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BitMEX Launches XRP Perpetual Swap With Up To 50x Leverage


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BitMEX is set to roll out a new perpetual swap contract for the XRP cryptocurrency. The XRP/USD swap contract is going live on February 5 at 4:00 UTC.

The XRP/USD contract will offer leverage of up to 50 times, according to information on the BitMEX website. “All margin is posted in Bitcoin, that means traders can go long or short this contract using only Bitcoin,” said the exchange.

The new product, which is similar to BitMEX’s Bitcoin futures swap, will trade without a set expiration date in perpetuity. Each futures contract is worth $1. Users are required to pay a funding fee every eight hours.

The exchange’s CEO Arthur Hayes said that he didn’t care whether or not it was called Ripple or XRP while commenting on the new addition. The only thing that mattered was that it was still worth more than zero.


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