BitMEX, a cryptocurrency derivatives exchange, has introduced the MEMEMEXTUSDT Basket Index Perpetual Swap Contract. This new offering allows traders to gain exposure to the top 10 memecoins by market capitalization, aligning with BitMEX’s aim to provide traders with innovative opportunities amidst the memecoin craze.
According to a press release disclosed to crypto.news, the Seychelles-based exchange detailed that the index is paired with Tether’s USDT stablecoin. It represents a weighted average price of the leading memecoins and undergoes monthly rebalancing.
Stephan Lutz, CEO of BitMEX, described the launch of the index as a response to increasing demand from BitMEX users eager to participate in the memecoin market. He emphasized that the new MEMEMEXTUSDT Perpetual Swap aims to simplify trading by offering a single product that streamlines access to a wide range of memecoins.
“With the multitude of meme coins available, navigating the market can be daunting for traders. We’re thrilled to introduce the MEMEMEXTUSDT Perpetual Swap,” stated Stephan Lutz.
BitMEX anticipates that consolidating multiple memecoins into a unified index product will enhance liquidity, facilitating smoother trade execution at favorable prices. The contract specifics include a maker fee of -0.015% and a taker fee of 0.075%.
