BitMEX launches XRP perpetual swap with up to 50x leverage

BitMEX is set to roll out a new perpetual swap contract for the XRP cryptocurrency. The XRP/USD swap contract is going live on February 5 at 4:00 UTC.

The XRP/USD contract will offer leverage of up to 50 times, according to information on the BitMEX website. “All margin is posted in Bitcoin, that means traders can go long or short this contract using only Bitcoin,” said the exchange.

The new product, which is similar to BitMEX’s Bitcoin futures swap, will trade without a set expiration date in perpetuity. Each futures contract is worth $1. Users are required to pay a funding fee every eight hours.

The exchange’s CEO Arthur Hayes said that he didn’t care whether or not it was called Ripple or XRP while commenting on the new addition. The only thing that mattered was that it was still worth more than zero.

Last month, Binance Futures exchange launched the XRP/USDT contract, which offers leverage of up to x75. Other little-known crypto exchanges Delta and BaseFEX have been offering such contracts for some time now.

Ripple’s XRP led the alt-season and crypto bubble of 2017. While the ICO bubble in Ethereum hyped the market to astronomical highs, XRP was the highest gainer.

However, two years post its’ burst, the price has failed to break bullish. It has continued to trade below $0.3 for a greater part of the year 2019. The price of XRP at press time is $0.25.

Arthur Hayes: Bitcoin Futures Trading Volume Exceeds $2 Trillion

BitMEX is definitely a force to be reckoned with in the cryptocurrency space given that it boasts more than $1 trln dollars in annual trading volume. The launch of perpetual Bitcoin futures that took place in 2016 turned out to be a great success for the exchange, making it the number one destination for margin trading.

Yesterday, Bitmex CEO Hayes has shown the trading volume figures of his exchange. With a daily turnover of close to 288K in Bitcoin Futures (XBT), the overall trading volume, since launch, has exceeded two trillion dollars.

BitMEX is one of the first Bitcoin futures (XBT) exchanges. It is also a pioneer in another sphere of derivatives on crypto, perpetual contracts.

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