BitMEX Hits Industry Record of 1 Million Bitcoin Daily Turnover for Second Time

BitMEX, one of the world’s leading crypto-coin trading platforms, has, for the second time, met its own industry record for daily bitcoin trading volume. The 24-hour trading period of August 8 saw 1,027,214.62 bitcoin traded on BitMEX, following the company setting the world record on July 25. The achievement comes as BitMEX launches two new financial products: ETHUSD perpetual swaps, and UPs and DOWNs, the company’s first call and put options.

BitMEX CEO and Co-founder Arthur Hayes said: “Once again meeting our own record of 1 million bitcoin traded within 24 hours is a major milestone for the crypto-coin market and testament to the strong community BitMEX is growing. In continuously engaging with, and truly listening to, the needs our customers, we’ve recognized an overwhelming demand for innovative financial products that give the crypto market greater versatility. It’s thanks to our discerning community that we have launched our two innovative, new products: the ETHUSD perpetual swap product and UPs and DOWNs. With futures, swaps, and now options available on BitMEX, we are making great strides toward offering a wealth of derivative products designed for the crypto-coin industry.”

The launch of ETHUSD perpetual swaps was based on the success of the platform’s XBTUSD swap product. Customers can now trade ETHUSD price at leverage, while avoiding issues with settlement and large amounts of basis inherent to typical futures products. Within one week of launching, this product is now one of the most liquid instruments globally to trade the Ethereum / USD pair.

In addition, the company has launched its first optionality product UPs and DOWNs, which lets BitMEX users take advantage of call and put options. UPs, or Upside Profit Contracts, work similarly to traditional stock call options by giving token holders the right to purchase crypto-coins on BitMEX at a specified price for a predetermined period of time. DOWNs, or Downside Profit Contracts, act like traditional put options, letting token holders sell a crypto-coin on the platform at a specified price.

The ETHUSD perpetual swap and UPs and Downs represent new and exciting territory for BitMEX and an unprecedented opportunity for the crypto community to experiment with more sophisticated financial instruments on an easy-to-use and highly secure trading application,” added Hayes.

BitMEX’s XBTUSD market is notably the most liquid in the world, boasting 1500% more bitcoin to USD liquidity than any other platform. To complement its bitcoin and Ethereum offerings, BitMEX also lists futures contracts on a number of other crypto-coins, including Bitcoin Cash, Tron, and Ripple.

Author: Yash Hirani

Share This Post On