BitMEX recently introduced a new product called the MEMEMEXTUSDT Basket Index Perpetual Swap Contract. This offering is specifically designed to cater to traders who are interested in gaining exposure to various meme coins in the market. Described as the “S&P500 for crypto meme coins,” this contract allows traders to speculate on the performance of popular meme coins such as Dogecoin, Shiba Inu, Pepe, and more.
The MEMEMEXTUSDT Basket Index Perpetual Swap Contract is margined in USDT and offers up to 25x leverage for traders. Each contract represents 0.0001 MEMEMEXT and has a lot size of 1000. The maker fee for this contract 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 this new contract, traders now have the opportunity to diversify their risks by investing in a basket of meme coins instead of individual tokens. This approach allows for greater exposure to the crypto industry as a whole, providing a more balanced investment strategy for traders.
In a statement regarding the launch of the new contract, BitMEX CEO Stephen Lutz highlighted the benefits of trading a basket of meme coins rather than individual tokens. He mentioned that many serious crypto traders have avoided directly investing in meme coins due to factors such as volatility, short cycles, and liquidity issues. However, with the MEMEMEXTUSDT Basket Index Perpetual Swap Contract, traders can enjoy the safety of an insurance fund and avoid the hassle of switching between USDT and other Tier1 cryptos to invest in meme coins.
Overall, the launch of the MEMEMEXTUSDT Basket Index Perpetual Swap Contract on BitMEX represents a significant development in the crypto trading space. By providing traders with a new way to gain exposure to meme coins through a single contract, BitMEX is catering to the evolving needs of the market. This innovative offering opens up opportunities for traders to diversify their portfolios and participate in the meme coin market with greater ease and security.
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