Binance Futures Is Launching Perpetual Contract for Cardano (ADA)

Siamak Masnavi

On Thursday (January 30), digital asset exchange Binance announced that its futures trading platform, Binance Futures, which went live in September 2019, is launching a new perpetual contract product -- ADA/USDT -- at 08:00 (UTC) on 31 January 2020.

According to Binance's announcement, "to prevent market manipulation, Binance will implement a pricing limit of ±1% on the mark price within the first 30 minutes after trading starts."

Also, it is worth keeping in mind that, as with the XLM/USDT perpetual contract, which was announced last Thursday (January 20), "perpetual contracts on Binance Futures are similar to the trading pairs on the spot market," and they are "priced and settled in the same manner."

Binance Futures users will be able to choose between 1x and 75x leverage.

Here are some of the main specifications for the contract:

  • Base Asset: ADA
  • Quote Asset: USDT
  • Settlement Asset: USDT
  • Contract Unit: 1 ADA
  • Tick Size: 0.00001 ADA
  • Minimum Contract Quantity: 1
  • Maximum Contract Quantity: 10,000,000
  • Base Initial Margin Rate: 1.3%
  • Base Maintenance Margin Rate: 0.65%
  • Liquidation Fee: 0.5%

The other ten perpetual contracts being offered by Binance Futures are BTC/USDT, ETH/USDT, BCH/USDT, XRP/USDT, EOS/USDT, LTC/USDT, TRX/USDT, ETC/USDT, LINK/USDT, and XLM/USDT.

According to a press release shared with CryptoGlobe, Aaron Gong, Director of Binance Futures, had this to say:

To meet the high demand of our users, we are continuing to introduce major digital assets to the Binance Futures platform at a rapid pace. The addition of Cardano (ADA) is another step forward in our mission to grow the entire crypto derivative market and offer the ultimate trading experience for all users.

On Tuesday (January 28), Charles Hoskinson, Co-Founder and CEO of IOHK, took to Twitter to explain that, despite some misconceptions floating in the crypto media space, he cannot see any evidence suggesting that "the EF or the ETH2 roadmap is in any way connected to Cardano's roadmap and technology":

On Monday (June 27), Hoskinson said on a "Cardano Update" video streamed live on YouTube that "Big Four" accounting/consulting firm PwC would be consolidating information from IOHK, the Cardano Foundation and Emurgo in order to come up with a commercial strategy for Cardano as well as promoting Cardano adoption around the world.

Featured Image Courtesy of Binance