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FTX has listed FTX Dollar Spot Index (FTXDXY) perpetual futures

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FTX has listed FTX Dollar Spot Index: Leading centralized cryptocurrency exchange FTX Exchange focuses on leveraged goods and derivatives. Sam Bankman-Fried, an MIT graduate and former international exchange-traded funds trader at Jane Street Capital, founded FTX in 2018.

The company provides a variety of trading products, including derivatives, options, volatility products, and leveraged tokens. Furthermore, it offers spot markets in more than 300 cryptocurrency trading pairings, including BTC/USDT, ETH/USDT, XRP/USDT, and its own native coin FTT/USDT.

Though their management teams are similar, the financing structures of Bahamas-based FTX and its subsidiary, FTX US, are different. Only FTX US is available for trading for Americans.

FTX has listed FTX Dollar Spot Index
FTX has listed FTX Dollar Spot Index

So what’s the good news? Key points

  • FTX is diving into the foreign exchange derivatives world.
  • It launched a new perpetual swap tied to the so-called FTX Dollar Spot Index.

Crypto exchange FTX is expanding its remit into the world of foreign exchange derivatives trading, listing a perpetual future tied to a U.S. dollar spot index, the company said Monday. 

While crypto markets have been stuck in the doldrums, foreign exchange traders have recently enjoyed a bout of volatility. The U.S. dollar, for its role, is hovering near all-time highs, while the pound sterling has gyrated amid the chaotic rollout of U.K. Prime Minister Liz Truss’s economic program. Turbulence has also hit the Japanese yen and the euro. 

As for FTX’s new perpetual contract, it will be based on the so-called FTX Dollar Spot Index. It is designed to “track the performance of a basket of 4 leading global currencies versus the U.S. Dollar: the euro, Japanese yen, Canadian dollar, and British pound.”

About FTX Dollar Spot Index (FTXDXY)

FTX Dollar Spot Index tracks the performance of a basket of 4 leading global currencies versus the U.S. Dollar: the euro, Japanese yen, Canadian dollar, and British pound. 

FTX Dollar Spot Index (FTXDXY) is calculated with this formula: 35.7 * EURUSD ^ -0.6 * JPYUSD ^ – 0.2 * CADUSD ^ -0.1 * GBPUSD ^ -0.1

source: FTX

Wilson Tenkoranghttps://wilsontrendit.com
A Medical Biochem Student, blogger, Web Developer, and social media influencer.

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