Crypto exchange BitMEX has just launched trading of perpetual forex contracts with up to 50x leverage.
According to the official announcement, forex contracts are traded 24 hours a day. During the weekend, the contract price fluctuates around Friday's market closing quotes.
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The contracts allow users to open long and short positions on 22 currency pairs, including EUR/USD, EUR/CHF, EUR/TRY, USD/CHF and others.
The exchange uses XBT or Tether as margin. Holders of open positions pay a financing fee.
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It should be noted BitMEX offers three types of currency exchange contracts: quanto contract in which the currency pair is represented by two assets and collateral and payments are provided in a third asset, inverse contract, in which the margin and return are calculated in the base currency, not the quoted one, and the line contract, in which collateral and payments are calculated in the stablecoin Tether.