Seychelles-based derivatives exchange, BitMEX has announced the launch of the MEMEMEXTUSDT Basket Index Perpetual Swap Contract.

The latest offering is designed to provide traders with an opportunity to gain exposure to the top meme coins in the market through a single contract.

BitMEXs MEMEMEXTUSDT

Dubbed the SP500 for crypto meme coins, this new offering will allow traders to speculate on the overall performance of popular OG meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB), as well as recent entrants like Pepe (PEPE), dogwifhat (WIF), Floki Inu (FLOKI), Brett (BRETT), Bonk (BONK), Book of Meme (BOME), Memecoin (MEME), and Mog Coin (MOG).

According to the official blog post, the contract is margined in USDT and will offer up to 25x leverage. Each contract equates to 0.0001 MEMEMEXT, with a lot size of 1000. The maker fee is set at -0.015%, and the taker fee is 0.075%. Meanwhile, the base initial margin requirement stands at 4.00%, and the base maintenance margin is 2.00%.

With this Basket Index perpetual contracts, traders can diversify their risk and invest in a segment of the crypto industry rather than individual tokens.

Announcing the new offering, BitMEX CEO Stephen Lutz said,

Well, we know a lot of serious crypto traders refrained from getting involved in Meme Coins directly. For good reasons. Volatility, short cycles, liquidity in some coins. BUT if you could trade a basket and have full safety with insurance fund and no need to switch USDT and/or your Tier1 crypto into Meme Coins? Well, you might want to get involved.