Binance Futures Launching Perpetual Contract for VeChain (VET)

Siamak Masnavi
  • 13 Feb 2020

On Thursday (February 13), digital asset exchange Binance announced that its futures trading platform, Binance Futures, which went live in September 2019, is launching a perpetual contract for VeChain (VET).

Here is how Binance Info describes VeChain:

"With the concept of 'Live for Collaboration', the VeChain project began in 2015 and is built to be the public blockchain platform supporting blockchain-based business applications offering real economic and social value.

"As a leading global enterprise level public blockchain platform, the VeChainThor Blockchain provides a comprehensive governance structure, a robust economic model, and advanced IoT integration, which can build a trust-free and distributed business ecosystem platform to enable a transparent information flow, efficient collaboration and high-speed value transfer."

Binance Futures' new product is being launched at 08:00 (UTC) on 14 February 2020 -- in other words, just in time for Valentine's Day! 

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 BAT/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: VET
  • Quote Asset: USDT
  • Settlement Asset: USDT
  • Contract Unit: 1 VET
  • Tick Size: 0.00001
  • Minimum Contract Quantity: 0.1
  • Maximum Contract Quantity: 10 million
  • Base Initial Margin Rate: 2.00%
  • Base Maintenance Margin Rate: 1.00%
  • Liquidation Fee: 0.5%

The other 20 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, and BAT/USDT.

Featured Image Courtesy of Binance