cryptonewsz.com
As per the Twitter post shared by BitMEX, new perpetual contracts based on Project Galaxy, Tron, and ApeCoin went live on the exchange on May 19. The five new perpetual contracts include GALUSD, GALUSDT, TRXUSD, TRXUSDT, and APEUSD. The trading platform would bring advanced features like Bitcoin Multiplier and offer 33x exclusive leverage for these pairs.
In Hong Kong, BitMEX has offered its trading services to investors since 2014. BitMEX is one of the industry-leading names for crypto trading. Traders use the BitMEX platform for building perpetual contracts, and with the new listings, the available pairs on the platform increased to 20 now.
Project Galaxy is the first among the newly added crypto assets on BitMEX. The ecosystem was created as a “collaborative credential infrastructure” that helps brands to build their communities and products for the web3 space. GAL is the native utility token of the Project Galaxy ecosystem and is used to take important governance decisions, pay for APIs, access Galaxy Oracle Engine, and curate credentials.
GAL would have two perpetual contracts on BitMEX, namely GALUSD and GALUSDT. The former will have a fixed Bitcoin Multiplier option that helps investors long or short their exchange rate without touching the pair. The margin currency for this pair is XBT, and investors may lose or earn XBT tokens based on how the rate changes. GALUSDT is a perpetual linear contract that uses USDT for margin.
Tron is the second on the list of the new BitMEX perpetual. Launched in 2017 by Tron Foundation, the ecosystem is home to blockchain systems and dApps. The native TRX tokens are used for gaining access to some of the integral options and protocols in the ecosystem.
Like GAL, BitMEX will be offering two perpetual contracts for the native token of Tron. Of the two TRX pairs, TRXUSD will use XBT for margin and have access to Bitcoin Multiplier. On the other side, TRXUSDT will be listed as a perpetual linear swap.
Based on the popular NFT collection, ApeCoin was developed as a governance token for ApeDAo that explores culture, gaming, and commerce. The token is currently used for community-based activities in the ecosystem. APEUSD is the only perpetual contract offered for the NFT community on BitMEX. Like other contracts paired against the USD, this perpetual will also use the Bitcoin Multiplier and XBT margin.
All the five perpetual contracts will reportedly receive an exclusive 33x leverage on the trading platform. The maker and taker fees for the pairs are decided at -0.01% and 0.075%, respectively. While the pairs’ initial margin is set at 3.00%, the maintenance margin comes down to 1.50%.