Crypto derivatives exchange BitMEX’s Bitcoin perpetual swap XBTUSD is now offering 250x leverage, up from 100x, ahead of Bitcoin halving.
The significant increase comes following requests from traders to profit from the anticipated volatility as halving approaches, the company said in a release shared to Cryptonews.
A perpetual swap is a type of derivative trading product that offers traders a chance to take on large positions in a cryptocurrency with little money down.
“With increased leverage of up to 250x for XBTUSD we want to ensure traders can capitalize the most on the bull market,” Stephan Lutz, CEO at BitMEX, noted.
BitMEX introduced 100x leverage for perpetual swaps in May 2016 and expects that 2024 would be a great year for BitMEX and crypto traders.
BitMEX aims to be at the forefront to create “timely products for crypto traders to make more money,” Lutz added.
Additionally, BitMEX’s deep liquidity on perpetual swaps will enable traders to place larger trades with higher leverage. Furthermore, the exchange’s trading environment has its Insurance Fund backed, for enhanced protection of traders and assets.
Per BitMEX’s data XBTUSD perpetual swap gained over US$3 trillion trading volume on the platform alone. The exchange also aims to offer additional rewards to users who engage in trading 250x perpetual contracts.
BitMEX’s New Perpetual Swap Featuring Tether Gold
In yet another latest move, BitMEX has announced a new perpetual contract – XAUtUSD – featuring XAUt (Tether Gold). This would begin with a 25x leverage.
Tether Gold is a crypto backed by physical gold, offering a blockchain-based way to buy, hold, and transfer gold ownership.
The trading of XAUtUSD started on Thursday, and has a fixed Bitcoin multiplier, regardless of the XAUt/USD price. “This allows traders to long or short the XAUt/USD exchange rate without ever touching XAUt or USD,” BitMEX announcement read.
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