Crypto exchange BitMEX said it would “substantially boost the leverage” of its ETHUSD perpetual swap to 200x.
Per the press release shared with Cryptonews, the move is “timed” to the recent regulatory approval of Ethereum Spot exchange-traded funds (ETFs) in the US.
This development, says the exchange, “has spurred amplified market volatility.” Therefore, BitMEX aims to provide crypto traders with “an intensified means to capitalize on the shifting Ethereum landscape.”
That said, to utilize the novel leverage, BitMEX users need to enable the Leverage Booster in their settings. They then select up to 200x for ETHUSD in their order forms.
Notably, the Leverage Booster is available for Isolated Margin positions “exclusively.”
The risk limit and leverage settings will not be changed. It is adjusted to 5 BTC for ETHUSD.
Therefore, “this enhancement will not disrupt the risk management parameters of existing users,” and “traders can safely adjust their strategies,” said the announcement.
/ We plan to continue expanding Leverage Booster for other tokens. And we want to hear your guesses.
So here’s how you can win your 50 USDT:
1️⃣Follow @BitMEX
2️⃣Like and RT the above tweet
3️⃣Tag 3 friends in the comments along with the name of the next token you think we’ll…
— BitMEX (@BitMEX) June 5, 2024
BitMEX CEO Stephan Lutz argued that “the sentiment shifts on Wall Street will supercharge volatility in the Ethereum market.”
This is why this 200x leverage for the ETHUSD perpetual swap “couldn’t have come at a better time,” he commented.
Furthermore, Ethereum’s growth and price swings over the past year amid increased institutional adoption have created “a ripe environment for savvy traders to potentially multiply their profits.”
Meeting Demand
In 2015, BitMEX launched the Perpetual Swap. It has since become the most widely traded crypto product, the exchange said.
Lutz said that the company’s mission, “as inventors of 100x perpetual swap, has always been creating opportunities for traders to generate outsized returns.”
In April, BitMEX raised its Bitcoin perpetual swap XBTUSD from 100x to 250x.
The traders wanted to profit from the anticipated volatility ahead of the Bitcoin’s fourth halving, the exchange said.
It added that the news has resulted in increased trading activities on BitMEX.
Now, this latest ETHUSD perpetual swap update is another tool for traders to “amplify their gains.”
It comes after the exchange observed “the changing demand and risk appetite from professional traders in a bullish environment.”
Moreover, BitMEX said it plans to continue expanding Leverage Booster for other tokens.
Meanwhile, it launched over 120 new derivatives contracts last year. This includes Prediction Markets and Pre-Launch listings.
It introduced pro trading platform features, such as Chart Trading, Sub Accounts, News Feeds, Multicharting, and Guilds.
This competitive trading feature incentivizes users to collaborate and compete in weekly competitions to become better traders, BitMEX said.
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