BitMEX launches perpetual contracts on baskets of altcoins and DeFi tokens

The cryptocurrency derivatives exchange BitMEX announced the launch of perpetual contracts on the indices of popular crypto assets and DeFi protocol tokens — ALTMEXUSD and DEFIMEXUSD, respectively.

So many coins, so little time. Don’t worry, we’ve got you covered.

Introducing the BitMEX ALTMEX Basket Index (.BALTMEX) and the BitMEX DEFIMEX Basket Index (.BDEFIMEX) , as well as the ALTMEXUSD and DEFIMEXUSD Perpetual Swap contracts.

Details here: https://t.co/93gLfZIafk pic.twitter.com/YE6B0DgZ3q

— BitMEX (@BitMEX) July 20, 2021

According to the promotional video, users will be able to place bets on the basket’s performance of assets selected by the platform in a single contract. This yields savings on transaction fees compared with buying each coin separately.

Among other touted advantages are diversification of the cryptocurrency portfolio, as well as a simplified trading and monitoring process across market segments.

The indices are rebalanced on a quarterly basis to align with the current market state.

Each index consists of ten components:

• ALTMEXUSD — comprising BNB, ADA, DOGE, XRP, DOT, UNI, BCH, LTC, SOL, LINK;
• DEFIMEXUSD — comprising UNI, LINK, AAVE, MKR, LINA, COMP, AVAX, GRT, YFI, SUSHI.

The constituents have been assigned a fixed multiplier to the Bitcoin price. This allows traders to decouple from changes in the prices of assets denominated in dollars.

Variation margin is posted/charged every eight hours. Clients have leverage up to 25x.

Maker fee -0.025%, taker fee 0.075%. Funding rate for long positions 0.01%, for shorts — -0.01%.

Earlier in June, the cryptocurrency derivatives exchange FTX announced the launch of perpetual MVDA10 and MVDA25 contracts. Their underlying assets will be the MV Index Solutions indices on a basket of digital assets.

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