The unveiling of MEMEMEXTUSDT, the S&P500 for meme coins, is the basket index perpetual swap contract. This will pave the way for exposure to every prime meme coin via a single contract. It will be placed within USDT, have a maximum of 25x utility, and its trade will commence on June 27th.
For linking up with the BitMEX account, there is presently a provision being made for obtaining $5,000 worth of BMEX tokens for users who have been authenticated.
In simpler words, basket index perpetual contracts capitalized off-shoot items linked with a basket of basic assets.
With the help of basket index perps, it will be made possible for traders to be able to forecast the potential of a part of the crypto space instead of single tokens, along with the chance of any sort of diversification. Basket index perpetual contracts are similar to TradeFi item S&P500.
In the case of the BitMEX MEMEMEX basket index, it will entail a list of the ten prime meme coins about market capitalization. Considering a scenario with instability in market capitalizations, the MEMEMEX basket index will undergo a monthly restructuring to keep track of all the ten meme coins and their market capitalizations.
Where the BitMEX basket index is concerned, it has been built in the form of a calculated average price for the constituents. The index multipliers related to the BitMEX basket indices are reorganized every month. In case of any alterations regarding the constituent and conditional index multiplier, updates will be duly released, depending on the market capitalization.
On its part, MEMEMEXTUSDT is a linear perpetual swap placed within USDT. This helps provide users the option of connecting with the MEMEMEX basket index without holding any constituents.
