Our New Crypto Derivative, the XBTETH Swap, ExplainedXBTETH is an inverse perpetual swap that will allow traders to long or short the XBT/ETH exchange rate with leverage opportunities. Each XBTETH contract on BitMEX will be worth a fixed amount of 0.01 ETH, the smallest contract value that a trader must commit. Like all crypto derivative contracts on BitMEX, it will be possible for XBTETH traders to take a leveraged position (i.e. Four Examples of How the XBTETH Contract WorksTo illustrate the mechanics of the new XBTETH contract, we’ve included four example scenarios below. The trader’s PnL is calculated as: Number of contracts * Multiplier * (1/Entry Price – 1/Exit Price) = 100*0.01*(1/15.789 – 1/14.646).