BitMEX launches 24/7 FX perpetual swaps with crypto margin

BitMEX has launched six FX perpetual swap contracts — EUR/USD, USD/JPY, GBP/USD, AUD/USD, USD/CHF and USD/CAD — that allow traders to access major currency pairs around the clock using cryptocurrency as collateral.

The contracts remain open continuously, including weekends when traditional forex venues are closed. The products offer up to 100x leverage and carry a 0% base interest rate; BitMEX noted that removes overnight swap fees commonly charged by retail forex providers.

Traders can post crypto as margin, avoiding fiat deposits, bank transfers and the need to open accounts with traditional brokers.

Pricing for the FX perpetuals is derived from aggregated external market data during normal forex hours and switches to the exchange’s internal order book during off-hours to maintain continuous pricing, according to BitMEX. The firm described the structure as intended to let traders react in real time to macroeconomic events that occur outside standard trading windows.

BitMEX highlighted that the six pairs represent a large share of global forex turnover: EUR/USD accounts for roughly 23% of daily trading volume, while USD/JPY and GBP/USD are commonly used to trade views on interest rates and global risk sentiment.

Stephan Lutz, BitMEX CEO, commented: “Forex is the largest and most liquid market globally, yet access still depends on fragmented and time-bound systems. With FX Perpetual Swaps, traders can access major currency pairs at any time using crypto as margin, without the operational friction of traditional brokerage models.”

BitMEX said it will consider expanding its range of traditional-finance perpetual products based on user demand, building on existing derivatives that include equities and commodities such as WTI crude oil and silver (XAG).

The exchange also noted it has not experienced a loss of customer funds to intrusion or hacking and that it publishes on-chain Proof of Reserves and Proof of Liabilities twice weekly to disclose holdings and liabilities.