On Sunday (January 19), 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 -- XLM/USDT -- at 08:00 (UTC) on 20 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 LINK/USDT perpetual contract, which was announced last Thursday (January 16), "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: XLM
- Quote Asset: USDT
- Settlement Asset: USDT
- Contract Unit: 1 XLM
- Tick Size: 0.00001 XLM
- Minimum Contract Quantity: 1
- Maxium Contract Quantity: 10,000,000
- Base Initial Margin Rate: 1.3%
- Base Maintenance Margin Rate: 0.65%
- Liquidation Fee: 0.5%
The other nine perpetual contracts being offered by Binance Futures are BTC/USDT, ETH/USDT, BCH/USDT, XRP/USDT, EOS/USDT, LTC/USDT, TRX/USDT, ETC/USDT, and LINK/USDT.
The news seems to have helped the XLM price.
According to data from CryptoCompare, at press time, XLM is trading around $0.06361, up 5.12% in the past 24-hour period:
Featured Image Courtesy of Binance