Bitcoin Cash Joins Ethereum and XRP with New Perpetual Swap Contract on BitMEX

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Tue, 06/16/2020 - 07:46
Alex Dovbnya
BitMEX launched a Bitcoin Cash perpetual swap. Arthur Hayes wants to list more altcoins
Cover image via stock.adobe.com
Contents

BitMEX, one of the leading derivatives trading platforms, recently launched a Bitcoin Cash perpetual swap contract that was announced earlier this month.      

Earlier this year, the Seychelles-based trading platform also introduced similar products for Ethereum and XRP.      

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Traders don’t have to touch BCH or USD 

The BCH/USD swap contract will allow BitMEX users to trade with leverage of up to 25 times.

According to the exchange’s explanation of the contract’s specifications, users are not required to have BCH or USD for trading the contract. 

Traders post margin in XBT contracts (each is worth $1). Traders who deploy the BCH/USD perpetual swap will see their Bitcoin balance grow or decrease based on their performance. 

BitMEX debuted Bitcoin Cash futures back under the BCHX17 ticker symbol back in November 2017, which allowed its users to long or short the fork with 20x leverage based on the BCH/BCH exchange rate.  

Not mincing words

In a new tweet, BitMEX CEO Arthur Hayes asked users for suggestions about how they should expand their new product range.

image by @CryptoHayes

His followers inevitably started shilling their own favorite cryptocurrencies in the thread.

Hayes, taking a jab at Bitcoin’s largest fork, also rubbed some of his holders the wrong way, but he used even harsher words to describe XRP when its perpetual swap contract got listed back in February.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.


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