Source: Cointelegraph Original: "{title}"
As the cryptocurrency market matures, BitMEX CEO Stephan Lutz stated that advanced trading tools like perpetual swap contracts are increasingly influencing the value of altcoins.
Perpetual swap contracts are a type of crypto trading contract that allows traders to bet on the price of an asset without actually owning the tokens. This derivative product is similar to futures contracts. However, it has no expiration date, meaning traders can hold their positions as long as they wish.
Lutz told Cointelegraph that perpetual swap contracts are very important because newly launched perpetual swaps allow traders to short the underlying altcoins for the first time. Lutz stated that this marks the beginning of "real price discovery": "Perpetual swap contracts play a key role in the price discovery of newly issued altcoins and are an important indicator of market sentiment, as they are often the first derivative products to be launched."
Lutz mentioned that perpetual swap contracts allow for both long and short positions, which helps traders hedge or speculate. "Tracking these positions can reveal the directional preferences of the market," he added.
This means that tracking the trends of perpetual swap contracts can also provide traders with deeper insights into how the market determines the value of altcoins.
How Exchange Listings Affect Perpetual Swap Contracts
Lutz stated that perpetual swap contracts often lead to fluctuations in spot prices. Due to high liquidity and leverage, a sudden surge or drop can pull the spot price along with it. This means that observing the details of perpetual swap contract data can also assist spot market traders.
Similar to the spot cryptocurrency market, perpetual swap contracts are also affected by exchange listings. However, centralized finance (CeFi) trading platforms exhibit differences in how listings impact perpetual swap contracts.
In a report analyzing how exchange listings affect perpetual swap contracts, BitMEX explained that the initial listings of perpetual swap contracts vary across different exchanges.
According to BitMEX data, from the start of 2025 to March 18, 70% of contracts listed on the OKX crypto exchange reached new all-time highs on their first day of listing.
On the other hand, the proportion of all-time highs for contracts listed for the first time on Bybit and BitMEX is similar, at about 41%. Meanwhile, Binance showed a perfect 50% distribution, meaning some contracts reached all-time highs on their first day of listing while others did not.
"For traders, carefully choosing which exchange to trade perpetual swaps on can have a significant impact on return on investment (ROI) and help avoid common pump and dump patterns," Lutz said.
Perpetual contract data from cryptocurrency exchanges. Source: BitMEX
Related: TradFi market dynamics continue to evolve, Bitcoin ETF loses $326 million
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