If you’re anything like the rest of us – you’re constantly overwhelmed with choosing the right token to trade. What if you could skip all that?
Introducing MEMEMEXTUSDT: the S&P500 for crypto meme coins. Our new Basket Index perpetual swap contract is your gateway to gaining exposure to all the top meme coins, all through one contract.
The contract will be margined in USDT with up to 25x leverage. Trading is expected to start on 27 June 2024 at 04:00 UTC.
If you haven’t signed up for a BitMEX account yet, we’re currently offering up to $5,000 in BMEX Tokens for verified users- you can register here.
What are Basket Index Perps?
Simply put, Basket Index perpetual contracts are leveraged derivatives products tied to a basket of underlying assets.
With Basket Index perps, traders can speculate on the overall performance of a segment of the crypto industry (e.g. meme coins) rather than individual tokens, as well as diversify risk. Basket Index perpetual contracts can be compared to the TradFi product S&P500.
What is the BitMEX MEMEMEX Basket Index (.BMEMEMEXT)?
The BitMEX MEMEMEX Basket Index will compose of the top 10 meme coins in terms of market cap. As of today 27 June 2024 at 04:00 UTC (the date of launch), the constituents will be as follows:
|
Constituent |
Index Multiplier |
Market Cap Share |
|
DOGE |
0.002721 |
20.00% |
|
SHIB |
19.044018 |
20.00% |
|
PEPE |
30.463369 |
20.00% |
|
WIF |
0.000091 |
8.81% |
|
FLOKI |
0.872909 |
8.31% |
|
BRETT |
0.000905 |
7.31% |
|
BONK |
6.211350 |
7.38% |
|
BOME |
0.006294 |
3.18% |
|
MEME |
0.002201 |
2.50% |
|
MOG |
43.396143 |
2.50% |
As tokens’ market caps fluctuate, the MEMEMEX Basket Index will be readjusted at the end of each month to capture the top 10 meme coins in terms of market cap.
The BitMEX Basket Index is constructed as a weighted average (by Index Multiplier) price of the constituents (eg .BSHIBT). The Index Multipliers for the BitMEX Basket indices are rebalanced and updated on the last Friday of every month. Any changes of the constituent and a Conditional Index Multiplier will be announced 4 days before the rebalance, based on the market capitalisation analysis conducted 1 day before the announcement. To learn more about the BitMEX Basket Index, please see our documentation here.
MEMEMEXTUSDT Contract Specs
MEMEMEXTUSDT is a linear perpetual swap, margined in USDT. This allows users to gain exposure to the MEMEMEX Basket Index without having to have any of the constituent holdings.
- Symbol: MEMEMEXTUSDT
- Margin Currency: USDT
- Contract Size: 0.0001 MEMEMEXT
- Lot Size: 1000
- Minimum Trade Amount: 0.1 MEMEMEXT
- Underlying: .BMEMEMEXT
- Max Leverage: 25x
- Maker Fee: -0.015%
- Taker Fee: 0.075%
- Base Initial Margin: 4.00%
- Base Maintenance Margin: 2.00%
You can trade the MEMEMEXTUSDT perpetual contract here, or refer to the full contract specs here.
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For the absolute latest, you can also follow us on Twitter, or read our blog and site announcements.
In the meantime, if you have any questions please contact Support who are available 24/7.