With the BitMEX memecoin basket index built as a weighted average price of the top 10 memecoins by market capitalization, the index members are rebalanced weekly to guarantee it continues to track the best-performing memecoins. Offering up to 25x leverage, this USDT-margined linear perpetual swap offers

BitMEX CEO Stephan Lutz remarked, “The MEMEMEXTUSDT perpetual swap allows traders to easily diversify their exposure across the top memecoins and capitalize on the latest market trends—all while managing risks effectively.”.

BitMEX claims that by offering a complete contract like the S&P 500 but for crypto memecoins, the new single-instrument solution lessens the complexity of memecoin trading.

BitMEX stated in a press release Thursday that the multiple-memecoin contract can also “provide improved liquidity, enabling traders to more easily execute their trades at favorable prices.”

The MEMEMEXTUSDT contract terms follow: MEMEMEXTUSDT is the contract’s symbol; USDT serves as the margin money. Every contract stands for 0.0001 MEMEMEXT; the lot size is 1000. The manufacturer charge is -0.015%; the taker fee is 0.075%. Two percent is the base maintenance margin, and four percent is the base initial margin.

BitMEX is giving traders using the MEMEMEXTUSDT contract a prize pool of up to $10,000 in USDT to celebrate the debut; top performers will get a portion of the reward.

The new instrument launches following BitMEX’s recent enabling of ultra-high leverage of up to 250x for its perpetual swaps.

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