Binance Futures to launch perpetual contract for Cardano
- Binance Futures users can now choose between 1x and 75x leverage.
- A Binance Futures exec said that the addition of Cardano is another step in its mission to offer the ultimate trading experience for its users.
Recently, Binance announced that Binance Futures, its futures trading platform, will be launching a new perpetual contract product ADA/USDT on 31st January 2020. Binance said:
To prevent market manipulation, Binance will implement a pricing limit of ±1% on the mark price within the first 30 minutes after trading starts.
As with the XLM/USDT perpetual contract, which was announced on January 20, "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 can now choose between 1x and 75x leverage. Some of the main specifications for the contract include:
- Base Asset: ADA
- Quote Asset: USDT
- Settlement Asset: USDT
- Contract Unit: 1 ADA
- Tick Size: 0.00001 ADA
- Minimum Contract Quantity: 1
- Maximum Contract Quantity: 10,000,000
- Base Initial Margin Rate: 1.3%
- Base Maintenance Margin Rate: 0.65%
- Liquidation Fee: 0.5%
The other ten perpetual contracts offered by Binance Futures include BTC/USDT, ETH/USDT, BCH/USDT, XRP/USDT, EOS/USDT, LTC/USDT, TRX/USDT, ETC/USDT, LINK/USDT, and XLM/USDT.
In a recent press release, Aaron Gong, Director of Binance Futures, said:
To meet the high demand of our users, we are continuing to introduce major digital assets to the Binance Futures platform at a rapid pace. The addition of Cardano (ADA) is another step forward in our mission to grow the entire crypto derivative market and offer the ultimate trading experience for all users.
Charles Hoskinson, Co-Founder and CEO of IOHK, said that despite a few misconceptions going around in the crypto industry, he has not seen any proof suggesting that "the EF or the ETH2 roadmap is in any way connected to Cardano's roadmap and technology.”
I'm seeing some articles floating around about ethereum 2 copying Cardano. There is no evidence that the EF or the ETH2 roadmap is in any way connected to Cardano's roadmap and technology. Looks like we are on completely divergent paths and that's a good thing for us all.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
