Cryptocurrency exchange OKEx has been preparing to launch Tether (USDT) margin futures next month.
An OKEx spokeswoman told The Block on Monday that the product is currently scheduled to launch in October, but the exact launch schedule is yet to be determined.
The spokeswoman did not comment on specifics of the product, saying: “We will keep you posted when we have further updates.”
Margin futures contracts are a type of derivative product which allow traders to enter into a leveraged position to buy or sell an asset, in this case, USDT, for delivery at a later date.
Several exchanges have been rushing into the crypto derivatives space. Most recently, Binance launched a futures trading platform, dubbed Binance Futures. The platform initially supports BTC/USDT futures with up to 20x leverage.
Last month, Seed CX exchange announced that its subsidiary, Seed SEF, has started testing of its physically-settled bitcoin margin swaps. Startup trueDigital is also looking to soon launch a derivatives exchange that trades physically-settled bitcoin margin swaps.