CoinDesk reports:
Seychelles-based derivatives exchange BitMEX has announced the launch of MEMEMEXTUSDT basket index perpetual swap contracts.
The latest issuance aims to offer traders exposure to the hottest meme coins in the market through a single contract. BitMEX’s MEMEMEXTUSDT, dubbed the “Crypto Meme Coin S&P 500 Index,” will enable traders to speculate on the collective performance of popular OG meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), as well as recent additions like Pepe (Pepe), dogwifhat (WIF), Floki Inu (Floki), Brett (Brett), Bonk (Bonk), Book of meme (BOME), Memecoin (meme), and Mog Coin (Mog).
According to an official blog post, the contract, denominated in USDT, will offer leverage of up to 25x. Each contract represents 0.0001 MEMEMEXT with a batch size of 1000. Maker fees are set at -0.015%, while taker fees are 0.075%. Additionally, the initial base margin requirement is 4.00%, with a maintenance margin of 2.00%.
With this basket index perpetual contract, traders can diversify risk and invest in a niche market within the cryptocurrency industry rather than individual tokens.
BitMEX CEO Stephen Lutz commented upon the product’s launch,
“Well, we know a lot of serious cryptocurrency traders have stayed away from Meme Coins. And with good reason. Volatility, short cycles, the liquidity of some coins. But… what if you could trade a basket of them, fully hedged in the insurance fund, without having to convert your USDT and/or primary crypto into Meme Coins? Well, you might want in.”