Memecoins
BitMEX Unveils New Basket Index Linked to Major Memecoins
Cryptocurrency exchange BitMEX has announced a new index that allows traders to gain exposure to the top 10 memecoins.
Crypto Derivatives Exchange BitMEX announced the launch of a new basket index, the MEMEMEXTUSDT Basket Index Perpetual Swap Contract, which provides traders with exposure to the top 10 coins by market cap, as the trading platform seeks to offer new ways for traders to capitalize on the memecoin frenzy.
The Seychelles-based exchange revealed in a press release shared with crypto.news that the new index is traded in pairs against Attached‘s USDT stablecoin, built as a weighted average price of major memecoins, is “rebalanced monthly.”
BitMEX CEO Stephan Lutz said the launch of the index was a response to a “growing appetite among BitMEX users to get in on the action,” adding that the new product aims to simplify trading by offering a single product that eliminates the need to navigate through a vast array of memecoins.
“The number of meme coins can be overwhelming, making it difficult for traders to find their footing. That’s why we’re excited to launch the MEMEMEXTUSDT perpetual swap.”
Stephan Lutz
The exchange hopes that by pooling multiple memecoins into a single index product, the contract can offer “better liquidity, making it easier for traders to execute their trades at favorable prices.” Contract details include a -0.015% creation fee and a 0.075% support fee.