The major cryptocurrency exchange OKEx is in the latest digital currency news, this time for launching a new derivative product that is called “Perpetual Swap” trading, according to a crypto press release that went viral online.
The Perpetual Swap form of trading is a peer-to-peer, virtual derivative that was developed by OKEx and enables users to speculate the direction of the price of digital assets. The mechanism is reportedly very similar to a futures contract but has no expiry and daily settlement, as the Malta-based cryptocurrency exchange noted.
What’s interesting is the fact that each swap contract has a notional value that is equivalent to $100 in Bitcoin (BTC). As the release states, the derivative product allows users to perform perpetual swaps, futures contract as well as spot trade with margin and leverage simultaneously.
This form of contract trading allows users to purchase and sell digital currencies at predetermined prices at specified times in the future, giving investors and traders a unique opportunity to open both long and short positions.
The Financial Market Director at OKEx, Lennix Lai, noted that with this, the exchange “would like to remind our users that due to its highly leverage nature, implementing risk control strategies are equally crucial in trading.”
Currently, OKEx is the world’s second largest cryptocurrency exchange in terms of daily trading volume, which is right now around $523 million according to stats from CoinMarketCap.
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“We’ve had some bullish moves on ETH, BTC, and altcoins over the last 2 weeks. Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.’’Over the past few months, Bitcoin and the other cryptocurrencies show similar movements. BTC showed weeks of stability but it later plunged by 10 percent. However, the current stability is not a guarantee for improved future performance. The crypto market shows a period of stability for the past couple of weeks. Ethereum made gains during today’s trading session. After the 12 percent surge in the price of ETH, crypto trader DonAlt said:
“Well, this is a proper moon. Not a big liquid spike but rather a nice controlled walk up. Didn’t expect quite this much action into the weekend but I’m not complaining. ETH as the top gainer on BitMEX. Right at resistance here – will be interesting if it can break through or not.”
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