BitMEX Expands Into Traditional Financial Markets With FX Perpetual Swap Contract

BitMEX, one of the longest-running derivatives exchanges in the cryptocurrency market, is moving into the traditional financial markets with the launch of FX perpetual swaps pegged to foreign currencies.

BitMEX Launches FX Perpetual Swap Contract

In order to allow customers to engage in more than 20 contracts connected to foreign currencies – even during after-markets trading for these currencies – the company created FX perpetual swap contracts (FX perps) on August 4. This is the company’s most notable venture into non-crypto related products since changing its name and replacing founder Arthur Hayes with exchange veteran Alexander Hoptner as CEO.

According to BitMEX, Hoptner’s hiring signaled that the organization will be considering a “wider vision”. There have been difficulties, though, such as recent layoffs and the company’s choice to forego the acquisition of a German bank.

Still, the launch of FX perps reflects the ongoing strategy to give existing and new users of BitMEX “a broader range of crypto-margined contracts, including products that will allow traders access a range of currencies and commodities,” according to a statement from the company. 

“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.”

Daniel Egloff, Head of Quants at BitMEX, said in a statement

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