BitMEX launches perpetual FX contracts on fiat currencies

The cryptocurrency exchange BitMEX launched trading of FX contracts — perpetual currency contracts with up to 50x leverage. This was reported in the official blog of the platform.

FX contracts trade around the clock. On weekends, the contract price hovers near Friday’s close.

Users can open long and short positions on 22 currency pairs: EURUSD, EURCHF, EURTRY, USDСHF and others.

As margin, the exchange uses Bitcoin (XBT) or Tether (USDT ERC-20). Holders of open positions pay the funding rate.

BitMEX offers three types of contracts for currency swaps:

• Quanto contract: the currency pair is represented by two assets, for example, the dollar and the Indian rupee (USDINR), with collateral and payouts provided in a third asset — Bitcoin (XBT);
• Inverse contract: margin and payoff are calculated in the base currency, not the quote. For example, in the USDTMXN pair, the margin is calculated in USDT, not MXN;
• Linear contract: margin and payouts are calculated in the stablecoin Tether (USDT).

BitMEX is a platform for trading cryptocurrencies and derivatives, as well as staking and passive income, which ranks among the top-10 platforms for derivatives trading on CoinMarketCap.

Earlier, BitMEX announced the launch of its own BMEX token and an airdrop.

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