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Bitfinex Derivatives* is pleased to announce a range of perpetual contracts for some of the largest and most popular global commodity indices.
The launch of the commodity contracts will allow Bitfinex Derivatives customers to trade products that are usually found on traditional financial exchanges, but subject to restricted trading hours. On Bitfinex Derivatives, they will be available to trade 24-hours a day, seven days a week.
Perpetual contracts are now available on Bitfinex Derivatives for UK Crude Oil (UKOILF0:USTF0), Palladium (XPDF0:USTF0) and Platinum (XPTF0:USTF0).
UK Crude Oil** is the benchmark for the light oil market in Europe, Africa, and the Middle East. The current mixed macro-backdrop and the supply side constraints caused by the COVID pandemic have kept oil price volatility elevated. The value of UK Crude Oil also reflects the cost of production and the volatile nature of international quotas.
XPD*** (Palladium) is an ESG friendly commodity that joins Bitfinex Derivatives’ precious metals portfolio. One of the most common uses of Palladium is in the catalytic converters of motor vehicles which also makes its price dependent on the performance of the automotive sector.
XPT**** (Platinum) is a precious metal used industrially in the production of optical fibers, LCDs, and dental fillings, as well as in chemotherapy drugs. Platinum is also used in the manufacturing of jewelry.
These commodities join Bitfinex Derivatives’ expanding perpetual trading portfolio of more than 60 crypto perpetuals, as well as Silver perpetuals (XAG-Perp), Tether Gold perpetuals (XAUT-Perp) and FX perpetuals on Euro, Yen and Sterling (EUR-Perp, JPY-Perp, and GBP-Perp).
The new contracts will go live on March 15 at approximately 10:30 AM UTC, and will offer users up to 100x leverage, settled in Tether tokens (USDt).
“We’re delighted to announce the addition of UK Crude Oil, Palladium and Platinum to the growing portfolio of perpetual swaps available to trade on the exchange,” said Paolo Ardoino, CTO at Bitfinex Derivatives. “We anticipate great interest in these products, particularly among funds and professional investors seeking to take directional positions or to hedge risk.”
The commodities contracts on Bitfinex Derivatives work in the same way as other perpetuals on the exchange. All transactions and funding are settled in USDt, and margin collateral will be denominated in USDt. The mark price is determined on the basis of bid and offer price quotations for custom off-exchange swaps, furnished to Bitfinex Derivatives by a 3rd party Information Provider.
Bitfinex Derivatives platform and products are only available in eligible jurisdictions, and are exclusive to verified users.
* The derivatives platform is provided by iFinex Financial Technologies Limited. References to Bitfinex Derivatives in this press release are references to iFinex Financial Technologies Limited. All deposits, activities, and users are subject at all times to all of the terms of service in effect on Bitfinex. U.S. persons are not permitted to use Bitfinex or any of its services.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.