BitMEX, a derivatives exchange based in Seychelles, has recently introduced the MEMEMEXTUSDT Basket Index Perpetual Swap Contract. This innovative product is aimed at providing traders with the opportunity to access a variety of meme coins in the market through a single contract. Referred to as the “S&P500 for crypto meme coins,” this new offering enables traders to speculate on the performance of popular meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), dogwifhat (WIF), Floki Inu (FLOKI), Brett (BRETT), Bonk (BONK), Book of Meme (BOME), Memecoin (MEME), and Mog Coin (MOG).
The MEMEMEXTUSDT Basket Index Perpetual Swap Contract is margined in USDT and offers leverage of up to 25x. Each contract represents 0.0001 MEMEMEXT and has a lot size of 1000. The maker fee is set at -0.015%, while the taker fee is 0.075%. Moreover, the base initial margin requirement is 4.00%, and the base maintenance margin is 2.00%. By introducing these perpetual contracts, traders have the opportunity to diversify their risk and invest in a segment of the crypto market rather than individual tokens.
In an official blog post, BitMEX CEO, Stephen Lutz, highlighted the benefits of the new offering, stating, “Well, we know a lot of serious crypto traders refrained from getting involved in Meme Coins directly. For good reasons. Volatility, short cycles, liquidity in some coins. BUT … if you could trade a basket and have full safety with insurance fund and no need to switch USDT and/or your Tier1 crypto into Meme Coins?”
The launch of the MEMEMEXTUSDT Basket Index Perpetual Swap Contract by BitMEX represents a significant development in the cryptocurrency trading landscape. This product not only provides traders with exposure to a diverse range of meme coins but also offers the convenience of trading through a single contract. With features such as leverage and margin requirements, traders can effectively manage their risk and capitalize on the potential gains in the crypto market. Overall, this new offering from BitMEX is poised to attract a wide range of traders looking to participate in the meme coin phenomenon.