Crypto exchange BitMEX has announced a new index that allows traders to gain exposure to the top 10 memecoins.

Crypto derivatives exchange BitMEX has announced the launch of a new basket index, the MEMEMEXTUSDT Basket Index Perpetual Swap Contract, which provides traders exposure to the top 10 memecoins by market capitalization as the trading platform seeks to offer new ways for traders to capitalize on the memecoin frenzy.

The Seychelles-headquartered exchange revealed in a press release shared with crypto.news that the new index is traded in pair against Tether‘s USDT stablecoin, constructed as a weighted average price of the key memecoins, and is “rebalanced monthly.”

BitMEX chief executive Stephan Lutz said the index launch was a response to a “growing appetite from BitMEX users to get in on the action,” adding that the new product is aimed to simplify trading by offering a single product that eliminates the need to navigate through a vast array of memecoins.

“The sheer number of meme coins can be overwhelming, making it tricky for traders to find their footing. Thus, we’re excited to launch the MEMEMEXTUSDT Perpetual Swap.”

Stephan Lutz

The exchange hopes that by aggregating multiple memecoins into a single index product, the contract can provide “improved liquidity, enabling traders to more easily execute their trades at favourable prices.” The contract specifics include a maker fee of -0.015% and a taker fee of 0.075%.