In a groundbreaking move, Binance Futures is set to redefine the landscape of cryptocurrency derivatives trading with the recent launch of two dynamic perpetual futures contracts (USDⓈ-M 1000BONK and PYTH). These contracts, which are planned to be released on November 22, 2023 at 17:00 and 17:30, respectively, usher in a new era of flexibility and accessibility for investors. Featuring up to 50x leverage, USDⓈ-M 1000BONK and PYTH perpetual futures contracts promise an unprecedented trading experience with uninterrupted availability 24 hours a day, seven days a week. Here are the details…
Binance announced its critical moves
So Binance Futures, one of the leading cryptocurrency derivatives platforms, has announced its latest offerings. These will be USDⓈ-M 1000BONK and PYTH perpetual futures contracts. These contracts, which are planned to be released on November 22, 2023 at 17:00 and 17:30, respectively, have an impressive leverage rate of 50x. USDⓈ-M 1000BONK and PYTH perpetual futures contracts are designed to facilitate continuous trading by operating 24/7.
The underlying assets for these contracts are 1000BONK and PYTH tokens and the settlement is in USDT. The tick size for 1000BONKUSDT is 0.000001 and for PYTHUSDT is 0.0001. Both contracts have a capped funding rate of +2.00% / -2.00% and funding rate settlement occurs every four hours. A maximum leverage of 50x is offered to meet different trading preferences. Binance has also introduced Multi-Asset Mode, allowing users to buy and sell these perpetual contracts across a variety of margin assets. For example, BTC can be used as margin when trading 1000BONKUSDT and PYTHUSDT Perpetual Contracts in Multi-Asset Mode.
Altcoin prices rose
However, traders should note that Binance reserves the right to make adjustments to contract specifications, including funding fees, tick size, maximum leverage, initial margin, and maintenance margin requirements. This flexibility is crucial to responding to market risk conditions.
Meanwhile, according to the latest market data, Pyth Network is on the rise. The cryptocurrency is currently priced at $0.360579, experiencing a 4 percent increase with Binance’s announcement. Additionally, the 24-hour trading volume reached $142,337,940. Similarly, Bonk is on the rise. Because it has increased by 10% in the last 24 hours. On the other hand, its current price of $0.000005 is accompanied by a significant 24-hour trading volume of $94,128,130.
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