Crypto exchange BitMEX has announced a new index that allows traders to gain exposure to the top 10 memecoins.
Crypto derivatives exchange BitMEX has launched the MEMEMEXTUSDT Basket Index Perpetual Swap Contract, aiming to simplify trading of the top 10 memecoins by market cap.
BitMEX CEO Stephan Lutz said the new index responds to the "growing appetite" from users for memecoin trading. The product aims to streamline trading by bundling multiple memecoins into one.
“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
By aggregating multiple memecoins, BitMEX hopes the contract will provide "improved liquidity," easing trade executions at favorable prices. The contract details include a maker fee of -0.015% and a taker fee of 0.075%.
