How to trade ETH/XBT Spot Pair on BitMEX?

Trade ETH/XBT Spot Pairs and More on BitMEX

Since May 2022, users can choose to trade portfolio staples like XBT and ETH, rising stars like APE and AXS, and DeFi performers like UNI – all paired with USDT.

However, that will change later this week when BitMEX launches the ETH/XBT spot trading pair.

This is a new addition that means BitMEX mobile and web users will soon be able to trade ETH against XBT on BitMEX Spot.

This will allow users to easily switch between their ETH and XBT for deep liquidity on BitMEX’s Ether and Bitcoin margined dual currency and linear contracts.

And that’s not all.

Users can also now exchange ETH for XBT (on top of USDT and USDC) and vice versa without any hidden fees.

For a primer on BitMEX’s new ETH/XBT spot pair – or refresh your spot trading knowledge – read on.

If you have not yet created a BitMEX account, you can do so here.

Trade ETH/XBT Spot Pair on BitMEX

A primer on BitMEX’s new ETH/XBT spot trading pair

Later this week, BitMEX’s spot exchange will support the ETH/XBT spot trading pair – which allows users to buy ether with bitcoin, or sell ether for bitcoin.

The ETH/XBT spot trading pair is generally regarded as the most versatile trading pair, as ETH and XBT are traded on most cryptocurrency exchanges.

ETH and XBT are also some of the most popular margin currency options when it comes to cryptocurrency derivatives trading.

ETH/XBT Spot Pair Details

Code: ETH_XBT

Root: ETH

Underlying Asset: ETH

Denomination currency: XBT

Lot size: 1000000

Size: 0.0000001

Provide liquidity fee: 0.001

Withdrawal liquidity fee: 0.001

Maximum amount: 10

Maximum number of orders: 100000000000

Go to BitMEX’s Official Website

How to trade ETH/XBT on BitMEX Spot

Here is a quick walkthrough of how to trade ETH/XBT with limit and market orders on BitMEX’s spot exchange:

Limit Order

This order type allows users to prepare spot trades in advance.

Floor limit orders allow traders to set their own prices to buy or sell cryptocurrencies. If the market reaches the limit price, the trader’s order will be executed.

For example: If the current market price of 1 ETH is 0.068 XBT, and you want to buy 10 ETH when the price drops to 0.048 XBT, you can place a limit order.

Instructions: Select ‘Limit Price’, enter 0.048 in the ‘Price’ column, and enter 10 in the ‘Amount’ column.

Click the ‘Buy ETH’ button to place a limit order.

Market Order

A market order is an order that is executed immediately at the best market price. Traders use this order type when they want to complete their orders as quickly as possible. Traders who create market orders do not need to enter a price.

Example: If the price of 1 ETH is 0.068 XBT and you want to buy 1 ETH immediately, you can place a market order.

Instructions: Select “Market Price”, enter 1 in the “Amount” column, check the approximate XBT amount displayed in the “Order Value” column, and then click “Buy ETH” to place a market price order.

Go to BitMEX’s Official Website

What is a spot trading pair?

“Spot trading” refers to the buying and selling of tokens and coins with immediate delivery of the underlying asset.

Spot trading is different from cryptocurrency derivatives trading because you need to own the underlying asset in order to place a buy or sell order.

Trade ETH/XBT Spot Pair on BitMEX

What is a spot trading pair?

“Trading Pair” describes the pair of assets being traded. In the cryptocurrency space, there are mainly two types of trading pairs: fiat-to-crypto (such as XBT/USD) and crypto-to-crypto (such as ETH/XBT).

Cryptocurrency pairs allow each asset in the pair to be valued without the use of fiat currency and are an essential part of the cryptocurrency ecosystem and liquidity.

Go to BitMEX’s Official Website

How to Read Spot Trading Pairs?

Trading pairs are valued in their “base currency” – the currency in which the exchange rate is quoted.

In the ETH/XBT trading pair – with reference to the price of ETH in XBT – the base currency is ETH and the quote currency is XBT.

From a real-world perspective, on October 9, 2022, ETH/XBT was trading around 0.067729.

This means that the trader will receive 1 ETH at a price of approximately 0.067729 XBT, as Bitcoin is the quoted currency for the spot trading pair.

Over the next few weeks, BitMEX will be listing more tokens (such as ADA) and a new cryptocurrency derivative on BitMEX. Follow this blog for the latest updates.

Trade ETH/XBT Spot Pair on BitMEX