Kenne Michael 
BitMEX, the cryptocurrency derivatives exchange, has entered the realm of prediction markets, allowing speculators to wager on actual events.
In a recent statement, the exchange operator announced the launch of a new tool that enables traders to capitalize on their knowledge of real-world events ranging from crypto price fluctuations to pop culture phenomena.
This initiative increases the platform’s trading and hedging opportunities.
The exchange’s novel derivative product, the prediction market, launches with contracts related to significant events.
These contracts indicate the rate of FTX’s bankruptcy filing recovery (product P_FTXZ26), the future of Bitcoin ETFs (product P_XBTETF), and Sam Bankman-Fried’s fate (product P_SBFJAILZ26).
Additional contracts are anticipated to be introduced to the platform in the future.
These prediction markets provide traders with a one-of-a-kind opportunity to earn returns by predicting the outcomes of various topics, including the crypto world and traditional finance.
Each contract on the prediction markets of BitMEX is valued between zero and one USD but is quoted in percentage terms.
The exchange will thoroughly review each listing, considering the complexities of defining particular outcomes.
Similar to present futures contracts on BitMEX, settlement of these contracts will occur in USDT and will rely on the platform’s best efforts to provide a settlement price.
This expansion into prediction markets represents BitMEX’s most recent effort to provide innovative financial products to its user base, catering to the evolving requirements of cryptocurrency traders.
