Loading...

ETH-USD margin trading coming on BitMEX, first in crypto space

In this post:

BitMEX, the leading cryptocurrency derivatives trading platform, has announced a new kind of futures product, that will step up more trading options on the exchange. Per a report today, the company is looking to launch an Ether Quanto futures contract.

This is basically an ETH-USD margin trading product, and it will reportedly go live on the 5th of May with about 50 times the leverage option. Traders can decide to short these new products and also long them with Bitcoin (BTC).

In a clearer term, the new ETH-USD margin trading products will enable crypto traders to predict the near-future price performance of Ether, which is the native cryptocurrency of Ethereum blockchain, over the US dollar.

Traders stake on the ETH-USD margin trading products.

For traders that think that future value of Ether will increase, they will long or purchase the new Quanto futures contract, while others who speculate that the value will decline in the near future, can equally sell it off or short them. Interestingly, the ETH-USD margin trading products can allow traders to short and long them without touching their US dollar or Ether.

In accordance with the report, this soon-to-be-released futures product comes with a default BTC multiplier, which is 0.000001 BTC for one dollar. Thus, traders are likely to earn 0.000001 BTC from the new product, that’s for any dollar increase. Sans to the price of Ether in USD.

The market’s first

The new product from BitMEX will be the first of its kind to be available in the entire crypto derivatives market, once it is launched, says the company. This is also a move to grow its dominance in the market further. Meanwhile, the first ETH-USD margin trading contract on BitMEX will expire by June.

Besides the new futures product, BitMEX already offers perpetual as well as futures products on Ether. This supposed latest product is coming as the company faces liquidations, which began after the massive crash in the market, which saw Bitcoin losing about 50% of its value in a single day.

Share link:

Most read

Loading Most Read articles...

Stay on top of crypto news, get daily updates in your inbox

Related News

Bybit CEO Ben Zhou Shuts Down Rumors of Insolvency
Cryptopolitan
Subscribe to CryptoPolitan