ETH PERPETUAL SWAP: We are launching the ETH perpetual swap at 13:00pm Dec 26, 2018 (CET, UTC+1). And we are going to launch the perpetual swaps for LTC, ETC, XRP, BCH, and BSV soon, please stay tuned.#OKExAnnouncementhttps://t.co/ez47hty3Az
— OKEx (@OKEx) December 26, 2018
According to the announcement, the perpetual swaps, which are virtual derivative products that are settled in ETH, launched on December 26. The swaps differ from OKEx futures contracts mainly in their delivery, funding, mark price and daily settlement, which occurs once every 12 hours at 3:00 AM and 3:00 PM (CET, UTC+1).
The swaps currently allow for up to 40x leverage and include equal weight constituents of ETH/USD and ETH/BTC trading pairs from major exchanges including Bitstamp, OKEx, Bitfinex, GDAX and Gemini.
In addition to the ETH product, OKEx revealed that it plans to launch perpetual swaps for LTC, ETC, XRP, BCH, and BSV in the near future.
ETH is currently down 6.8% on the day to $117.50, giving the third-largest cryptocurrency a $12.2 billion market cap.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.