BitMEX Launching Bitcoin Cash Quanto Perpetual Contract

Akhilesh Agnihotri
Akhilesh is an engineer and research subordinate working with thecoinrepublic.com as a part of the research team and do research work on Cryptocurrency and Blockchain. His curiosity in research and writing brings him to thecoinrepublic.com, He believes writing is all about expressing the thoughts with words and spread information backed by well-researched work.
  • The most advanced P2P crypto-products trading platform BitMEX is launching a BCH/USD Quanto Perpetual Swap Contract.
  • BCHUSD Quanto perpetual swap contract with up to 25x leverage is being launched.

BitMEX has some of the exciting news and is ready with a bitcoin cash perpetual contract. On 16 June 2020 at 04:00 UTC, a BCHUSD Quanto perpetual swap contract with up to 25x leverage will be launched. Previously, the platform has launched a prosperous introduction of the XRPUSD swap contract on 05 February 2020 and ETHUSD Quanto futures contract on 05 May 2020, and this is their fourth Quanto contract. As the company continues to expand its innovative product range, in all, these three new Quanto contracts outline additional diversification of trading possibilities for users. 

Despite the USD Bitcoin Cash price, BCHUSD Quanto Swaps have a fixed Bitcoin multiplier. This helps the traders in a lot of ways. Without even having any contact with the BCH or USD, the traders can do long or short BCH/USD exchange rates. Traders generally post a margin in XBT. Later they get the result where they either earn or lose Bitcoin as the BCH/USD rate fluctuates. 

BCHUSD Quant Perpetual Contract

The key specifications of newly announced BitMex Bitcoin Cash Perpetual Contract are:

Symbol: BCHUSD
Bitcoin Multiplier: 0.000001 XBT (100 Satoshis)
XBT Contract Value: BCHUSD Price * Bitcoin Multiplier (100 Sat/$1)
Underlying: BBCH
Max Leverage: 25x
Maker Fee: -0.025%
Taker Fee: 0.075%
Base Initial Margin: 4.00%
Base Maintenance Margin: 2.00%

BitMex Landed Into Hot Waters

BitMex always counted as one of the largest cryptocurrency exchange, which faced a lot of backlash amid allegations over money laundering, price manipulation, and much more.

Not just this, the exchange also suffered DDoS attack on its exchange; thus Bitmex trading engine went offline. Though BitMex restores its operations after an hour or so this certainly affected bitcoin price. Later many expert traders accused BitMex exchange of price manipulation.

Earlier in April, BitMex also announced the closure of their exchange operations in Japan. The closure announced following the change in Japan Financial Instruments and Exchange Act effective from 01 May. However, the Addition of Bitcoin cash perpetual contracts might bring some good for the exchange.

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