Breaking: Binance Futures To Launch SpaceX TradFi Perp Settled Against Trump-Backed USD1

32 mins ago Updated 29 mins ago

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Kritika boasts over 4 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.

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Breaking: Binance Futures To Launch SpaceX TradFi Perp Settled Against Trump-Backed USD1

Binance Futures Introduces New SpaceX Perp Contract

The listing marks Binance’s next move in the expansion of its list of traditional finance (TradFi) tokenized products. The contract is designed to report on SpaceX exposure in the market and it will be subject to SpaceX’s perpetual futures framework, the exchange said. Earlier, before the IPO, Binance had also launched SpaceX pre-IPO perpetual futures.

SPCXUSD1 will be available for trading 24 hours a day, per the latest announcement. Binance has put a minimum order amount of 0.01 SPCX. The lowest notional amount will be USD1. Tick size is now set to 0.01.

Traders can use leverage of up to 25x. The contract will also enable Multi-Assets Mode, where users who are eligible for the mode will be able to utilize various collateral assets under the mode, if supported by the platform.

Payments for funding will be made every 8 hours. Binance put the funding rate at +1.00% and –1.00%. The exchange also gave a 0% interest rate on the product.

Binance stated that this contract will not be based on the contract mechanism that, in some cases, reduces funding times when there are high funding rates.

Moreover, funding rate will not affect settlements as long as it is within its range, even at the top or bottom of the range. Also, the decentralized perpetual trading platform confirmed that the launch is under Binance Exchange Rule 17.

SpaceX Stock Continues Decline

Binance’s announcement comes amid Elon Musk-led SpaceX stock being weighed down. SPX ended Thursday at $131 down 3%. The decrease brought the stock down to $135, its IPO price for the first time.

It was the fifth straight ‘red’ session. Another significant blow to investor sentiment came when SpaceX had to cancel its 13th test flight of Starship due to a booster problem. The company hasn’t issued an updated release date.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.