Cryptocurrency exchange BitMEX has launched FX contracts – open-ended FX contracts with up to 50x leverage. It was announced on the platform’s official blog.
FX contracts are traded around the clock. On weekends, the contract price fluctuates around Friday’s closing market price.
Users can open long and short positions in 22 currency pairs: EURUSD, EURCHF, EURTRY, USDCHF and others.
The exchange uses bitcoin (XBT) or Tether (USDT ERC-20) as margin. Holders of open positions pay a funding rate.
BitMEX offers three types of contracts for currency swaps:
- Quantum contract: a currency pair is represented by two assets, e.g. the dollar and the Indian rupee (USDINR), with collateral and repayments payments are collateralized in a third asset, the bitcoin (XBT);
- Inverse contract: the margin and yield are calculated in the base currency rather than the quoted currency. For example, in the USDTMXN pair, the margin is calculated in USDT and not in MXN;
- Linear contract: margin and yield are calculated in Tether (USDT).
BitMEX is a cryptocurrency and derivatives trading, staking and passive earning platform that is among the top 10 derivatives trading platforms on CoinMarketCap.
As a reminder, BitMEX previously announced the launch of its own BMEX token and airdrop.