Crypto exchange BitMEX has introduced a new index that allows traders to gain exposure to the top 10 memecoins by market capitalization.

BitMEX has launched the MEMEMEXTUSDT Basket Index Perpetual Swap Contract, providing a new way for traders to capitalize on the memecoin trend. This index is traded against Tether’s USDT stablecoin and is constructed as a weighted average price of the key memecoins, rebalanced monthly.

BitMEX’s Chief Executive, Stephan Lutz, explained that the index launch responds to a growing demand from users who want to participate in memecoin trading. Lutz stated that the new product simplifies trading by offering a single product that eliminates the need to navigate through a vast array of memecoins.

“The sheer number of meme coins can be overwhelming, making it tricky for traders to find their footing. Thus, we’re excited to launch the MEMEMEXTUSDT Perpetual Swap.” — Stephan Lutz

BitMEX aims to improve liquidity through this aggregated index, enabling traders to execute trades at more favorable prices. The contract details include a maker fee of -0.015% and a taker fee of 0.075%.

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