Shiba Inu (SHIB) Perpetuals Go Live on BitMEX

Cryptocurrency trading platform BitMEX is broadening its reach by adding new perpetual contract listings for Shiba Inu (SHIB), a meme token that has captured significant attention in the crypto community.

The platform’s users can now take long or short positions on SHIB with up to 33x leverage.

For those not versed in the terminology, a perpetual contract is a distinct type of futures contract that does not have an expiry date, thus allowing traders to maintain their positions indefinitely. The new additions of SHIB/USD and SHIB/USDT contracts offer traders one of the highest maximum position sizes available in the crypto market.

BitMEX’s move to include SHIB perpetual contracts comes after an initial announcement yesterday, signaling the platform’s increasing attention to diversifying its offerings. In particular, the SHIB/USD contract will operate as a quanto contract with a fixed Bitcoin multiplier. This setup allows traders to speculate on the SHIB/USD exchange rate without the necessity of owning either SHIB or U.S. dollars. Margin for these trades will be posted in Bitcoin, which means that traders can earn or lose in Bitcoin as the SHIB/USD rate varies.

It’s worth noting that the SHIB price has seen a modest uptick over the past 24 hours, rising by 1.5% according to CoinGecko data.

However, traders should exercise caution. The use of leverage, particularly at high levels, can amplify both gains and losses, leading to significant financial risks.