BitMEX Removes Floki Inu, a Competitor to the Shiba Inu

BitMEX, an early pioneer in the cryptocurrency derivatives market, has announced that it would be delisting 10 perpetual swap contracts.

On Thursday, BitMEX stated it will delist 10 perpetual swap contracts owing to low trading volume. The FLOKIUSD is a contract based on the value of the Floki Inu vs the value of the Shiba Inu.

The contracts will be removed from trading on October 19 at 12:00 UTC. Until 4:00 a.m. UTC on the same day, trading will continue as normal.

The financing rate will not be computed beyond this point, and the rate that will apply going forward will be zero. The settlements include the termination of all open orders and the closure of all open positions at the relevant settlement prices.

At no point throughout this procedure are you likely to be asked to pay anything. At the conclusion of a margined contract’s term, the gain or loss will be credited to the user’s Bitcoin or Tether balance, respectively.

The decision to eliminate certain trading pairs was made due to falling demand for the aforementioned contracts.

The Floki pair has been available on BitMEX since January, five months before it is scheduled to be removed.

Former derivatives market leader BitMEX has fallen well behind the competition owing to ongoing legal issues.

Binance has the highest 24-hour trading volume among all exchanges, at over $24 billion, according to statistics from CoinMarketCap, followed by Bybit, OKEx, and KuCoin. BitMEX, however, has a 24-hour trading volume of around $245 million, placing it 11th overall.

BitMEX has launched its prediction market, where users can make bets on future occurrences, expanding the company’s product offerings. Initial public offers center on issues including the success rate of FTX’s bankruptcy claims, the possibility of a Bitcoin ETF being approved, and the prospect for jail for Sam Bankman-Fried.

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