BitMEX launches Cardano, Chainlink, Tezos and EOS quarterly futures

  • BitMEX has announced the launch of four new altcoin future products.
  • The new quarterly futures for the EOS token (EOS), Chainlink (LINK), Tezos (XTZ) and Cardano (ADA) will be available from September 11th at 08:00 UTC.

As one the leading crypto derivatives exchange BitMEX, known in the industry for its high leverage trading options, announced a few hours ago, it will add four new altcoins to its list of quanto futures products. According to the official announcement, the listing of the new altcoin/USDT contracts is a response to high customer demand.

In response to demand from our users, these new Altcoin/USDT contracts better reflect the underlying positions many traders are taking on spot markets.

Remarkably, the new altcoin futures are traded against Tether (USDT) instead of Bitcoin (BTC). In the announcement, BitMEX explained as the reason for this that “USDT pairs account for over 60% of the total altcoin volume”. By listing Tether pairs, “we are providing users with trading options that better meet their needs”.

Really new on BitMEX are both altcoins Chainlink (LINK) and Tezos (XTZ). According to the blog post, LINK will be the first DeFi related contract available on BitMEX. BitMEX will also introduce USDT base contracts for Cardano (ADA) and the EOS token (EOS), which are already listed on the exchange. As BitMEX explained, the successful introduction of the ETH/USD quanto futures at the beginning of the year has led to an expansion of the contracts.

The new contracts combine the quanto function of the perpetual swap products with the expiration and settlement features found in traditional futures, the announcement states. As with any BitMEX altcoin future, the contracts expire quarterly. BitMEX also stated on the new products:

As with all quanto products, they have a fixed Bitcoin multiplier regardless of the underlying Altcoin price. This allows traders to long or short each coin without needing to hold the specific coin or USDT. Traders post margin in XBT, and earn or lose XBT as the future’s price changes.

More altcoin futures are supposed to follow in the coming months. Futures products, unlike spot trading, allow market participants to bet on both rising and falling crypto prices without holding the actual asset. This increases accessibility on the one hand and reduces the risks associated with the custody of cryptocurrencies on the other.

About Author

Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

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