On Sunday (February 16), digital asset exchange Binance announced that its futures trading platform, Binance Futures, which went live in September 2019, is launching a perpetual contract for NEO (currently the 19th most valuable cryptoasset by reported market cap).
Here is how Binance Info describes NEO:
"Neo is an open-source platform driven by the community. It utilizes blockchain technology and digital identities to digitize and automate the management of assets using smart contracts. Using a distributed network, it aims to create a smart economy by building infrastructures of the next-gen Internet and creating a solid foundation for mass blockchain adoption.
"Launched in 2016, the Neo MainNet has been in stable operation for more than 3 years. Neo is expecting to launch Neo3 in 2020, a robust implementation with high throughput, enhanced stability and security, an optimized smart contract system, and a feature-packed infrastructure set to empower developer adoption and to accelerate enterprise-grade blockchain innovations."
Binance Futures' new product is being launched at 08:00 (UTC) on 17 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 VET/USDT perpetual contract, which was announced last Thursday (February 13), "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: NEO
- Quote Asset: USDT
- Settlement Asset: USDT
- Contract Unit: 1 NEO
- Tick Size: 0.001
- Minimum Contract Qunatity: 0.01
- Maximum Contract Quantity: 100,000
- Base Initial Margin Rate: 2.00%
- Base Maintennce Margin Rate: 1.00%
- Liquidation Fee: 0.5%
The other 21 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, XMR/USDT, DASH/USDT, ZEC/USDT, XTZ/USDT, ATOM/USDT, BNB/USDT, ONT/USDT, IOTA/USDT, BAT/USDT, and VET/USDT.
Featured Image Courtesy of Binance