Right now, BitMEX has launched a brand new product: the MEMEMEXTUSDT. This can be a Basket Index perpetual swap contract. It’s designed to provide merchants publicity to top 10 meme coins. Furthermore, these cash embrace Dogecoin (DOGE), Shiba Inu (SHIB), Pepe Coin (PEPE), and different well-liked meme cryptocurrencies.
BitMEX Meme Coin Perpetual Contract Index
Moreover, the contract is margined in USDT and merchants can leverage as much as 25x. For context, basket Index perpetual contracts are derivatives. They’re tied to a bunch of underlying property. Furthermore, this new product lets merchants speculate on the general efficiency of meme cash. It additionally helps them diversify their threat. It’s much like the S&P 500 in conventional finance.
The MEMEMEX Basket Index, additionally referred to as .BMEMEMEXT, is a key a part of this new product. It contains the highest 10 meme cash by market cap. As of now, these cash and the share within the index are:
- Dogecoin (DOGE): 20%
- Shiba Inu (SHIB): 20%
- Pepe Coin. (PEPE): 20%
- Dogwifhat (WIF): 8.81%
- Floki Inu (FLOKI): 8.31%
- Brett (BRETT): 7.31%
- Bonk (BONK): 7.38%
- Ebook of Meme (BOME): 3.18%
- Memecoin (MEME): 2.50%
- Mog Coin (MOG): 2.50%
Moreover, the market caps of those tokens can be reviewed month-to-month. Therafter, the index can be adjusted to all the time embrace the highest 10 meme cash. The MEMEMEX Basket Index by BitMEX makes use of a weighted common worth of those cash. The index multipliers are up to date on the final Friday of every month. Any modifications are introduced 4 days earlier than the rebalance.
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Options Of The Basket Memecoin Index
In line with the most recent announcement, the MEMEMEXTUSDT contract on BitMEX has particular options:
- It’s a linear perpetual swap.
- It’s margined in USDT.
- Customers don’t want to carry the precise meme cash.
- Image: MEMEMEXTUSDT
- Margin Foreign money: USDT
- Contract Measurement: 0.0001 MEMEMEXT
- Lot Measurement: 1000
- Minimal Commerce Quantity: 0.1 MEMEMEXT
- Underlying: .BMEMEMEXT
- Most Leverage: 25x
- Maker Charges: -0.015%
- Taker Charges: 0.075%
- Base Preliminary Margin: 4.00%
- Base Upkeep Margin: 2.00%
The MEMEMEXTUSDT permits merchants to simply acquire publicity to meme cash. They’ll do that with out holding the person cash. The product is good for these seeking to speculate on the meme coin market as a complete. It gives a solution to leverage their positions as much as 25 instances. This will amplify positive aspects but additionally will increase dangers.
The newest transfer by BitMEX transfer comes as meme cash proceed to achieve recognition. Dogecoin and Shiba Inu, as an illustration, have huge followings. Furthermore, they’ve seen vital worth actions these days. Therefore, the MEMEMEX Basket Index might entice extra merchants to the platform. It simplifies entry to the meme coin market.
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The introduced content material could embrace the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability in your private monetary loss.