Crypto derivatives exchange BitMEX has launched the MEMEMEXTUSDT Basket Index Perpetual Swap Contract, which offers traders exposure to the top 10 meme coins in the market through a single contract.
According to a press statement, the launch of MEMEMEXTUSDT is a continuation of BitMEX’s “active efforts to diversify its suite of innovative trading products, having launched BitMEX Options and enabling ultra-high leverage of up to 250x for its perpetual swaps just this year alone”.
BitMEX’s MEMEMEXTUSDT perpetual swap contract was created to reduce the complexity of “navigating the unpredictable landscape of meme coins” by providing a comprehensive contract akin to the S&P 500. By aggregating multiple meme coins into a single index product, the MEMEMEXTUSDT contract aims to provide improved liquidity, enabling traders to more easily execute their trades at favourable prices.
The MEMEMEXTUSDT contract allows traders to speculate on the overall performance of the vast and ever-changing meme coins sector, eliminating the need to trade, monitor, and research multiple individual tokens. As the performance of the index is not dependent on the fluctuations of a single asset, traders can also effectively diversify their risks.
The BitMEX Meme Basket Index is constructed as a weighted average price of the top 10 meme coins by market capitalisation, with the index constituents rebalanced monthly to ensure it continues to track the best performing meme coins. Any changes to the index will be announced ahead of time to provide full transparency. The MEMEMEXTUSDT is a USDT-margined linear perpetual swap that offers up to 25x leverage.
