BitMEX Announces ETHUSD Quanto Futures Contract

ETHUSD Quanto Futures Contract

The famous cryptocurrency exchange BitMEX is introducing a new product on its platform “ETHUSD Quanto Futures Contract”. The crypto exchange announced to launch its new product on 5th May 2020.

BitMEX is offering ETHUSD Quanto Futures Contract with up to 50x leverage and the crypto exchange claims that this is the first of its kind that is being introduced in the market. It also makes BitMEX become the first crypto exchange to launch such kind of product. BitMEX has given a new opportunity to its traders to speculate on the second-rank digital currency ETH.

Fixed Bitcoin Multiplier

ETHUSD Quanto futures will be represented by the symbol of ETHUSDM20 and this symbol will be used during trading. Announcing the news in a blog post, the crypto exchange says that this new product has a fixed bitcoin multiplier which is pinned at 0.000001 XBT.

According to the blog post:

“ETHUSD Quanto futures have a fixed Bitcoin multiplier regardless of the USD Ethereum price. This allows traders to long or short the ETH/USD exchange rate without ever touching either ETH or USD! Traders post margin in XBT and earn or lose Bitcoin as the ETH/USD rate changes. This contract combines the Quanto feature of our ETHUSD perpetual swap with the expiry and settlement found in traditional futures. As with every BitMEX altcoin future, it expires quarterly.”

The major crypto exchange says in the blog post that the expiry date for the first contract of ETHUSDM20 is June 26, 2020. The maximum leverage is up to 50x for futures contract while maker and taker fees are -0.025% and 0.075% respectively.

This newly introduced product will bring significant opportunities for traders of BitMEX. The margin trading of the Ethereum Quanto futures contract with XBT is also available for traders so that they can earn BTC.

BitMEX is continuously expanding its futures options and several other significant features and products. The introduction of the ETHUSD Quanto Futures Contract shows that the crypto exchange is working on its mission.

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