After operating for over 9 years, Bitfinex, one of the oldest crypto exchanges announced the launch of perpetual derivates. Through this, users can have leverage up to 100x for their contracts on Filecoin and Avalanche.
Moreover, the mode of settlement is in USDT tokens.
But what is a perpetual derivative? It is an agreement to non-optionally buy/sell an asset in the future.
On this announcement, CTO of Bitfinex Derivates, Paolo Ardonio said:
“We’re delighted to announce the addition of Filecoin and Avalanche to the growing portfolio of perpetual swaps available to trade on the exchange. We anticipate great interest in these products, particularly among funds and professional investors for hedging purposes and to manage risk.”
Users can trade with the new derivates on the company’s Fintech derivates platform, iFinex. Bitfinex had launched iFinex back in 2019.
Moreover, Bitfinex has already launched a derivative on DOGE in May this year. Also, the company has launched similar products for Bitcoin, Ethereum, Polkadot, and Litecoin.
The market for crypto derivate contracts is growing for some time now. Moreover, a recent study by the Carengie Mellon University CyLab confirms the trend. In their words:
“On average, the traded volume in cryptocurrency derivatives markets exceeds the regular crypto spot markets by a factor of five.”
Now looking at the products: Filecoin is a decentralized cloud-based network, dedicated to data storage. Users can sell their excess storage space for earning incentives in the form of tokens.
On the other hand, Avalanche is a hub for decentralized applications in the blockchain industry. Developers can build new smart contracts on this hub that can simultaneously process many transactions compared to Ethereum.
Related Stories: