Cryptocurrency exchange OKEx announced the date of launch of perpetual bitcoin swaps with USDT settlement. The product will be launched December 16, as investment platform has found out.
As the press-release informs, the new tool will be officially for trading December 16. Like traditional futures trading, OKEx’s open-ended swaps in fact involve betting on the future price of the basic cryptocurrency. As it is with futures, traders can open a short position, if they wait for price fall, or choose a long position when the price is going to increase.
On the other hand, unlike futures, open-ended swaps don`t have the validity period, in such a way, positions can be opened whenever. Perpetual swaps will be nominated in several cryptocurrencies, including BTC, EOS, ETH, ETC, LTC, BSV, BCH, TRX and XRP. OKEx will offer perpetual swaps with the leverage from 0,01 to 100x.
“We got great feedback from users after last month`s launch of futures contracts based on USDT stablecoin. Our aim is to provide a universal platform for professional and retail traders, proposing at one place both spot and derivative products”, – CEO of OKEx Jay Hao said.
Before the launch of open-ended swops, OKEx plans to conduct testing of the new tool from 4 to 11 December. Traders will be provided with 10 000 virtual USDT for trading with each of three couples: BTC/USDT, ETH/USDT and EOS/USDT. Assets are not transferable or withdrawable; they can only be used during testing.