As we speak, BitMEX has launched a brand new product: the MEMEMEXTUSDT. This can be a Basket Index perpetual swap contract. It’s designed to present merchants publicity to top 10 meme coins. Furthermore, these cash embody Dogecoin (DOGE), Shiba Inu (SHIB), Pepe Coin (PEPE), and different widespread 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 belongings. Furthermore, this new product lets merchants speculate on the general efficiency of meme cash. It additionally helps them diversify their threat. It’s just 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 consists of 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%
- Guide of Meme (BOME): 3.18%
- Memecoin (MEME): 2.50%
- Mog Coin (MOG): 2.50%
Moreover, the market caps of those tokens will likely be reviewed month-to-month. Therafter, the index will likely be adjusted to at all times embody the highest 10 meme cash. The MEMEMEX Basket Index by BitMEX makes use of a weighted common value 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 accordance 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 Forex: 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 right for these seeking to speculate on the meme coin market as a complete. It offers a strategy to leverage their positions as much as 25 occasions. This may amplify positive factors but in addition will increase dangers.
The newest transfer by BitMEX transfer comes as meme cash proceed to realize recognition. Dogecoin and Shiba Inu, for example, have huge followings. Furthermore, they’ve seen vital value actions currently. Therefore, the MEMEMEX Basket Index might appeal to extra merchants to the platform. It simplifies entry to the meme coin market.
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The introduced content material could embody the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability on your private monetary loss.
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