Crypto exchange BitMEX has launched the first-ever FX perpetual swap contracts (FX perps) that will enable users to trade the most sought-after foreign currency pairs 24/7, irrespective of whether the forex market (FX) is closed or not.
“BitMEX FX perps are a transparent exchange-traded contract which allows FX traders to go long and short as a taker or maker for which we offer a 1 basis point fee rebate, which is unique in the industry. For institutional users, FX perps provide an entirely new way to create synthetic crypto pairs to arbitrage - for example; Bitcoin quoted in non-USD currencies.”
The innovation rendered by the FX perpetual swap is that it’s a form of derivative contract that incorporates the merits of both the future and spot markets. As a result, institutions and individuals can trade it with up to 50x leverage.
Per the announcement:
“One of the key innovations is a funding rate that is paid every eight hours to help trading prices stay in line with the underlying...
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