Crypto Derivatives Exchange Bitmex Ventures Into Options Trading

On Wednesday, the crypto firm Bitmex, established in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed, unveiled plans to offer options, according to a social media post. “Bitmex invented the perp – now we’re reinventing options,” the firm stated. “In partnership with [Powertrade], we’re excited to introduce Bitmex Options – where you can trade a wide range of crypto options margined in bitcoin, USDT, or USDC.”

Bitmex further noted that it is introducing zero fees on options trading for the remainder of May, with a special promotion where a $1,000 deposit earns a 20 USDC bonus after trading one option. This move places Bitmex in direct competition with Deribit, the current leader in crypto options trading.

Deribit dominates as the largest bitcoin derivatives exchange in terms of volume and open interest, followed by other players like Delta Exchange, CME, Okx, Binance, and Bybit. Bitcoin options open interest (OI) has reached record levels, peaking at over $31 billion in mid-March. Although there has been a slight decrease, BTC options OI remains strong, especially compared to the recent declines in spot crypto market volumes.

As of now, bitcoin options OI stands at more than $18 billion, as reported by coinglass.com metrics. Bitmex is eager to tap into this market, emphasizing that all options are priced and settled in USDC. In the social media post, Bitmex claims to offer several advantages for users opting to trade options on their platform, highlighting its secure asset custody with a reassuring reminder: “Never worry about asset custody – we’ve never lost a coin since 2014. And that’s just the tip of the iceberg.”

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