Crypto derivatives platform BitMEX will be launching a quanto perpetual swap contract with up to 25x leverage on 16 June 2020 at 04:00 UTC in an attempt to diversify their trading opportunities.

Repeat after me “BCASH BCASH BCASH”. https://t.co/MLBlAadpV1

— Arthur Hayes (@CryptoHayes) June 1, 2020

This is the fourth Quanto contract the platform has launched after the “successful” introduction of ETHUSD quanto futures contracts and XRPUSD swap contracts in 2020.

Unlike regular perpetual contracts, Quanto contracts are settled in a currency different from the one denominating the underlying contract.

In BCHUSD quanto swaps, Bitcoin is the fixed multiplier regardless of the Bitcoin Cash (BCH) price in USD. This means traders can long or short BCH/USD without touching either BCH or USD.

Traders will earn or lose BTC as BCH/USD rate changes and also post margin in XBT. These contracts could also be why BCHUSD swap trades at a premium or discount to the BCHUSD spot price.

BitMEX has these contracts now available on testnet under the symbol BCHUSD with a bitcoin multiplier of 0.000001 XBT (100 Satoshis). The maximum leverage on these contracts is 25x with the maker fee of -0.025% and a taker fee of 0.075%.

Currently, the fifth-largest cryptocurrency by market cap BCH is trading at $240, down by 3.28% like the rest of the crypto market.

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