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Crypto exchange BitMEX has announced a new index that allows traders to gain exposure to the top 10 memecoins.
Crypto derivatives exchange <a href="https://crypto.news/tag/bitmex/" target="_blank" rel="noopener noreferrer nofollow">BitMEX</a> has announced the launch of a new basket index, the MEMEMEXTUSDT Basket Index Perpetual Swap Contract, which provides traders exposure to the top 10 <a href="https://crypto.news/tag/memecoin/" target="_blank" rel="noopener noreferrer nofollow">memecoins</a> by market capitalization as the trading platform seeks to offer new ways for traders to capitalize on the memecoin frenzy.
The Seychelles-headquartered exchange revealed in a press release shared with crypto.news that the new index is traded in pair against <a href="https://crypto.news/tag/tether/" target="_blank" rel="noopener noreferrer nofollow">Tether</a>‘s USDT stablecoin, constructed as a weighted average price of the key memecoins, and is “rebalanced monthly.”
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BitMEX chief executive Stephan Lutz said the index launch was a response to a “growing appetite from BitMEX users to get in on the action,” adding that the new product is aimed to simplify trading by offering a single product that eliminates the need to navigate through a vast array of memecoins.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “The sheer number of meme coins can be overwhelming, making it tricky for traders to find their footing. Thus, we’re excited to launch the MEMEMEXTUSDT Perpetual Swap.”
 Stephan Lutz
</blockquote>
The exchange hopes that by aggregating multiple memecoins into a single index product, the contract can provide “improved liquidity, enabling traders to more easily execute their trades at favourable prices.” The contract specifics include a maker fee of -0.015% and a taker fee of 0.075%.
Read more: <a href="https://crypto.news/bitmex-unknown-organization-controls-47-of-bitcoin-hashrate/" rel="noopener noreferrer nofollow"> BitMEX: Unknown organization controls 47% of Bitcoin hashrate </a>

BitMEX unveils new basket index tied to major memecoins

crypto.news

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