CoinDesk reports that new crypto derivatives platform FTX has launched by far the most abstract and strangely-named futures index fund in the cryptocurrency market.
The index, dubbed Shitcoin Index Perpetual Futures or SHIT-PERP, is mostly a 58 low market cap coins index. It happens to be flanked by other low-cap indices ALT-PERP and MID-PERP and includes projects similar to Grin, Nano, and Waves.
FTX’s Relationship with Alameda Research
The derivative platform was opened in spring after an incubation program under Alameda Research began. The FTX derivatives platform operates an otc desk, indexes, and futures, and spot trading. The Antigua- and Barbuda-based platform happens to be adding margin and spot trading progressively.
According to FTX statements, the text of FXT to Alameda Research offers it profound liquidity. Alameda Research began in 2019, consequently far it manages more than $100 million in crypto assets that each day trade between $600 million and $1.5 billion. It operates perhaps the best performing accounts on BiotMEX, having helped onboard staff from Google (NASDAQ:GOOGL), Facebook (NASDAQ:FB), Optiver, Jane Street, and Susquehanna to FTX.
FTX Index Allows Varied Coin Interactions
Despite that has an odd name, the index stands by its product that was introduced sometime in June. While chatting with CoinDesk, Darren Wong, the Chief Marketing Officer of FTX, stated the index enables investors and traders to own interactions with coins within innovative ways.
Wong revealed that if a trader or investor needs exposure to any particular initial coin offering that may not in the general industry, they could short SHIT-PERP. Therefore by the trader shorting the alt market, they potentially hedge their bets and reduce their downside. Equally, if you’re looking to short low market altcoins, they’ll likely can make use of SHIT-PERP currently one way of shorting low-cap markets.