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Highlights
- Binance Futures launches POPCAT and SUN perpetual contracts with 75x leverage.
- Contracts begin trading on August 22, 2024, with USDT as the settlement asset.
- POPCAT surged 31% to $0.5716, and SUN rose 20% to $0.0225 following the launch.
Binance Futures has announced the introduction of two new USD-Margined perpetual contracts featuring POPCAT and SUN tokens. These contracts will allow traders to leverage up to 75 times the initial amount. The expansion aims to enhance the trading experience and provide more diversity in trading options.
Binance Futures Adds POPCAT and SUN
According to a press statement from Binance Futures, the new perpetual contracts for POPCAT USDT and SUN USDT will launch on August 22, 2024, at 13:00 and 13:05 UTC, respectively. The initiative reflects Binance Futures’ continuous effort to respond to user demand for innovative and varied trading products.
Each contract stipulates a maximum leverage of 75x, a feature that promises to attract high-volume traders. The underlying assets for these contracts are Popcat and SunToken, with USDT as the settlement asset. Both contracts allow trading 24/7, giving traders around the globe uninterrupted access to the markets.
Technical Specifications and Trading Terms
Additionally, both contracts will have a tick size precision of 0.0001 for POPCAT USDT and 0.000001 for SUN USDT. Furthermore, a capped funding rate of +2.00% / -2.00% is established to balance the periodic payments between long and short positions every four hours.
More so, Binance Futures ensures risk management policies are in place, with possible adjustments to the contracts’ specifications based on market risk conditions. These adjustments may involve funding fees, tick size, maximum leverage, initial margin, and maintenance margin requirements.
Traders on Binance can also utilize the Multi-Assets Mode, which allows different cryptocurrencies to be used as margins for trading. This mode supports flexibility in managing trading funds, reducing traders’ margin requirements.
Immediately after Binance launched POPCAT perpetual contracts, lookonchain noted that a whale withdrew 39,816 SOL ($5.73M) from Binance to purchase 10 million POPCAT tokens. This indicates strong confidence and positive market response.
Updates on Trading Options
Concurrently, the crypto exchange is adding new trading pairs and has listed Dogs (DOGS), the 57th project on its launchpool. These initiatives are designed to diversify the options available to traders.
Binance has also outlined changes in its spot trading offerings set for this week. Effective tomorrow, the platform will delist nine altcoin spot trading pairs due to low liquidity.
Following the update, Solana based meme token Popcat price experienced a 24-hour rally with a 31% increase in price, reaching $0.5716. Moreover, the trading volume saw a massive spike of 119.07%, amounting to $135,154,008. SUN also surged by 20.53%, pushing its price to $0.0225.
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