Bitfinex Derivatives, a Bitfinex-accessible derivatives platform, announced the launch of perpetual contracts for Shiba Inu (SHIBF0:USTF0), OMG Network (0MGF0:USTF0), Bitcoin and Euro Tether (BTCF0:EUTF0), and Ethereum and Euro Tether yesterday.
The pairs will be available starting next month. Tether tokens will be used to settle Shiba Inu and OMG Network contracts (USDt). Euro Tether will be used to settle BTCF0:EUTF0 and ETHF0:EUTF0. All of the contracts provide users with leverage of up to 100x.
“We’re excited to add Shiba Inu, OMG Network, bitcoin, euro tether, and Ethereum, euro tether to the growing portfolio of perpetual swaps available to trade on the exchange,” said Paolo Ardoino, CTO at Bitfinex Derivatives, in a statement.
“We anticipate strong interest in these products, particularly among funds and professional investors for risk management and hedging,” he added.
Derivatives allow investors to gain exposure to an underlying asset without having to own or secure that asset. Such products are also available with ‘leverage,’ allowing investors and traders to gain a larger exposure to the market with a lower initial investment.
Shiba Inu, a’memecoin’ named after the adorable Shiba Inu dog breed, has gained popularity in the last year after returning more than 65,000,000 percent to early investors. This month, it surpassed Avalanche, Kusama, and other ostensibly’serious’ crypto projects to become a top-ten cryptocurrency by market capitalization.
It has since become a favorite among futures traders, with tens of millions of dollars in Shiba Inu futures traded in the last day alone, and Bitfinex wants a piece of the action.