BitMEX launches FX perpetual swap contracts for institutional and retail investors

Quick Take

  • BitMEX, a crypto trading platform, is expanding outside of crypto with the launch of derivatives tied to currency markets.

BitMEX, one of the longest running derivatives exchanges in the crypto market, is moving into traditional financial markets with the launch of perpetual swap contracts tied to foreign currencies. 

The firm announced Friday the launch of FX perpetual swap contracts (FX perps), which will allow its users to trade more than 20 contracts tied to foreign currencies—even during after-markets trading for these currencies. This is the firm's most notable move into non-crypto related products since the firm rebranded and brought on exchange veteran Alexander Hoptner as chief executive office, replacing founder Arthur Hayes. 

At the time of Hoptner's joining BitMEX, the company said that it signaled the firm would explore a "wider vision." Although, there have been setbacks including recent layoffs and the calling off of an acquisition of a German bank by the firm. 

Still, the launch of FX perps reflects the ongoing strategy to give existing and new users of BitMEX "a broader range of crypto-margined contracts, including products that will allow traders access a range of currencies and commodities," according to a statement from the company. 

“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 1 basis point fee rebate, which is unique in the industry," said Daniel Egloff, Head of Quants at BitMEX, in a statement. "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.”


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BitMEX—which was once known for operating the largest derivatives market in crypto—overturned $17 billion in bitcoin futures volume during the month of July.


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About Author

Anushree covers how U.S. businesses and corporations are moving into crypto. She has written about business and tech for Bloomberg, Newsweek, Insider, and others. Reach out on Twitter @anu__dave