Huobi DM Launches Ripple (XRP) Contracts

Huobi Derivative Market (Huobi DM) announced the launch of its Ripple (XRP) contract service.

Traders at Huobi DM can take both long and short positions on XRP. The announcement also noted that XRP price is moving between $0.002802 and $3.84 since 2004. In terms of cryptocurrency market capital, XRP is the third largest digital asset now available on Huobi DM, according to popular CoinMarketCap.com

Huobi DM already offers contracts weekly, bi-weekly, and quarterly cryptocurrency contracts for Bitcoin (BTC), Ethereum (ETH), and EOS (EOS), and Litecoin (LTC).

Executive Opinion

Head of Marketing for Huobi Group, Ross Zhang said, "We're always looking to serve our users – and the broader crypto community – better, so this was a natural decision. Adding XRP to our growing list of coin types on Huobi DM and improving our user experience are just further steps in our goal of building Huobi DM into the premier platform of its kind."

XRP Contract Features

According to the Huobi's announcement on its website, the minimum margin leverage will vary from 100% for 1X leverage, 20% for 5x leverage, 10% for 10x leverage and 5% for 20x leverage. Fee structure announced is 0.02% to open or close for makers and 0.03% to open or close for takers with a delivery fee of 0.05%.

XRP/USD index listing is considered from Bitstamp while XRP/BTC index listing is considered from Huobi, Okex and Binance exchanges. Each of these exchange's XRP index will have a weight of 25%.

Limited to web application only as of now, the exchange also enabled trigger order functionality to allow users pre-set orders to set take profits and stop losses. The same functionality will be available on the mobile app soon.

In January this year, Huobi DM (Derivative Market) launched its Litecoin (LTC) crypto asset contract service on its trading platform.