On Wednesday (January 15), digital asset exchange Binance announced that its futures trading platform, Binance Futures, which went live in September 2019, is launching a new perpetual contract product — ETC/USDT — at 08:00 (UTC) on 16 January 2020.
According to Binance’s announcement, “to prevent market manipulation, Binance will implement a pricing limit of ±1% on the mark price within the first 30 minutes after trading starts.”
Also, it is worth keeping in mind that, as with the TRX/USDT perpetual contract, which was launched yesterday, “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 will be able to choose between 1x and 75x leverage.
Here are the specifications for the contract:
- Base Asset: ETC
- Quote Asset: USDT
- Settlement Asset: USDT
- Contract Unit: 1 ETC
- Minimum Granularity: 0.1 Contract Units
- Maximum Contract Quantity: 1,000,000
- Initial Margin Rate: 1.3% Base
- Maintenance Margin Rate: 0.65% Base
- Liquidation Fee: 0.5%
The other seven perpetual contracts being offered by Binance Futures are BTC/USDT, ETH/USDT, BCH/USDT, XRP/USDT, EOS/USDT, LTC/USDT, and TRX/USDT.
According to data from CryptoCompare, at press time, ETC-USDT is currently trading at $7.598, up 34.36% in the past 24-hour period:
Currently, Ethereum Classic is the 18th most valuable cryptocurrency with a reported market cap of approximately $871 million. In the year-to-date (YTD) period, ETC-USD is up 68.10%.