Binance Introduces USTC Perpetual Trading
Binance, the world’s largest cryptocurrency exchange, has announced the launch of the USD-M USTC Perpetual Contract. The trading will offer up to 50x leverage and is set to begin at 12:30 UTC on November 27. The funding fee settlement for the contract will occur every four hours using USDT as the settlement asset. The maximum funding rate for the USTCUSDT Perpetual Contract at launch is +2.00% / -2.00%. Binance users can trade this contract across multiple margin assets under the Multi-Asset Mode. Qualified USDⓢ-margined futures liquidity providers will also receive maker fee rebates of 0.005% for trades on the USTCUSDT Perpetual Contract for approximately 14 to 15 days.
Surge in LUNC and USTC Prices
The announcement from Binance caused a significant surge in the prices of Terra ecosystem tokens. Before the launch of the USTC perpetual contract, LUNC saw a price increase of nearly 60% in the past 24 hours, reaching $0.00011. The trading volume also rose by 1120%. Similarly, USTC experienced a 300% price increase, currently trading at $0.068. Traders should be cautious about profit booking as prices have risen sharply following Binance’s announcement.
Hot Take: Binance Expands Trading Options with USTC Perpetual Contract
Binance’s introduction of the USTC perpetual contract with up to 50x leverage demonstrates its commitment to providing traders with diverse trading options. This move comes amid significant jumps in prices for Terra ecosystem tokens, suggesting anticipation and excitement within the crypto community. The availability of the USTC perpetual contract allows traders to capitalize on these price movements and potentially generate profits. However, it is essential for investors to closely monitor market conditions and exercise caution when entering trades. Binance continues to expand its offerings and cater to the evolving needs of crypto traders.
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