RATE Group | BitMEX to Launch Bitcoin-Settled Futures Tracking Ether Price Against Dollar
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BitMEX to Launch Bitcoin-Settled Futures Tracking Ether Price Against Dollar

24 Apr BitMEX to Launch Bitcoin-Settled Futures Tracking Ether Price Against Dollar

Posted at 10:45h in Bitcoin News by

Cryptocurrency exchange BitMEX announced a new Ether (ETH)-based futures contract on its trading platform.

According to an April 24 announcement, the new derivative contract will feature a fixed Bitcoin (BTC) multiplier which will be unaffected by the Ether price in U.S. dollars. BitMEX explains that this feature allows traders to long or short Ether’s USD exchange rate without holding either ETH or dollars. The announcement explains:

“Traders post margin in XBT [Bitcoin], and earn or lose Bitcoin as the ETH/USD rate changes.”

The exchange plans to launch the ETHUSD futures contracts with a maximum leverage of 50x on May 5, 2020. The firm promises that the “new product will be the only one of its kind available in the market.” 

The new BitMEX derivative contract combines the Quanto feature of the exchange’s ETHUSD perpetual swap contract with the expiry and settlement of traditional futures contracts. The contract expires quarterly, just like the firm’s altcoin futures…

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