Singaporean Phemex crypto exchange launches Gold perpetual Contract

Singapore-based cryptocurrency derivatives exchange Phemex, has unveiled its latest product: a proprietary perpetual contract pegged on gold and settled in nominal USD.  
Each contract is worth 0.001 troy ounce of gold, and its price is determined by the combination of several indexes: 1Forge.com (40%), GoldPrice.com (20%), itBit.com (15%), Bitfinex.com (15%), and Kraken.com (10%). This index is updated and published every second. If any of the sources disconnects, it will be temporarily removed from the calculation until a connection can be re-established. The weight of the disconnected source will be proportionally reallocated among the remaining sources.

This is the first GOLD/USD perpetual contract that can be traded with up to x100 leverage. Considering Bitcoin’s recent volatility, the Phemex team has introduced this novel product in order to help their users hedge their risk with as many options as possible.  

Perpetual contracts trade at close to the underlying market price for bitcoin, because of a funding mechanism that requires long and short contract holders to exchange payments every eight hours. While various crypto exchange platforms have shown an increased interest in the derivatives market, the Phemex powered derivatives platform is one of a kind, as it is designed to be the world’s most trustworthy with a fully transparent, fair pricing mechanism matched with unrivalled speed and the fastest matching engine available.