BitMEX Lists Luna 2.0, ETH Margin and Settlement Options
Nicholas Otieno Jun 03, 2022 06:55
BitMEX users are now able to trade ETH options and USDT-margined Terra Luna 2.0 contracts, all with up to 25x leverage.
Cryptocurrency exchange BitMEX announced on Thursday that it has expanded its margin trading services by listing the new Luna 2.0 token (LUNA) on its platform. Terra Luna launched the new cryptocurrency on 28 May.
BitMEX listed Terra 2.0 (LUNA) in a dedicated trading zone and opened trading for LUNAUSD and LUNAUSDT trading pairs at 04:00 UTC on 2 June 2022.
Terra 2.0 holds the maximum leverage of 25x for the users. Users are now able to trade XBT, and USDT margined Terra Luna 2.0 contracts.
LUNAUSD has a fixed Bitcoin multiplier, which lets traders go long or short on the listing without trading LUNA or USD. The LUNAUSDT product is a linear perpetual swap margined in USDT. Margins appear in XBT, and so do the earnings or loss from the trade.
Terra 2.0 is part of the revival plan introduced by Do Kwon, the CEO, and founder of Terra Protocol after the Terra protocol collapsed.
Besides that, BitMEX launched ETH options for margins and settlement for their perpetual and futures contracts, which also apply to the listings above. The service allows users to trade on leverage — margin trading lets users multiply their gains and losses.
BitMEX said that the leverage (the amount that can be borrowed against a user's crypto collateral) is 25x. A customer’s margin wallet balance determines the amount of funds he or she can borrow, following a fixed rate of 25:1 (25x).
The introduction of ETH margin trading follows the launch of BitMEX Spot, which aligns with BitMEX’s focus on providing new, easy-to-use trading services for both existing and new users.
Founded in 2014, BitMEX is a Seychelles-based cryptocurrency derivatives platform that enables traders to buy and sell futures and perpetual on a wide range of cryptocurrencies.
In 2016, BitMEX launched perpetual leveraged swap contracts on Bitcoin to allow customers to trade Bitcoin futures with up to 100x leverage with no expiry date. As a result, the innovative new crypto derivative trading service helped BitMEX become one of the Bitcoin exchanges with the highest volumes in the world.
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