Binance Futures Is Launching Perpetual Contract for Cosmos (ATOM)

On Thursday (February 6), digital asset exchange Binance announced that its futures trading platform, Binance Futures, which went live in September 2019, is launching an ATOM/USDT perpetual contract.

Here is how Binance Info describes Cosmos:

"Developed by the Tendermint team since 2016, Cosmos is a highly forward-looking cross-chain blockchain project that aims to achieve a “blockchain-based internet” based on token transfer and to construct a deeply integrated token economy ecosystem. Cosmos Hub is the first cross-chain hub of the Cosmos ecosystem, and ATOM is the native staking token of Cosmos Hub, which can be used for spam prevention, staking dividends, and community management voting."

Binance Futures' new product is being launched at 08:00 (UTC) on 7 February 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 XTZ/USDT perpetual contract, which was announced yesterday, "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 50x leverage.

Here are some of the main specifications for the contract:

  • Base Asset: ATOM
  • Quote Asset: USDT
  • Settlement Asset: USDT
  • Contract Unit: 1 ATOM
  • Tick Size: 0.001 USDT
  • Minimum Contract Quantity: 0.01
  • Maximum Contract Quantity: 100,000
  • Base Initial Margin Rate: 2.00%
  • Base Maintenance Margin Rate: 1.00%
  • Liquidation Fee: 0.5%

The other 14 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, XLM/USDT, ADA/USDT, DASH/USDT, ZEC/USDT, and XTZ/USDT.

According to data from CryptoCompare, ATOM is currently trading at $4.477, up 7.36% in the past 24-hour period:

ATOM-USD 24 Hour Chart on 6 Feb 2020.png

ATOM is currently the 22nd most valuable cryptoasset by reported market cap ($854.16 million).

Featured Image Courtesy of Binance