New MEMEMEXTUSDT Basket Index Perpetual Swap Contract
BitMEX, a well-known crypto derivatives exchange, has launched the MEMEMEXTUSDT Basket Index Perpetual Swap Contract. This new product offers traders exposure to the top 10 memecoins by market capitalization, pairing them against Tether’s USDT stablecoin. The index is constructed as a weighted average price of the key memecoins and is rebalanced monthly.
Addressing Growing User Demand
Stephan Lutz, CEO of BitMEX, explained that the introduction of this index is a response to the increasing interest from BitMEX users in memecoins. He noted that the new product simplifies trading by consolidating multiple memecoins into a single index, eliminating the need for traders to navigate through numerous individual coins.
“The sheer number of meme coins can be overwhelming, making it tricky for traders to find their footing. Thus, we’re excited to launch the MEMEMEXTUSDT Perpetual Swap.”
Stephan Lutz
Enhanced Liquidity and Simplified Trading
By aggregating several memecoins into one index product, BitMEX aims to improve liquidity, making it easier for traders to execute trades at favorable prices. The contract specifics include a maker fee of -0.015% and a taker fee of 0.075%.
Conclusion
The launch of the MEMEMEXTUSDT Basket Index Perpetual Swap Contract by BitMEX offers a streamlined way for traders to capitalize on the memecoin trend, providing simplified trading and enhanced liquidity in a single, user-friendly product.
