The Bitfinex exchange has announced the launch of silver perpetual contracts 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 to trade with a leverage of up to 100x, using Tether (USDT) as the main stablecoin.
The platform is only accessible for certain jurisdictions and not for everyone as besides the first barrier users will have to be verified to be able to interact with it.
It is not within everyone’s reach and Bitfinex users will only be able to use it if they meet all requirements.
How do the Bitfinex silver perpetual contracts work
When 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 trade fractions of contracts. Throughout the week, from Monday to Friday, there will be an up and down limit of 5% and this means that orders will not be executed above or below 5% price difference.
This expands the product offer for Bitfinex. This is certainly not Bitfinex’s first experience with precious metals, considering the presence of Tether Gold, the stablecoin pegged to gold, among the leading ones on the market.
Silver is the second metal after gold, so there is also this similarity with crypto, as recalled by the CTO of Bitfinex, Paolo Ardoino:
“As the second precious metal offering, we anticipate a ready uptake for this silver perpetual contract. This offering is available to sophisticated traders for the purposes of hedging and managing risk.”
And this is just the latest of the many positive news for this exchange, such as previous perpetual contracts on EOS, Litecoin and Polkadot, the staking of Cardano (ADA), integration with pNetwork for greater interoperability and recent support for RGB and OmniBOLT.