Binance Futures Launches Perpetual Contracts For Solana’s Fartcoin

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As a seasoned crypto investor with a knack for spotting trends and understanding market dynamics, I find the recent announcement by Binance Futures to be an intriguing development. The introduction of USD-margined perpetual contracts for lesser-known coins like AIXBT, KMNO, Solana’s Fartcoin (FARTCOIN), and CGPT is a bold move that caters to the risk-takers in our community.

On December 20, 2024, Binance Futures is set to debut new trading contracts for Solana’s Fartcoin (FARTCOIN) that can be backed by USD. These perpetual contracts offer up to 75 times leverage, allowing traders an increased opportunity for high-risk trading on the Binance platform starting from December 2024.

Binance Futures Adds AIXBT, KMNO, and Solana’s Fartcoin Perpetual Contracts

As an analyst, I’ve just learned from a recent blog post that Binance Futures has introduced USD-margined perpetual contracts for AIXBT, KMNO, Solana’s token, and CGPT. These contracts provide a high leverage of up to 75 times, empowering traders like myself to fine-tune our positions and handle risk more efficiently.

The sequence for contract launches commenced at 6:30 PM UTC with the AIXBTUSDT perpetual contract, then moved on to the FARTCOINUSDT contract at 6:45 PM UTC. Following this, the KMNOUSDT and CGPTUSDT contracts were successively introduced at 7:00 PM UTC and 7:15 PM UTC respectively.

Additionally, these contracts have been tailored to accommodate various trading requirements. They operate continuously around the clock, and funding fee adjustments take place every 4 hours. At their initial stage, the funding rate is limited between +2.00% and -2.00%, creating a steady trading atmosphere.

Additionally, the leading cryptocurrency exchange offers a Multi-Asset Trading Mode for its perpetual contracts. This functionality allows users to trade these contracts using various collateral assets, like Bitcoin (BTC).

To elaborate further, the Multi-Assets Mode offers traders increased adaptability and financial effectiveness. This feature minimizes the necessity of transforming investments into particular assets, thereby simplifying the margin process for all available contracts.

Contract Specifications and Price Action

Each contract has its unique characteristics, such as specific increments for price changes (tick sizes) and methods for finalizing trades (settlement mechanics). The AIXBT and KMNO agreements use a tick size of 0.00001, whereas Solana’s Fartcoin (FARTCOIN) contracts employ a larger tick size of 0.0001. All transactions are settled in USDT to maintain consistent valuation and seamless trade execution.

After the reveal of their perpetual contract, the value of Fartcoin on Solana experienced a boost, rising from about $1.10 to $1.21 throughout the day. This significant jump of more than 10% underscores increased market enthusiasm and trading action.

In a similar fashion, the price of AIXBT noticeably changed after announcements were made. Prior to the announcement about the Binance Futures perpetual contract, its price was roughly at $0.2522. Following the news about Binance listing, the AIXBT price soared above $0.28 before settling around $0.2613.

Over the past day, Kamino Finance (KMNO) and ChainGPT (CGPT) experienced significant price fluctuations after revealing their USD-margined perpetual contracts. Specifically, KMNO’s price surged from around $0.1726 to $0.1899, representing a 10% rise.

After doing the same, CGPT experienced a significant boost in its worth, climbing from approximately $0.17 to $0.2093, which equates to a 22% spike within a day. This growth was accompanied by an increase in trading activity, suggesting robust interest among investors.

Additionally, the listings are in line with Binance Futures’ recent decisions to include popular tokens. For instance, the Moca Network MOCA token was just added, offering 75 times leverage, which led to a 160% increase in its price to $0.22. The trading volume skyrocketed by an impressive 7558%, reaching $1.34 billion, and the Futures Open Interest experienced a significant boost of 1297%, amounting to $35.64 million.

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2024-12-20 21:51