How to play BitMEX perpetual contracts

To trade perpetual contracts on BitMEX, users create an account, fund it, familiarize themselves with the interface, place orders, monitor their progress, and close them when desired.

Nov 11, 2024 at 05:02 am

How to Play BitMEX Perpetual Contracts

Introduction

BitMEX is a popular cryptocurrency exchange that offers a wide range of trading products, including perpetual contracts. Perpetual contracts are a type of futures contract that never expires. This makes them a popular choice for traders who want to speculate on the price of a cryptocurrency without having to worry about the contract expiring.

Step 1: Create a BitMEX Account

The first step to playing BitMEX perpetual contracts is to create an account. You can do this by visiting the BitMEX website and clicking on the "Sign Up" button. You will need to provide your email address, a password, and a referral code (if you have one). Once you have filled in the required information, click on the "Create Account" button.

Step 2: Deposit Funds

Once you have created an account, you will need to deposit funds into it. You can do this by clicking on the "Deposit" button in the top right corner of the screen. You can deposit funds using a variety of methods, including Bitcoin, Ethereum, Litecoin, and Tether.

Step 3: Learn About the BitMEX Interface

The BitMEX interface can be a bit daunting at first, but it is actually quite easy to use. The most important thing to understand is the order book. The order book is a list of all the buy and sell orders that have been placed for a particular cryptocurrency.

Step 4: Place an Order

Once you have learned about the BitMEX interface, you can place an order. To place an order, simply click on the "Order" button in the top right corner of the screen. You will then need to select the type of order you want to place, the quantity of the order, and the price you want to pay.

Step 5: Monitor Your Order

Once you have placed an order, you can monitor its progress in the "Orders" tab. The Orders tab will show you the status of your order, the current price of the cryptocurrency, and the profit or loss you are making on the order.

Step 6: Close Your Order

When you are ready to close your order, you can do so by clicking on the "Close" button in the Orders tab. You will then need to select the quantity of the order you want to close and the price you want to sell it at.