You are here: Home/ News/ BitMEX’s USDTUSDC Perpetual Swap, Offering Traders 10x Leverage On USD Coin
BitMEX, the cryptocurrency derivatives exchange, has launched its latest product – the USDTUSDC perpetual swap. Traders will now be able to use Bitcoin (XBT) to pay margins and speculate on the price of USD Coin (USDC) via BitMEX’s new offering.
Starting from 04:00 UTC on March 12th, BitMEX will offer traders the opportunity to take long or short positions on USDC through their USDTUSDC perpetual swap. This latest addition to BitMEX’s offerings will allow traders to speculate on the stability of the USDC peg.
A significant advantage of trading USDC listings on BitMEX is the ability to leverage up to 10x and hold some of the industry’s highest maximum position sizes.
Additionally, its USDTUSDC product features a fixed Bitcoin multiplier, allowing traders to take positions on the USDT/USDC exchange rate without having to touch USDT or USDC.
Due to the quanto risk premium, its USDTUSDC perpetual swap may trade at a premium or discount to the USDT/USDC spot price. Traders can deposit Bitcoin (XBT) as a margin and realize gains or losses in XBT as the USDT/USDC rate fluctuates.
The contract specifications for the USDTUSDC perpetual swap include a Bitcoin multiplier of 0.0001 XBT (10,000 Satoshis), with the XBT contract value being the USDTUSDC price multiplied by the Bitcoin multiplier.
The underlying for the USDTUSDC perpetual swap is BUSDTUSDC, with a max leverage of 10x and a risk limit of 50 XBT.
The maker fee for the USDTUSDC perpetual swap is -0.01%, while the taker fee is 0.075%. The base initial margin is 10.00%, while the base maintenance margin is 5.00%.
However, the launch of BitMEX’s USDTUSDC perpetual swap provides traders with a unique opportunity to speculate on the price of USD Coin with Bitcoin and enjoy high leverage and position sizes.
BitMEX Founder Proposes New Stablecoin Mechanism – NUSD
As TronWeeklyreportedrecently, BitMEX’s founder, Arthur Hayes, suggested a novel approach to address the difficulties of using Bitcoin as a financial asset and exchanging it with fiat currencies like USD.
According to Hayes, the process is complicated since exchanges require a bank account for the USD component of a transaction.
To tackle this issue, Hayes proposed the use of a new stablecoin called NUSD. The stablecoin’s value would be equivalent to $1 worth of Bitcoin plus a short 1 Bitcoin/USD inverse perpetual swap. To create 1 NUSD, traders would need to deposit 1 BTC on a derivatives exchange and short 1 XBTUSD swap.
Related Reading | Tether Takes On WSJ: Calling Out Misleading Reporting & Bias
Note: This article have been indexed to our site. We do not claim legitimacy, ownership or copyright of any of the content above. To see the article at original source Click Here
SAMSUNG Galaxy A15 5G (128GB, 2024) 6.5" 90Hz AMOLED, 50MP Camera, 4G Volte (Fully Unlocked International Model for AT&T, T-Mobile, Verizon, Global) A156U (Blue Black) (Renewed)
$128.99 (as of June 25, 2024 21:05 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Bright Starts Easy-Grasp Oball Bundle Gift Set - Grasp The Day, Ball and Rattle Toys 2-Pack, BPA Free, Unisex, Newborn+
$2.97 (as of June 24, 2024 21:06 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
2024-1 oz Alderney .999 Silver D-Day 80th Anniversary Coin Brilliant Uncirculated with Certificate of Authenticity 1 Troy ounce £1 Seller BU
$46.05 (as of June 25, 2024 21:05 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Nerds Gummy Clusters Candy, Rainbow, Individually Wrapped Treat Sized Packs, 30 oz (60 Count)
$3.39 (as of June 24, 2024 21:06 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
