BitMEX to launch XRP perpetual swap tomorrow, with up to 50x leverage

Crypto derivatives exchange BitMEX is set to roll out a new perpetual swap contract for the XRP cryptocurrency.

The XRP/USD swap contract is going live on February 5 at 4:00 UTC, BitMEX announced on Twitter. The product was first revealed in January. 

"Is it called Ripple, XRP, or dogshit? Who knows, who cares. It’s worth more than zero so it’s time to trade the USD pair on BitMEX," tweeted Arthur Hayes, co-founder and CEO of BitMEX.

The XRP/USD contract will offer leverage of up to 50 times, according to information on the BitMEX website. “All margin is posted in Bitcoin, that means traders can go long or short this contract using only Bitcoin,” said the exchange.

Notable exchanges have started offering perpetual contracts for XRP. Earlier this month, Binance Futures launched the XRP/Tether (USDT) contract, which offers leverage of up to 75 times. Other little-known crypto exchanges Delta and BaseFEX have been offering such contracts for some time now.

One XRP is currently valued at around $0.25, according to CoinGecko.