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Gemini Foundation, a subsidiary of Gemini cryptocurrency exchange, launches a new perpetual contract for Shiba Inu (SHIB).
The crypto trading platform announced the development in a blog post today, noting that its users can trade the Shiba Inu perpetual contract across select derivatives-enabled jurisdictions.
Per the announcement, the Shiba Inu perpetual contract is denominated in Gemini Dollars, which suggests that users can trade the SHIB contract against GUSD. The exchange offers a leverage of up to 100x, allowing users to capitalize on market opportunities with small funds.
In addition to Shiba Inu, the Gemini Foundation launched new perpetual contracts for Bitcoin Cash (BCH) and Uniswap (UNI).
NEW: SHIB/GUSD, UNI/GUSD, and BCH/GUSD perpetual contracts now available for trading on Gemini Derivatives.
Now trading → https://t.co/Ap4YOQIyO3 pic.twitter.com/2owsIjeRRF
— Gemini (@Gemini) December 10, 2024
Before this announcement, Gemini Foundation already added several assets for perpetual contracts, including Bitcoin (BTC), dogwifhat (WIF), and XRP (XRP).
Supported Regions
For context, Gemini Foundation is a subsidiary of U.S.-based crypto exchange Gemini. It focuses mainly on derivatives trading.
Unlike Gemini, the Gemini Foundation is not available in the United States, the United Kingdom, and the European Union. It is only available in select regions where derivative trading is not prohibited.
There are currently 32 jurisdictions where the derivative product is available. They include Argentina, Bahamas, Brazil, Chile, Singapore, and Turkey, among others.
Users within this region can speculate on the price of Shiba Inu through the perpetual contract offering without directly owning SHIB.
How to Get Started
To get started, new users must create an account on Gemini Foundation. Afterward, login to the newly created account and activate derivatives trading by clicking ‘Activate Now’ close to the Derivatives Account option.
Read and accept the product’s terms and transfer GUSD or BTC to the derivative account to commence trading.
Exchanges Roll Out More Advanced Trading for Shiba Inu
Notably, several crypto exchanges have introduced advanced trading options for Shiba Inu as part of efforts to provide new ways to gain exposure to the canine-themed token.
Last month, San Francisco-based crypto exchange Coinbase featured Shiba Inu, alongside 49 other assets, in an investment fund dubbed Coinbase 50 Index Fund. The product gives users exposure to the top 50 biggest cryptocurrencies by market cap, excluding stablecoins like Tether (USDT).
In August, U.S.-based exchange Kraken added Shiba Inu as a collateral asset for futures trading on its platform. The move came after Kraken rolled out a margin trading pair for SHIB.
Meanwhile, Gemini Foundation’s announcement of a perpetual contract for Shiba Inu was not enough to overturn the asset’s latest decline to a rally. Currently, SHIB is down 10.75% in the past 24 hours to $0.00002696.