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Despite the crypto market downturn which began after the news of the US Securities and Exchange Commission’s (SEC) delayed decision on an ETF product approval, bitcoin has been seeing a lot of developmental activities also. In the recent past, BitMEX had hit a daily turnover of 1 million BTC! as they had announced the launch of two derivatives products, namely, ETHUSD perpetual swaps and UPs & DOWNs to meet market demand on the back of the above-mentioned sensational news.
Now, it’s another digital asset exchange’s turn, a Malta-based renowned exchange, OKEx, has officially announced the launch of Perpetual Swap. It is a brand-new Virtual Financial Asset (VFA) derivative that aids traders to speculate the future value of OKEx BTCUSD index. Well, with the new add-on, OKEx now proposes traders one-stop digital asset trading platform for perpetual swap trading, futures contract trading, spot trading, margin trading, and OTC trading. OKEx clients can effortlessly execute arbitrage and hedging strategies.
Each swap contract comprises of a notional value of USD100-equivalent BTCs. Clients likely to fetch considerable yields from long a position as the underlying asset's price keeps increasing, or vice versa from short a position. The perpetual swap features a leverage of 1-100x.
Additionally, with a view of optimising trading system, the settlement time would be attuned to 03:00 and 15:00 (CET, UTC +1 daily). The time for funding, societal loss execution, and insurance fund injection would also be adjusted to 03:00 and 15:00 CET daily. Funding payment varies according to the size of the position and the funding rate. The maker and taker fee rates can be as low as -1.5bps and 3.5bps respectively, depending on the 30-day trading volume of the user. The funding mechanism makes sure that the traded price of the perpetual swap contract is closely anchored to the spot market price.
Currency Strength Index: FxWirePro's hourly BTC spot index is flashing at 47 levels (which is bullish), while hourly USD spot index was at 23 (mildly bullish), while articulating at (06:00 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex
