BitMEX (CRYPTO:BMEX) has introduced the MEMEMEXTUSDT Basket Index Perpetual Swap Contract, targeting the top 10 meme coins by market cap, including Dogecoin (CRYPTO:DOGE), Shiba Inu (CRYPTO:SHIB), and Pepe (CRYPTO:PEPE).

This new offering allows traders to speculate on the collective performance of popular meme coins through a single contract, akin to the "S&P500 for crypto meme coins."

Traders can leverage up to 25x on contracts margined in USDT, with specific fees and margin requirements outlined for each trade.

The initiative aims to mitigate risks associated with individual meme coins while enhancing trading accessibility and liquidity in this volatile sector.

BitMEX CEO Stephen Lutz highlighted the product's appeal to serious traders seeking exposure without direct ownership complexities and volatility concerns associated with meme coins.