Leading AI-powered cryptocurrency trading platform, OceanEX has launched what is arguably the first perpetual contract based on VeChain (VET).
The exchange revealed the development in an announcement today, noting its objective to diversify and deepen its newly launched perpetual contract markets and also empower the VeChain ecosystem. The newly launched VET/USDT perpetual contract will use VET as its base currency and USDT as the quote currency.
In a bid to ensure that the market price for the contract is fair at all times, OceanEX disclosed that its VET price index adopts the price weight of Binance and Huobi respectively. Traders can select up to 5x leverage while trading VET/USDT perpetual contracts on the exchange.
📢[BREAKING NEWS] We are excited to announce that we launched VET/USDT perpetual contract trading. #OceanEx is the 1st digital asset trading platform that provides $VET contract worldwide. Please stay tuned with us for more events!
— OceanEx Official (@OceanexOfficial) January 6, 2020
A perpetual contract is a derivative product that is similar to futures. However, the primary difference is that for perpetual contracts, there is no expiry or settlement. Instead, the product resembles a margin-based spot market that trades close to the underlying reference Index Price.
Understandably, introducing this product for VeChain (VET) means crypto derivatives traders now have more options to choose from in their chase for profits, while the cryptocurrency benefits from more investment inflow into its market cap.
The latest development also makes another step in the right direction for VeChain. Just last week, the community unanimously voted to take out of existence, the 727 million coins stolen from the Foundation’s buyback address in early December.