As Cointelegraph reported at the beginning of the month, the new product — dubbed Perpetual Swap — is a virtual derivative that lets users speculate on the future value of BTC/USD, according to OKEx’s index. The press release notes that in the future, OKEx expects to launch more swap contracts with different tokens as well.
Per the release, each swap contract currently has a notional value of $100 equivalent in Bitcoin (BTC) and features leverage ranging from 1x to 100x.
Moreover, perpetual swaps reportedly have no expiration, meaning “positions can be held indefinitely.”
OKEx is currently the world’s second-largest crypto exchange by adjusted daily trade volume, seeing over $1 billion in trades on the day at press time.
New cryptocurrency derivative products are also in the works from traditional financial firms. As per a Cointelegraph report, the world’s second-largest stock exchange, Nasdaq, has confirmed the previously leaked plans to launch Bitcoin futures in the first half of 2019.
Bitcoin futures trading volumes have reportedly continued to grow this year, after launching last year. According to a Chicago Mercantile Exchange (CME) report from October, the average daily trading volume of Bitcoin futures has increased by 41 percent in Q3 over Q2.