BitMEX announces the launch of options trading! Looking to grab Deribit, OKX and Binance markets

The old cryptocurrency derivatives exchange BitMEX announced the launch of options trading. In the early days of its launch, it offered "zero fees", "cash rewards" and other activities to attract users, hoping to use this to attract users. Competitors such as Deribit, OKX and Binance have captured more market share.

According to reports, BitMEX’s options trading service was developed in cooperation with Power Trade, a cryptocurrency options trading platform whose investors include Ascend Ventures, Pantera Capital and Ledger Prime.

BitMEX is famous for providing cryptocurrency futures contracts with up to 100 times leverage. However, it earlier increased the leverage of Bitcoin perpetual contracts to 250 times before the halving. Now it has launched options trading to try to grab the chance. Get more market share.

In an interview with "The Block", BitMEX CEO Stephan Lutz pointed out that the goal of the new service is to attract at least US$500 million in trading volume within 3 months, and in all regions where BitMEX currently provides services Online options trading.

Data shows that the total Bitcoin options trading volume in April this year reached US$51.1 billion, of which Deribit alone contributed US$35.7 billion, accounting for 70%.

Deribit has been the leader in the cryptocurrency options market since 2020. Although other platforms are also trying their best to catch up, the results are ultimately limited. OKX and Binance each accounted for 16% of the options trading volume in April this year ( US$8.4 billion) and 9% (US$4.8 billion).

BitMEX will offer a “full suite” of institutional-grade cryptocurrency options, including Bitcoin, Ethereum, Ripple (XRP), Binance Coin (BNB), Solana (SOL) and Doge, the company said currency (DOGE), with plans to add more currencies in the near future.

BitMEX pointed out that in order to encourage users to participate in transactions, options trading will be exempted from handling fees from now on, and the discount will last for the entire month. The first 1,000 options traders will also receive a bonus of US$20, and will also be launched at the same time. Trading competition with generous rewards.

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