BitMEX's bitcoin perpetual swap now offers 250x leverage ahead of halving
Quick Take
- BitMEX has increased the leverage on its bitcoin perpetual swap XBTUSD from 100x to 250x ahead of halving.
- “We want to ensure traders can capitalize the most on the bull market,” said BitMEX CEO Stephan Lutz.
Crypto derivatives exchange BitMEX has increased the leverage on its bitcoin perpetual swap, XBTUSD, from 100x to 250x ahead of the halving event.
"The increased leverage came upon requests from traders to profit from the volatility as the next Bitcoin 
BTC
-3.86%
Halving happens," BitMEX said Friday.
The bitcoin halving event is expected to occur within the next 24 hours and will reduce the issuance rewards for bitcoin miners from the current 6.25 BTC per block to 3.125.
"2024 is a great year for BitMEX and crypto traders. I believe it's also one of the last chances for those coming late to crypto to still make a difference in their lives and lifestyle," BitMEX CEO Stephan Lutz said in a statement. "With increased leverage of up to 250x for XBTUSD we want to ensure traders can capitalize the most on the bull market."
RELATED INDICES
It's worth noting that increased leverage can also raise the risk of the trade turning sour and resulting in liquidation.
The XBTUSD perpetual swap was first launched in May 2016 and has since become the most traded crypto derivatives product of all time, totaling over $3 trillion in trading volume on BitMEX alone, the exchange said.
Despite dropping rapidly overnight, the price of bitcoin has recovered and is currently trading at around $64,500, according to The Block's Bitcoin Price Page.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
