The exchange Bitfinex has announced the launch of perpetual silver contracts (silver) on its derivatives platform:
Exciting news about the Derivatives Platform ⬇️https: //t.co/mrnlnvr8EQ
– Bitfinex (@bitfinex) October 26, 2020
Bitfinex derivatives can be accessed from the main Bitfinex website, and today there is a new asset – silver (XAGF0: USTF0), which has also been made available for trading with up to 100x leverage, using Tether ( USDT) as the main stablecoin.
The platform is only accessible for certain jurisdictions and not for all, since in addition to the first barrier, users must be verified in order to interact with it.
It is not available to everyone and Bitfinex users will only be able to use it if they meet all the requirements.
How do Bitfinex perpetual silver contracts work?
By examining the various details, it is possible to see that the minimum order size is 100 XAGF0: USTF0 and it is also possible to order and negotiate fractions of contracts. Throughout the week, Monday through Friday, there will be a 5% raise and lower limit and this means that orders will not be executed above or below the 5% price difference.
This expands the Bitfinex product offering. Certainly, this is not Bitfinex's first experience with precious metals, considering the presence of Tether Gold, the stablecoin linked to gold, among the leaders in the market.
Silver is the second metal after gold, so there is also this similarity with cryptocurrencies, as the CTO of Bitfinex recalls, Paolo Ardoino :
“As a second precious metals offering, we anticipate immediate acceptance for this perpetual silver contract. This offer is available to sophisticated operators in order to hedge and manage risk ”.
And this is just the latest of many positive news for this exchange, such as previous perpetual contracts on EOS, Litecoin, and Polkadot, Cardano (ADA) staking, integration with pNetwork for greater interoperability, and recent support for RGB and OmniBOLT.