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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