BitMEX, a derivatives exchange based in Seychelles, has recently introduced the MEMEMEXTUSDT Basket Index Perpetual Swap Contract. This innovative offering aims to provide traders with a unique opportunity to gain exposure to a selection of popular meme coins through a single contract.
The MEMEMEXTUSDT Basket Index Perpetual Swap Contract, also referred to as the “S&P500 for crypto meme coins,” enables traders to speculate on the overall performance of meme coins such as Dogecoin, Shiba Inu, Pepe, dogwifhat, Floki Inu, Brett, Bonk, Book of Meme, Memecoin, and Mog Coin. This contract is margined in USDT and offers leverage of up to 25x. Each contract represents 0.0001 MEMEMEXT, with a lot size of 1000. The maker fee is set at -0.015%, while the taker fee is 0.075%. Additionally, the base initial margin requirement is 4.00%, and the base maintenance margin is 2.00%.
With the introduction of the Basket Index perpetual contracts, traders now have the opportunity to diversify their risk and invest in a segment of the crypto industry rather than individual tokens. This allows traders to explore the meme coin market without the need to directly hold these assets. BitMEX CEO, Stephen Lutz, highlighted the advantages of this new offering by stating, “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 space. Traders now have access to a convenient and efficient way to gain exposure to meme coins through a single contract, offering them the opportunity to diversify their investments and manage risk effectively. This new offering is set to revolutionize the way traders engage with meme coins in the market, providing them with a valuable tool for navigating the complexities of the crypto industry.