OKEx expands perpetual swaps trading options – with XRP and another still to come?
The Maltese exchange is continuing to roll out its leveraged derivatives, with reports touting a surprise addition on the way.
OKEx is continuing its release of a slew of new products by launching new perpetual swap derivatives.
Last month, we reported on the Malta-based exchange’s launch of a BitMEX-style 100x leverage perpetual swap contracts for Bitcoin – a derivative similar to a more traditional futures contract (essentially a bet on whether the price of a product will rise or fall by a set date), but that never expires and is settled on a daily basis. This mean that when a trader seeks to open a position – either long (expecting price to go up) or short (price to go down) – they can hold on to the contracts for as long as they feel they need (or can) in the hope of achieving the desired price movement, before selling them on to someone else at a profit or loss (hence perpetual swap).
OKEx announced its intentions to add similar options for Litecoin (LTC), Ethereum Classic (ETC), XRP, Bitcoin ABC (BCH), and Bitcoin SV (BSV) in its Ethereum Perpetual Swap launch announcement on Boxing Day.
ETH PERPETUAL SWAP: We are launching the ETH perpetual swap at 13:00pm Dec 26, 2018 (CET, UTC+1). And we are going to launch the perpetual swaps for LTC, ETC, XRP, BCH, and BSV soon, please stay tuned.#OKExAnnouncementhttps://t.co/ez47hty3Az
— OKEx (@OKEx) December 26, 2018
It then went live with Litecoin and Ethereum Classic products on January 2nd. However, unlike the Bitcoin swaps, the LTC and ETC swaps contracts were valued at $10 each rather than $100, with leverage – the amount of money traders can borrow to boost their investment (though adding to the risk of losing their money) – limited to 40x.
These same new factors were also in place for the Ethereum product – and will, according to reports citing an as-yet-to-be-released press statement, apply to the remaining roll outs too. The XRP, BCH and BSV products appear to be imminent, and – if the story is to be believed – will also include a previously unannounced coin, EOS.
OKEx has somewhat prepared the way for completing its perpetual swaps roll out by adding more traditional futures options for BCH and BSV, which became available on December 28th. These products, which come with weekly, bi-weekly and quarterly expirations, are available with 10x and 20x leverage options.
The exchange already offers EOS as an similar option for its standard futures traders, but we await an official press release notification regarding whether it will actually become a perpetual swap option as well. Let’s see.