BingX Launches ALTCOIN Index Futures
BingX has launched ALTCOIN Index, the first futures trading pair involving top altcoins. It offers users a one-click solution to track and trade major cryptocurrency trends.
A futures index is a financial derivative that tracks the performance of a group of assets, such as stocks or commodities.
These instruments were created to simplify trading by enabling investors to speculate on or hedge against the performance of specific market sectors. Instead of buying individual stocks, traders can gain broad market exposure through a single transaction, saving both time and costs.
ALTCOIN Index excludes BTC and stablecoins
In the cryptocurrency market, the new ALTCOIN/USDT futures pair offers similar benefits by tracking the performance of leading cryptocurrencies by market cap, excluding Bitcoin (BTC) and stablecoins. The index currently includes ETH, XRP, SOL, BNB, DOGE, ADA, TRX, AVAX, and SHIB. This method is more efficient than purchasing individual cryptocurrencies or ETFs, allowing traders to speculate directly with tiered leverage, diversify risk, and avoid managing multiple positions.
Vivien Lin, Chief Product Officer of BingX, said: “By aggregating a range of leading cryptocurrencies into a single trading instrument, we’re giving users a practical and efficient way to better capture market trends. This index trading pair should help our less experienced users with their trading goals more easily, particularly when they are unsure which asset to trade and just want to trade major altcoins in general with leverage.”
BingX users can take advantage of tiered leverage options and competitive rates consistent with the platform’s perpetual futures terms, simplifying open order management and enhancing trading efficiency. The platform also ensures that the index composition remains current, with regular quarterly adjustments and temporary updates in response to market conditions.
Founded in 2018, BingX offers spot, derivatives, copy trading, and asset management. In 2024, BingX became the official crypto exchange partner of Chelsea Football Club, marking its debut in the world of sports.
BingX hacked in September
In September, the Singapore-based cryptocurrency exchange was hacked, with losses estimated at over $52 million. Initial reports had pegged the loss at $26 million, but blockchain security firm PeckShield later identified additional wallets involved in the breach, bringing the total damage across multiple blockchain networks into clearer focus. For its part, BingX confirmed that it had been hacked, with nearly $43 million worth of digital assets stolen in multiple tranches.
