BitMEX, a Seychelles-based derivatives exchange, has launched the MEMEMEXTUSDT Basket Index Perpetual Swap Contract. This new product, dubbed the "S&P500 for crypto meme coins," allows traders to speculate on the performance of popular meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and others through a single contract.

The contract is margined in USDT and offers up to 25x leverage. Each contract equates to 0.0001 MEMEMEXT, with a lot size of 1000. The maker fee is -0.015%, and the taker fee is 0.075%. The base initial margin requirement is 4.00%, and the base maintenance margin is 2.00%.

BitMEX CEO Stephen Lutz noted that this offering provides a safer way for serious crypto traders to get involved in the meme coin market. This development is a positive step towards diversifying risk in the crypto industry, allowing traders to invest in a segment rather than individual tokens.