In the first-ever FX perpetual swap contract for crypto, BitMEX announced the launch of its cryptocurrency trading platform. On this platform, users can trade 22 foreign exchange contracts 24/7, even during off-peak hours, on some of the most popular currency pairs. 

FX perps offer leverage similar to traditional futures contracts, but without an expiration date, and is a derivative contract that combines the attributes of futures and spot markets. 

BitMEX offers leverage up to 50x on FX perps as part of its broader derivatives offering. BitMEX FX perpetual contracts are margined and settled in Bitcoin or Tether, making them ideal for traders who want the convenience of derivatives without the hassle of expiry dates. 

BitMEX head of quants Daniel Egloff said, "BitMEX FX perps are a transparent exchange-traded contract which allows FX traders to go long and short as a taker or maker for which we offer a one basis point fee rebate, which is unique in the industry.” 

He added, “For institutional users, FX perps provide an entirely new way to create synthetic crypto pairs to arbitrage – for example, Bitcoin quoted in non-USD currencies.” 

For trading prices to remain within the range of the underlying index price, the FX perps’ funding rate is paid every eight hours. Users can invest in FX perpetual swaps to take advantage of price differences in foreign currency markets – for example, EURUSD and NZDUSD. 

Bitcoin futures volume at BitMEX during July month exceeded 17 billion USD, making it one of the largest crypto derivatives in the market.