FTX lists new dollar spot index perpetual future
Quick Take
- FTX is diving into the foreign exchange derivatives world.
- It launched a new perpetual swap tied to the so-called FTX Dollar Spot Index.
Crypto exchange FTX is expanding its remit into the world of foreign exchange derivatives trading, listing a perpetual future tied to a U.S. dollar spot index, the company said Monday.
While crypto markets have been stuck in the doldrums, foreign exchange traders have recently enjoyed a bout of volatility. The U.S. dollar, for its role, is hovering near all-time highs, while the pound sterling has gyrated amid the chaotic rollout of U.K. Prime Minister Liz Truss's economic programme. Turbulence has also hit the Japanese yen and the euro.
As Bloomberg reported, Deutsche Bank's FX Volatility Indicator has surged in recent weeks.
As for FTX's new perpetual contract, it will be based on the so-called FTX Dollar Spot Index. It is designed to "track the performance of a basket of 4 leading global currencies versus the U.S. Dollar: the euro, Japanese yen, Canadian dollar, and British pound."
Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.
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