Dollar Spot Index Perpetual Futures are listed on FTX.

For traders who wish to wager on the direction of the currently very strong US dollar, the main cryptocurrency exchange FTX has posted a new perpetual futures contract for the US Dollar Index (DXY).

On Monday, FTX revealed its new listing on the exchange's website. At 6 p.m. UTC same day, the product began trading under the ticker FTXDXY. Since its listing yesterday, FTXDXY has mainly trended lower with the exception of a small price increase right after 7pm UTC.

The US dollar's strength relative to a basket of other major currencies, such as the euro, Japanese yen, Canadian dollar, and British pound, is gauged by the DXY index. This perspective on the dollar is advantageous since it offers a more complete view of the USD than is otherwise possible when it is merely compared to other currencies.

The tightening of monetary policy and swift increases in interest rates in the US have contributed to the US dollar reaching its highest level since 2022. And considering that bitcoin (BTC) is still viewed as a risky asset, many traders think that for BTC to increase, the US dollar must decline.

Many Twitter users who commented on the new listing appeared to interpret it as evidence that DXY may have peaked for the time being. One user even joked that "anything FTX lists just goes bear mode."

Perhaps [FTX CEO Sam Bankman-Fried] saved the entire cryptocurrency industry. The user continued, "Not the hero we deserved, but the one we needed.