BitMEX has announced the launch of its options trading terminal on Wednesday, May 8, in collaboration with PowerTrade. Users will now have access to a broad selection of crypto options products, margined in Bitcoin (BTC), USDT, and USDC.
In a statement, the company detailed, “Bitmex invented the perp – now we’re reinventing options. 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.”
Backers of its crypto options product include Ascend Ventures, Pantera Capital, and Ledger Prime.
Another report from Bitcoin.com said that the new product will come with zero fees until the end of May, with a 20 USDC bonus for a $1,000 deposit after trading one option.
BitMEX is looking to get its share in the crypto options market, currently dominated by Deribit which is the largest Bitcon derivatives exchange in terms of trading volume and open interest.
Deribit has been commanding the space since 2020 and accounted for 70% of the $51.1 billion trading volume for Bitcoin options in April 2024.
Other significant players in the niche include Binance, Delta Exchange, CME, OKX, and ByBit.
Bitcoin Options Open Interest (OI) is burgeoning investment in the digital asset market, hitting $31 billion in March. Its volume currency averages at $18 billion which makes it an ideal place to tap in for derivative trading platforms like BitMEX.
The Block revealed that the company is currently aiming to capture at least $500 million in trading volume in the next three months across its worldwide operations.