BitMEX CEO Stephan Lutz highlighted the growing influence of perpetual swap contracts in determining the value of altcoins as the cryptocurrency market matures. These contracts allow traders to speculate on the price of cryptocurrencies without owning them and can be held indefinitely. Lutz emphasized that new perpetual swaps are crucial for price discovery, often reflecting market sentiment and enabling traders to take long or short positions. Furthermore, the behavior of perpetual swaps can significantly impact spot market prices due to the liquidity and leverage involved. BitMEX's research indicated that exchange listings greatly influence these contracts, with varying outcomes across different exchanges. For instance, 70% of perpetual swap contracts listed on OKX hit an all-time high on their first day, while BitMEX and Bybit recorded 41%. Lutz advised traders to carefully choose the exchanges for trading to maximize return on investment and avoid pump-and-dump schemes.

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