BitMEX improves Bitcoin/USD index and increases trading tick size

Cryptocurrency derivatives exchange BitMEX today announced that its Bitcoin/USD 30 June 2017 futures contract (XBTM17) listed today, as of 17 March 2017 at 12:00 UTC. The contract is similar to March futures contract (XBTH17) but will use a NEW index, described below.

The exchange will now use .BXBT as the new ‘BitMEX Bitcoin/USD Index.’

.BXBT is an equally weighted index using the Bitcoin/USD spot price from the following exchanges:

Bitfinex (new)
GDAX (new)
OKCoin International

June’s (XBTM17) will use the .BXBT index as noted above.

BitMEX said that any exchange that is down or displays stale pricing data for 15 minutes or more will be removed temporarily from the index. Once the price feed is operational for at least 5 minutes, the index reinstates the exchange. A page detailing each constituents’ individual price and history will be live soon.

The BitMEX Bitcoin/USD 31 March 2017 futures contract (XBTH17) will continue to use the current Bitcoin/USD Index until it expires at the end of the month. The current index goes by the symbol .XBT with weighting only consisting of 50% Bitstamp and 50% OKCoin International.

The BitMEX Bitcoin/USD Swap (XBTUSD) the firm’s leveraged speculation product with up to 100x leverage will continue to use the existing Bitcoin/USD Index (.XBT) until 31 March 2017 12:00 UTC. It will then switch to the new index. This is the same time that XBTH17 will expire.

BitMEX also informed they will increase its Bitcoin/USD products’ tick size. Effective 31 March 2017 12:00 UTC, the tick size for Bitcoin/USD products (XBTUSD, XBTM17) will change from 0.01 USD to 0.1 USD.

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