BitMex to Launch XRP Swaps, Delist 2 Other Derivatives

BitMEX is releasing an XRP-U.S. dollar quanto swap targeted at crypto’s budding derivatives market.

AccessTimeIconJan 23, 2020 at 4:29 p.m. UTC
Updated Sep 13, 2021 at 12:11 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

BitMEX is releasing an XRP-U.S. dollar quanto swap targeted at crypto’s budding derivatives market.

A quanto swap is a cross-currency interest rate swap where one counterparty pays the other a foreign interest rate. When the contract expires, the notional amount gets settled in cash at a pre-defined exchange rate. These kind of swaps can be beneficial for speculators in search of liquidity and where they can post margin in their preferred currency.

The XRP/USD quanto product is set to go live on Feb. 5. The move coincides with the delisting of existing BitMEX UP and DOWN contracts. The last ones are expected to be settled by Jan. 31, with no new UP and DOWN contracts to be issued thereafter. The cryptocurrency exchange and derivatives trading platform said the affected contracts are XBT7D_U105 and XBT7D_D95.

BitMEX said in a release the contract details would be available on Testnet beginning Friday, with more information to follow.

A DOWN contract allows buyers of the contract to participate in the potential downside of the underlying instrument. An UP contract allows sellers of the contract to participate in the potential upside of the underlying instrument.

“We are also working on new products and features which will be rolled out gradually in the upcoming quarters,” BitMEX said.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

Read more about