The KuMEX futures platform launched the trading of perpetual contracts for bitcoin XBTUSDM. This was stated in a press release.
Contracts are denominated in bitcoins, and quotes are displayed in US dollars. The platform provides leverage up to x20 for transactions with XBTUSDM. To lower the entry threshold for investors, the platform set the price of XBTUSDM to $ 1.
KuMEX is a trading platform for cryptocurrency derivatives from the creators of the KuCoin crypto exchange.
KuMEX uses the Bitcoin Spot Index as the current bitcoin price – the Bitcoin dollar price index weighted by trading volumes on six exchanges: Coinbase Pro, Bitstamp, Kraken, Gemini, Liquid and Bittrex.
To work with risks, the platform created an insurance fund and an ADL (Auto-Deleveraging) mechanism. KuMEX Insurance Fund guarantees that in the event of a forced closure of a position, the amount of user losses will not exceed the margin for this position. The ADL mechanism automatically reduces the leverage of one of the parties to the transaction if the insurance fund is insufficient to cover losses.
KuMEX will hold a contest for FOMO traders in honor of the second anniversary of the KuCoin crypto exchange. The competition will be held from September 16 to 21 in five rounds, and the prize pool will be up to $ 20,000 in each round.
Recall that earlier BlockchainJournal announced the intentions of the KuCoin project to launch a platform for trading cryptocurrency derivatives.
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