Funding rates for perpetual swaps have surged to more than 10 per cent and even 20 per cent on mainstream exchanges, according to data released by IntoTheBlock. Such high costs are a sign of growing bullish sentiment among traders. While still below the peak of Quarter 1, continued demand at this level could suggest speculative overheating.
The likelihood of a 50 basis point cut next week from the Fed priced into swaps rose slightly after the Wall Street Journal reported that policymakers were considering whether to cut rates by 25 basis points or 50 basis points. The September OIS contract fell about 3 basis points to an intraday low of around 5.04%, corresponding to a September meeting rate cut of about 28 basis points, towards the midpoint of Wednesday's range; the corresponding rate cut by Wednesday's close was 26 basis points....
BitMEX on Thursday launched the MEMEXTUSDT Basket Index Perpetual Swap contract to track the top 10 Meme coins in the crypto market. The index is composed of the weighted average prices of the top 10 Meme coins by market cap, with the index components rebalancing monthly to ensure it continues to track the top-performing Meme coins. It is a USDT margin linear perpetual swap contract that offers up to 25x leverage.