BitMEX added Chainlink and Tezos and Cardano to its platform and made the official announcement through a press release.
The release mentioned that, in response to demand from the users, these new Altcoin/USDT contracts better reflect the underlying positions many traders are taking on spot markets. USDT pairs account for over 60% of overall Altcoin volume, and with these listings we are providing users with the trading options to better meet their needs.
LINK will be the first DeFi-linked contract available on the BitMEX platform, and together with XTZ, they represent two of the highest market-cap and heavily traded Altcoins, and are a further step in our aim to provide our users the best coverage of liquid, high quality products. We plan to introduce several more Altcoin product listings over the coming months.
We’re also introducing USDT underlying contracts for our popular ADA and EOS series, broadening our quanto offerings on existing supported Altcoins after the successful launch of our ETHUSD quanto future earlier in the year.
As with all quanto products, they have a fixed Bitcoin multiplier regardless of the underlying Altcoin price. This allows traders to long or short each coin without needing to hold the specific coin or USDT. Traders post margin in XBT, and earn or lose XBT as the future’s price changes.
These contracts combine the quanto feature of our perpetual swap products with the expiry and settlement found in traditional futures. As with every BitMEX Altcoin future, they expire quarterly.