A new type of crypto derivative invented by BitMEX, FX perpetual contracts allow traders to capitalise on price differences in foreign currency pairs, such as EUR/USD and USD/MXN.
Users who trade our FX contracts can post margin in Bitcoin (XBT) or Tether (USDT ERC-20) - and earn or lose in XBT or USDT - as the exchange rate of a specific foreign currency pair changes.
As they’re margined and settled exclusively in crypto, users can trade FX perps 24/7 - without ever touching fiat currencies. When the FX market is closed and no FX prices are available, the contract will trade around the Friday close.
FX perps on BitMEX also pay a funding rate (i.e. periodic payments to traders that are long/short based on the difference between perpetual contract markets and spot prices). You can learn about how our funding rates are calculated here.