15 Mar Bitfinex Derivatives to Launch Perpetual contracts on UK Crude Oil (UKOILF0:USTF0), Palladium (XPDF0:USTF0), Platinum (XPTF0:USTF0)
Perpetual Swaps
For distribution to journalists only.
PROVIDENCE, Mahe, Seychelles, March 15 2023 – Bitfinex Derivatives* is pleased to announce a range of perpetual contracts for some of the largest and most popular global commodity indices.
The launch of the commodity contracts will allow Bitfinex Derivatives customers to trade products that are usually found on traditional financial exchanges, but subject to restricted trading hours. On Bitfinex Derivatives, they will be available to trade 24-hours a day, seven days a week.
Perpetual contracts are now available on Bitfinex Derivatives for UK Crude Oil (UKOILF0:USTF0), Palladium (XPDF0:USTF0) and Platinum (XPTF0:USTF0).
UK Crude Oil** is the benchmark for the light oil market in Europe, Africa, and the Middle East. The current mixed macro-backdrop and the supply side constraints caused by the COVID pandemic have kept oil price volatility elevated. The value of UK Crude Oil also reflects the cost of production and the volatile nature of international quotas.
XPD*** (Palladium) is an ESG friendly commodity that joins Bitfinex Derivatives’ precious metals portfolio. One of the most common uses of Palladium is in the catalytic converters of motor vehicles which also makes its price dependent on the performance of the automotive sector.
XPT**** (Platinum) is a precious metal used industrially in the production of optical fibers, LCDs, and dental fillings, as well as in chemotherapy drugs. Platinum is also used in the manufacturing of jewelry.
These commodities join Bitfinex Derivatives’ expanding perpetual trading portfolio of more than 60 crypto perpetuals, as well as Silver perpetuals (XAG-Perp), Tether Gold perpetuals (XAUT-Perp) and FX perpetuals on Euro, Yen and Sterling (EUR-Perp, JPY-Perp, and GBP-Perp).
The new contracts will go live on March 15 at 10:30 AM UTC, and will offer users up to 100x leverage, settled in Tether tokens (USDt).
“We’re delighted to announce the addition of UK Crude Oil, Palladium and Platinum to the growing portfolio of perpetual swaps available to trade on the exchange,” said Paolo Ardoino, CTO at Bitfinex Derivatives. “We anticipate great interest in these products, particularly among funds and professional investors seeking to take directional positions or to hedge risk.”
The commodities contracts on Bitfinex Derivatives work in the same way as other perpetuals on the exchange. All transactions and funding are settled in USDt, and margin collateral will be denominated in USDt. The mark price is determined on the basis of bid and offer price quotations for custom off-exchange swaps, furnished to Bitfinex Derivatives by a 3rd party Information Provider.
Bitfinex Derivatives platform and products are only available in eligible jurisdictions, and are exclusive to verified users.
*The derivatives platform is provided by iFinex Financial Technologies Limited. References to Bitfinex Derivatives in this press release are references to iFinex Financial Technologies Limited. All deposits, activities, and users are subject at all times to all of the terms of service in effect on Bitfinex. U.S. persons are not permitted to use Bitfinex or any of its services.
Important Notes
This press release is intended for journalists. It is not intended to be broadly disseminated.
This press release is not an offer to sell or the solicitation of an offer to purchase any financial products. iFinex Financial Technologies Limited will only allow access to its derivatives platform pursuant to its derivatives terms of service available (as at the date of this press release) at https://www.bitfinex.com/legal/derivative/terms
The summary description of the perpetual contract for UKOILF0:USTF0, XPDF0:USTF0 and XPTF0:USTF0 in this press release is provided for convenience purposes only. The perpetual contract for UKOILF0:USTF0, XPDF0:USTF0 and XPTF0:USTF0 are more particularly described in the updated Derivative Product Descriptions found at https://www.bitfinex.com/legal/derivative/product .If there are any differences between the description in this press release and the Derivative Product Description, the Derivative Product Description will govern. Please read it carefully to ensure you understand the products available on the derivatives platform.
Glossary
**UKOIL refers to the benchmark used for the light oil market in Europe, Africa, and the Middle East, originating from oil fields in the North Sea between the Shetland Islands and Norway and tracks Brent crude oil
*** XPD refers to the palladium spot market which is the current price at which palladium can be bought and sold on the market
*** XPT refers to the platinum spot market which is the current price at which platinum can be bought and sold on the market.
Any summary information regarding UKOILF0:USTF0, XPDF0:USTF0 and XPTF0:USTF0 in this press release is provided for convenience purposes only and may not be relied upon. Please ensure you conduct your own research regarding UKOILF0:USTF0, XPDF0:USTF0 and XPTF0:USTF0.
About Bitfinex Derivatives
Launched in September 2019, iFinex Financial Technologies Limited offers a derivatives platform that is accessible through Bitfinex, a digital token trading platform offering state-of-the-art services for digital currency traders and global liquidity providers. Visit www.bitfinex.com to learn more.
Media contact for Bitfinex
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