Cryptocurrency exchnage OKEx has announced the launch date of its USDT-margined perpetual swap instrument.
According to a press release, the exchange’s latest crypto derivative offering will be officially ready for trading on December 16th, 2019.
Just like the traditional futures trading offered on OKEx, perpetual swaps essentially involve placing a bet on the future price of an underlying cryptocurrency. As in futures, traders can either open a short position, if anticipating a price drop or establish a long position, when expecting an increase.
But it is different from futures trading in the way that perpetual swaps continue indefinitely. Okex tweeted:
“NEW LAUNCH: After successfully launching #OKExUSDTFutures, we’re now rolling out USDT-Margined Perpetual Swap!
Try out #OKExUSDTSwap Simulation to win daily & grand prizes, totaling >50,000 $USDT”
OKEx’ USDT-margined perpetual swap has several underlying cryptocurrencies to speculate on which includes BTC, EOS, ETC, ETH, LTC, BCH, BSV, TRX, and XRP. Moreover, straight off the bat, OKEx will be offering a massive range of leverage, varying from 0.01–100x.
On the reasoning behind it Jay Hao, CEO of OKEx said:
OKEx has been at a stage where we kept evolving. We received great response from users after the launch of USDT futures trading last month. It has been a good example of us demonstrating our commitment in cultivating a good vibe in the derivatives space. Our goal is to provide a one-stop shop for professional and retail traders, offering both spot and derivatives product portfolio in one place. We’re always working to meet the needs of users in a shifting global economy and cryptocurrency ecosystem.