BitMEX, one of the world’s leading crypto derivatives exchanges, announced that it would be adding two Floki Inu perpetual listings to its platform, FLOKIUSD (Bitcoin-margined) and FLOKIUSDT (Tether-margined), with up to 50x leverage.
According to the exchange’s blog post, Floki Inu is a cryptocurrency created by fans and members of the Shiba Inu community and named after Elon Musk’s Shiba Inu.
Starting at 12:00 UTC on May 10th, 2023, BitMEX traders will have the opportunity to take long or short positions on FLOKI through two new listings.
The FLOKIUSD offering is categorized as a quanto contract, which implies that it features a consistent Bitcoin multiplier. This unique attribute enables traders to speculate on the fluctuation of the FLOKI/USD exchange rate without the need to handle either FLOKI or USD directly.
By depositing the margin in XBT, traders can realize gains or losses denominated in XBT as the FLOKI/USD rate oscillates.
On the other hand, FLOKIUSDT is a USDT-margined linear perpetual swap that enables traders to leverage trade the FLOKI token’s price without having to possess FLOKI, thereby gaining exposure to the token’s price movements.
Both FLOKIUSD and FLOKIUSDT come with specific contract specifications that traders need to keep in mind. For instance, the FLOKIUSD has a Bitcoin multiplier of 1 XBT, a max leverage of 50x, and a risk limit of 50 XBT, among other things.
Similarly, FLOKIUSDT has a margin currency of USDT, a max leverage of 33x, and a risk limit of 1,000,000 USDT, among other features, according to the blog post.
BitMEX encourages traders to check their blogs regularly and follow them on social media to be the first to know about new listings, product launches, and giveaways.
However, with these two new FLOKI listings, BitMEX seeks to provide its traders with more opportunities to trade and leverage their positions while staying ahead of the competition.
Floki Inu (FLOKI) Price Analysis
Floki Inu is currently showing bearish signs, as per the latest data from CoinMarketcap. The cryptocurrency is trading at $0.00003462, down by about 2.83% in the last 24 hours. However, the weekly chart recorded an increase of about 4.28%.
In addition, its trading volume has witnessed a decrease of 37.78%, reaching $40,046,602 in the last 24 hours, whereas the market capitalization has decreased by 2.86%.
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