Bitfinex cryptocurrency exchange added trading in two derivatives with tickers BTCF0 / USDt0 and ETHF0 / USDt0. Contracts were launched after the next update of the Bitfinex platform.
The so-called Bitfinex perpetual contracts have been developed for several months. According to a white paper published in May, the parent company of the iFinex exchange said:
“Qualified Bitfinex account holders will be able to trade a new hedged product through a derivative wallet. The product will have collateral based on USDT (not available in the rest of the market), leverage up to 100x and a separate margin for an individual risk level. ”
Although these trading products are inherently similar to the high leverage derivative instruments offered by BitMEX, Bitfinex emphasized that they will be mainly used as hedging instruments, and not for speculation. The pairs BTCF0 / USDt0 and ETHF0 / USDt0 started working after the Bitfinex site was disconnected for several hours for updating.
It is worth noting that US citizens and residents of Canada, Switzerland and Seychelles cannot trade in new derivatives.
Bitfinex has announced the launch of a new platform to expand the capabilities of its product. A new division of iFinex Financial Technologies Limited, registered in the Seychelles, will provide new products to trusted Bitfinex customers, and possibly also give them access to derivatives. Technical Director of the company Paulo Arduino (Paolo Ardoino) commented:
“We are pleased to be able to create new, previously unavailable products on our platform. The new platform expands our ever-growing portfolio and strengthens Bitfinex’s position as an innovation market leader.
Bitfinex derivatives were launched the same day that Binance announced that it had developed
two separate versions of futures trading platforms. Recall also that in early August, LedgerX launched
Bitcoin futures contracts, and in late July, the Bakkt platform started
testing bitcoin futures.