Bitfinex Derivatives, a derivatives platform accessible through Bitfinex, yesterday announced the launch of perpetual contracts for Shiba Inu (SHIBF0:USTF0), OMG Network (0MGF0:USTF0), Bitcoin and Euro Tether (BTCF0:EUTF0), and Ethereum and Euro Tether.
The pairs go live next month. Shiba Inu and OMG Network contracts will be settled in Tether tokens (USDt). BTCF0:EUTF0 and ETHF0:EUTF0 will be settled in Euro Tether. All of the contracts offer users up to 100x leverage.
“We’re delighted to announce the addition of Shiba Inu, OMG Network, bitcoin, euro tether and Ethereum, euro tether to the growing portfolio of perpetual swaps available to trade on the exchange,” said Paolo Ardoino, CTO at Bitfinex Derivatives, in a statement.
“We anticipate great interest in these products, particularly among funds and professional investors for hedging purposes and to manage risk,” he added.
Derivatives allow investors to gain exposure to an underlying asset without the hassles of owning/securing that asset. Such products are also available on ‘leverage,’ allowing investors and traders to gain a larger exposure to the market with comparatively smaller capital upfront.
Shiba Inu, a ‘memecoin’ branded after the cutesy Shiba Inu dog breed, gained popularity in the past year after returning over 65,000,000% to early investors. It became a top-ten cryptocurrency by marketcap this month, flipping Avalanche, Kusama, and other arguably ‘serious’ crypto projects.
It has since become a favorite for futures traders—tens of millions of dollars worth of Shiba Inu futures traded in the past day alone—and Bitfinex wants in on the action.