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BitMEX launches 20x leverage Bitcoin Cash futures

Cryptocurrency and bitcoin derivatives exchange BitMEX announced that a new Bitcoin Cash / Bitcoin futures contract is now live, the first contract will settle on November 24th, 2017.

The BitMEX BCH futures are based on the BCH/XBT exchange rate from cryptocurrency exchange Poloniex as recorded in the BCHXBT Index, settlement occurs every Friday at 12:00 UTC.

The futures are quoted and all margin and PNL calculations are denominated in Bitcoin (BTC):

  • Symbol: BCHX17
  • Expiry Date: 24 November 2017 12:00 UTC
  • Contract Value: 1 BCH
  • Underlying: Poloniex Bitcoin Cash / Bitcoin exchange rate
  • Leverage: 20x
Getting up as high as around 0.50 BTC last weekend, BCH is now at 0.14 BTC.

Clients of BitMEX did not receive Bitcoin Cash from the BCH hard fork event of August 1st, rather BitMEX is selling users would be credited Bitcoin Cash, and is then allocating the BTC proceeds to user wallets.

BitMEX is known for not accepting the manner in which Bitcoin Cash was forked, or the lack of preparation or notice before the fork; the company considers this a dangerous action that imposes unacceptable costs on end-users and businesses.

BitMEX on its hard fork policy and BCH sticking around for now:

“…however, months after the fork, it is clear this coin still has value and popular demand, so we have decided to credit Bitcoin at the prevailing Bitcoin Cash price. Do not expect future coins to be credited in this way. BitMEX reserves the right to credit forks or not – in the presence of doubt, always withdraw first.”

Source:BitMEX

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