MOVR Price Jumps Nearly 5% As Binance Futures Launches MOVRUSTD Perpetual Contract
Binance Futures has unveiled a new trading product, dubbed USDⓈ-M MOVR Perpetual Contract. The newly launched perpetual contract was scheduled to go live on December 16, 2023, at 12:30 UTC. It offers maximum leverage of up to 50x, catering to a wide range of trading strategies and risk appetites.
The underlying asset for this contract is Moonriver (MOVR), with USDT as the settlement asset at a tick size of 0.001. The perpetual contract, denoted as MOVRUSTD, has a capped funding rate of +2.00% / -2.00%. Interestingly, the funding fee settlements occur every four hours, ensuring the product matches current market conditions.
What Are The Benefits For Liquidity Providers?
Traders can engage in trading activity throughout the day (24×7), with Binance’s Multi-Assets Mode allowing users to trade the Perpetual Contract across multiple margin assets. There is an added incentive for qualified USDⓢ-margined futures liquidity providers, who can avail of the 0.005% maker fee rebate while trading MOVRUSTD for at least two weeks.
The USDⓈ-M MOVR Perpetual Contract is subject to Binance Terms of Use and the Binance Futures Service Agreement, the crypto exchange giant said in a statement.
It’s pertinent to note that Binance reserves the right to change the specifications of the perpetual contract over time to ensure that the product is in line with the prevailing market conditions and risks. Traders are advised to undertake this new offering with a strategy that balances their appetite for risk with their investment goals.
Surging Popularity Of BRC-20 Tokens
The popularity of BRC-20 tokens, such as SATS, and ORDI — in the crypto market has been growing recently, with these tokens registering notable gains in the last month. While the SATS price has risen around 37% in the last 30 days, the ORDI price has surged more than 234% during the period. With Binance launching the MOVRUSTD Perpetual Contract, the interest and investment in these tokens could grow further.
Typically, listings on prominent crypto exchanges like Binance lead to price fluctuations, a trend that has been consistent with BRC-20 tokens. At press time, MOVR was trading at $31.78, appreciating around 5% in the last 24 hours. Notably, the token has rallied a staggering 391% rise in the last 7 days.
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