Cryptocurrency derivatives exchange BitMEX has announced a significant expansion of its altcoin offerings, unveiling plans to list quanto futures contracts for Chainlink (LINK), Tezos (XTZ), EOS, and Cardano (ADA). The move, revealed on September 4, 2020, marks the first time the platform has added new tokens since listing a TRON/BTC futures market back in June 2018—a gap of over two years.
TL;DR
- BitMEX is launching quanto futures for LINK, XTZ, EOS, and ADA paired with USDT
- First new token listing on the exchange since TRON futures in June 2018
- USDT pairs were chosen because they account for over 60% of total altcoin trading volume
- The LINK contract will be BitMEX’s first DeFi-linked futures product
- Contracts become available for trading on September 11, 2020, at 08:00 UTC
A Strategic Pivot Toward Altcoin Derivatives
The decision to list four new altcoin futures contracts simultaneously signals a shift in strategy for BitMEX, which has traditionally focused on Bitcoin-denominated products. Notably, all four new contracts will be quoted against Tether (USDT) rather than Bitcoin, reflecting a broader industry trend. In its announcement, BitMEX cited strong user demand, noting that USDT pairs now account for more than 60% of overall altcoin trading volume.
For BitMEX, which once dominated the crypto derivatives landscape, the expansion comes at a critical time. Competitors like Binance Futures and OKEx have been aggressively listing new altcoin pairs, capturing market share in the rapidly growing derivatives segment. The addition of LINK, XTZ, EOS, and ADA futures represents BitMEX’s attempt to remain competitive in an increasingly crowded field.
Chainlink’s DeFi Connection Makes History
Among the four new listings, the Chainlink (LINK) futures contract stands out as particularly significant. LINK has become one of the most prominent DeFi-related tokens in 2020, benefiting from the explosive growth of decentralized finance protocols that rely on Chainlink’s oracle infrastructure. The LINK futures listing will be BitMEX’s first-ever DeFi-linked contract, marking the exchange’s recognition of the sector’s growing influence.
At the time of the announcement, Chainlink was trading at approximately $10.61, making it the sixth-largest cryptocurrency by market capitalization at $3.71 billion. However, LINK was already down 15.59% in 24 hours and a steep 37.11% over the past seven days, reflecting the broader DeFi correction sweeping through the market.
Tezos Returns After Three-Year Absence
The inclusion of Tezos (XTZ) futures carries historical significance for BitMEX. The exchange previously listed XTZ/BTC futures before Tezos even completed its initial coin offering in 2017, settling contracts at the ICO price of 0.0002 BTC per XTZ. Now, more than three years later, Tezos has matured into a top-15 cryptocurrency with a market capitalization of approximately $1.84 billion and a price around $2.48. The reintroduction signals BitMEX’s confidence in Tezos’s continued relevance in the smart contract platform space.
EOS and Cardano Round Out the Offering
EOS and Cardano, both already available for spot trading on BitMEX, will receive new quanto futures contracts as part of the expansion. EOS was trading at $2.93 with a market cap of $2.75 billion, while Cardano’s ADA sat at $0.0899 with a $2.33 billion market cap. Both tokens were experiencing significant drawdowns amid the market-wide sell-off, with ADA down 12.69% and EOS down 3.69% in the preceding 24 hours.
Polkadot’s DOT token, which had recently entered the top 10 cryptocurrencies by market cap at $3.51 billion, was suffering even heavier losses—down 20.80% in 24 hours and 33.65% over the week—underscoring the volatility that BitMEX’s new futures products will expose traders to.
Why This Matters
BitMEX’s altcoin futures expansion reflects a maturing derivatives market where traders increasingly demand diversified exposure beyond Bitcoin. The choice of USDT as the quote currency—rather than BTC—acknowledges a fundamental shift in how traders approach altcoin markets. With the DeFi boom driving unprecedented interest in tokens like Chainlink, and established platforms like Tezos, EOS, and Cardano maintaining strong communities, the timing of these listings positions BitMEX to capture trading volume from the growing class of altcoin-focused derivatives traders. However, the listings also arrive during a period of intense market volatility, with the broader crypto market experiencing significant corrections that could test demand for these new products right out of the gate.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency trading involves significant risk. Always conduct your own research before making investment decisions.
two years without a single new listing while competitors were adding derivatives left and right. BitMEX was asleep
switching to USDT pairs was the right call. BTC-denominated futures were confusing for most traders
Yuki Tanaka and then the DOJ charges hit in late 2020. BitMEX was not just asleep, they were actively ignoring compliance while Binance and FTX ate their market share
two years with zero new listings is wild. by 2020 bitmex had already lost the plot, arthur was mired in legal trouble and the product was stale
LINK being their first DeFi-linked futures product in 2020 tells you how slow they were to adapt
meanwhile Binance and FTX were listing everything. competition ate their lunch
LINK as a DeFi-linked futures product in 2020 was genuinely ahead. chainlink oracles were barely adopted then, now they are in every protocol
the LINK call was prescient though. oracles became the backbone of every defi protocol within 18 months of this listing