched the MEMEMEXTUSDT Basket Index Perpetual Swap Contract on Thursday. The new instrument offers traders exposure to the top t10n memecoins in the market through a single contract.
Derivatives cryptocurrency exchange BitMEX has launched the MEMEMEXTUSDT Basket Index Perpetual Swap Contract offering traders exposure to the top 10 memecoins in the market through a single contract.
The BitMEX memecoin basket index is constructed as a weighted average price of the top 10 memecoins by market capitalization, with the index constituents rebalanced monthly to ensure it continues to track the best-performing memecoins. It is a USDT-margined linear perpetual swap offering up to 25x leverage.
BitMEX's new memecoin basket index
"The MEMEMEXTUSDT perpetual swap allows traders to easily diversify their exposure across the top memecoins and capitalize on the latest market trends – all while managing risks effectively," BitMEX CEO Stephan Lutz said.
According to BitMEX, the new single-instrument solution reduces the complexity of memecoin trading by providing a comprehensive contract akin to the S&P 500, but for crypto memecoins.
In a press release Thursday, BitMEX said the multiple-memecoin contract can also "provide improved liquidity, enabling traders to more easily execute their trades at favourable prices."
MEMEMEXTUSDT contract specifications
The MEMEMEXTUSDT contract specifications are as follows: The symbol for the contract is MEMEMEXTUSDT, with the margin currency being USDT. Each contract represents 0.0001 MEMEMEXT, and the lot size is set at 1000. The maker fee is -0.015%, while the taker fee is 0.075%. The base initial margin required is 4.00%, and the base maintenance margin is 2.00%.
To celebrate the launch, BitMEX is offering a prize pool of up to $10,000 in USDT to traders who utilize the MEMEMEXTUSDT contract, with the top performers receiving a share of the prize.
The launch of the new instrument comes after BitMEX recently enabled ultra-high leverage of up to 250x for its perpetual swaps.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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