BitMEX, the Seychelles-based derivatives exchange, has recently introduced a new financial product called the MEMEMEXTUSDT Basket Index Perpetual Swap Contract. This innovative offering aims to provide traders with a convenient way to access a diverse range of meme coins in the cryptocurrency market through a single contract.
The MEMEMEXTUSDT Basket Index includes popular meme coins such as 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). Traders can speculate on the overall performance of these meme coins using the perpetual swap contract, which 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%. Moreover, the base initial margin requirement is 4.00%, and the base maintenance margin is 2.00%. By trading on the Basket Index, traders can diversify their risk and invest in a portfolio of meme coins rather than individual tokens.
BitMEX CEO Stephen Lutz highlighted the advantages of the new offering, stating that it provides a safe and efficient way for serious crypto traders to participate in the meme coin market. Traditionally, many traders have avoided meme coins due to factors such as volatility, short cycles, and liquidity issues. However, by trading on a basket of meme coins with insurance fund protection, traders can gain exposure to this market segment without the need to directly hold Meme Coins.
The launch of the MEMEMEXTUSDT Basket Index Perpetual Swap Contract by BitMEX represents a step towards democratizing access to meme coins for traders. By offering a convenient and secure way to trade on a diverse range of meme coins, BitMEX aims to attract more investors to this dynamic sector of the cryptocurrency market.
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