BitMEX Launches Options Trading in Partnership with PowerTrade

• BitMEX, a leading cryptocurrency derivatives exchange, has ventured into options trading, partnering with PowerTrade.
• The new offering aims to capture a share of the market currently dominated by Deribit.
• The exchange has also increased its leverage on bitcoin perpetual swaps to 250x, ahead of the bitcoin halving event.

BitMEX has expanded its offerings with the launch of options trading in collaboration with PowerTrade, aiming to capture a share of the market and provide traders with more tools to maximize their potential.

BitMEX’s New Venture into Options Trading

BitMEX’s new options trading offering was developed in collaboration with PowerTrade, a specialized crypto options platform. This product addition will help traders take advantage of volatility, hedge risk, and discover prices through options, which are generally simple and have no special or unusual features. BitMEX is targeting at least $500 million in trading volume within the next three months for its new options product, which is available across all regions where BitMEX operates.

Increased Leverage on Bitcoin Perpetual Swaps

Separately, BitMEX has also increased its leverage on bitcoin perpetual swaps to 250x, ahead of the bitcoin halving event. The exchange’s CEO, Stephan Lutz, stated that crypto options are a great product for derivatives traders, especially when the market trajectory is going sideways. He further added that as a leading derivatives exchange, they want to empower BitMEX users with the optimal tools to maximize their potential and trading strategies.

BitMEX’s Options Platform Features

The BitMEX options platform offers a suite of institutional-grade options for various assets including bitcoin, ether, XRP, BNB, solana, and dogecoin, with plans for further expansion. This initiative is supported by digital asset market makers like iGreeks and DWF Labs to ensure deep liquidity and low slippage for traders. The platform also includes features like an orderbook and Request-for-Quote (RFQ) system, allowing traders to execute large single-leg or multi-leg options strategies without minimum requirements.

Attractive Incentives for New Users

To attract users to its new service, BitMEX is implementing a zero-fee policy on options trading throughout May, along with a $20 onboarding bonus for the first 1,000 new options traders. Additional incentives include rewards based on trading volume and referred trading volume, as well as monthly trading competitions.

Conclusion

BitMEX’s venture into options trading, in partnership with PowerTrade, signifies its ambition to capture a share of the market and provide more tools for traders to maximize their potential. With attractive incentives for new users and increased leverage on bitcoin perpetual swaps, BitMEX is poised to make a significant impact in the crypto options trading market.