Bitmex Adds Fiat Perpetual Contracts
BitMEX has launched trading in FX contracts — perpetual currency contracts with up to 50x leverage. This was reported in the official blog of the platform.
FX contracts are traded around the clock. At the weekend, the contract price fluctuates around the market closing quotes on Friday.
Users can open long and short positions on 22 currency pairs: EURUSD, EURCHF, EURTRY, USDCHF, and others.
The exchange uses bitcoin (XBT) or Tether (USDT ERC-20) as a margin. Holders of open positions pay a funding rate.
BitMEX offers three types of currency swap contracts:
- Quanto contract: the currency pair is represented by two assets, for example, the dollar and the Indian rupee (USDINR), and the collateral and payments are provided in the third asset – bitcoin (XBT);
- Inverse contract: margin and yield are calculated in the base currency, not the quoted one. For example, in USDTMXN, the margin is calculated in USDT, not MXN;
- line contract: collateral and payouts are calculated in Tether (USDT) stablecoin.
BitMEX is a platform for trading cryptocurrencies and derivatives, as well as staking and passive income, which is one of the top 10 derivatives trading platforms on CoinMarketCap.