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Seychelles-based derivatives exchange BitMEX has announced the launch of the MEMEMEXTUSDT Basket Index Perpetual Swap Contract. This latest issuance aims to provide traders with an opportunity to engage with the market’s hottest meme coins through a single contract. BitMEX’s MEMEMEXTUSDT, dubbed the “S&P 500 index of crypto meme coins,” will allow traders to speculate on the overall performance of popular OG meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB), along with recent additions like Pepe (Pepe), dogwifhat (WIF), Floki Inu (Floki), Brett (Brett), Bonk (Bonk), Book of meme (BOME), Memecoin (meme), and Mog Coin (Mog). According to the official blog post, the contract, margined in USDT, will offer up to 25x leverage. Each contract is equivalent to 0.0001 MEMEMEXT, with a lot size of 1000. The maker fee is set at -0.015%, while the taker fee is 0.075%. Additionally, the basic initial margin requirement is 4.00%, and the basic maintenance margin is 2.00%. With this basket index perpetual contract, traders can diversify risk and invest in a niche market of the cryptocurrency industry rather than a single token. BitMEX CEO Stephen Lutz stated during the announcement of the new product, “Well, we know many serious cryptocurrency traders have not directly engaged with Meme Coins. The reasons are sound. Volatility, short cycles, liquidity of certain coins. But… what if you could trade a basket of currencies and be fully secured in the insurance fund without having to convert your USDT and/or your tier-one cryptocurrency into Meme Coin? Well, you might want to be involved.”