BitMEX, renowned for its high-leverage perpetual swaps, has ventured into options trading in collaboration with PowerTrade, a crypto options platform backed by Ascend Ventures, Pantera Capital, and Ledger Prime.

In a bid to compete with leading platforms like Deribit, BitMEX aims to capture a significant share of the options trading market, setting its sights on generating at least $500 million in trading volume within three months. This move comes amid the growing demand for crypto options, with Deribit currently holding a dominant position, accounting for 70% of bitcoin options trading volume.

BitMEX's options platform offers a comprehensive range of institutional-grade options for assets such as bitcoin, ether, XRP, BNB, solana, and dogecoin, with plans for further expansion. The exchange aims to differentiate itself by providing a user-friendly interface, secure trading environment, and flexible collateral options, including bitcoin, ether, and USDT.

To incentivize adoption, BitMEX is offering zero fees on options trading throughout May, alongside other rewards and incentives for new traders. Additionally, the platform will provide educational resources to help users navigate options trading effectively.

The partnership with PowerTrade is seen as a strategic move to enhance market-making capabilities and ensure liquidity on BitMEX's options platform. With digital asset market makers iGreeks and DWF Labs onboard, BitMEX aims to create a robust and liquid trading environment for its users.

By expanding its derivatives portfolio to include options trading, BitMEX aims to cater to the evolving needs of professional and institutional traders in the crypto market. Despite the current dominance of Deribit, BitMEX believes that competition will intensify, prompting the exchange to stay ahead of the curve and offer innovative solutions to its users.