Crypto exchange Binance has made updates for 15 altcoins to improve user experiences. The giant cryptocurrency exchange has reduced the settlement frequency in futures contracts specific to these altcoins. Additionally, Binance changed the funding rates for these contracts.
Binance made an important announcement for 15 altcoins!
As you can follow on Kriptokoin.com, the changes and updates made by Binance are closely followed by market players as it is the largest crypto exchange in the world. In an announcement made today, Binance announced that it has updated 15 altcoin futures contracts. Accordingly, the crypto exchange has reduced the funding rate settlement frequency in these products to a shorter period. From now on, reconciliation will be every 4 hours instead of every 8 hours. In this context, Binance announced the update to users with the following post.
The funding rate settlement frequency for selected USDⓈ-M Perpetual Contracts will be adjusted to every 4 hours.
Funding rate settlement frequency of selected USDⓈ-M Perpetual Contracts will be adjusted to every 4 hours
🗓 Oct 12 2023, 08:00 (UTC).
Read more ⤵️https://t.co/U4hoGzfgVR
— Binance Futures (@BinanceFutures) September 28, 2023
Binance stated that it made the change to provide the best user experience for all users. In this context, he underlined that it constantly reviews its product and service offerings. For contracts determined based on recent reviews, the funding rate settlement frequency will be reduced to four hours on October 12 at 11:00 a.m. ET. Binance will adjust the funding rate settlement frequency for the following USDⓈ-M Perpetual Contracts to every four hours.
- USDⓈ-M IMX Perpetual Contract
- USDⓈ-M LPT Perpetual Contract
- USDⓈ-M API3 Perpetual Contract
- USDⓈ-M HIFI Perpetual Contract
- USDⓈ-M NMR Continuous Contract
- USDⓈ-M TRB Standing Contract
- USDⓈ-M BLZ Perpetual Contract
- USDⓈ-M DODO Standing Contract
- USDⓈ-M STMX Perpetual Contract
- USDⓈ-M CYBER Perpetual Contract
- USDⓈ-M YGG Permanent Contract
- USDⓈ-M UNFI Permanent Contract
- USDⓈ-M FLM Standing Contract
- USDⓈ-M PERP Perpetual Contract
- USDⓈ-M ECB Permanent Contract
The stock market made changes to funding rates
Meanwhile, Binance will also update funding rates for select USDⓈ-M Perpetual Contracts to ±3%. This change will be effective as of October 9 at 11:30 CET. The exchange noted that this applies to all USDⓈ-M Perpetual Contracts with maximum leverage of 25x or less. If a contract’s maximum leverage is reduced to 25x or below, a ±3% capped funding rate will automatically apply. The exchange warned users that it would not make a separate announcement about the changes. In this context, Binance drew attention to the following points:
Binance Futures will continue to constantly review funding rates and make necessary adjustments accordingly. In case of changes to more than one futures contract, an announcement will be sent to inform users at least two weeks in advance. Two weeks’ notice may not be possible in some cases, such as extreme market volatility, and a shorter notice period may apply. Thank you for your understanding!
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