On Monday (January 6), digital asset exchange Binance announced that its futures trading platform, Binance Futures, which went live in September 2019, has launched a new perpetual contract product: XRP/USDT.
According to Binance's announcement, "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 the specifications for the contract:
- Base Asset: XRP
- Quote Asset: USDT
- Settlement Asset: USDT
- Contract Unit: 1 XRP
- Tick Size: 0.0001 USDT
- Initial Margin Rate: 1.3% Base
- Maintenance Margin Rate: 0.65% Base
- Liquidation Fee: 0.5%
The other perpetual contracts being offered by Binance Futures are BTC/USDT, ETH/USDT, and BCH/USDT.
The news definitely has helped XRP-USD to go up over 10%:
Featured Image Courtesy of Binance