- Binance is the largest crypto exchange, whose selling point is making upgrades when necessary. So they recently announced a new perpetual contract.
- The name of the contract is ARKMUSDT, and it will have a 20x leverage. Nevertheless, this new contract is quite huge for the blockchain.
- But that isn’t the only thing Binance is adding. Days back, they added trading tags for traders. Apparently, it will help stop newbies from trading risky assets.
As the largest crypto exchange, Binance always tries to improve its products and services. On that note, they recently announced making changes to a perpetual contract. The introduction of this perpetual contract will come with a 20x leverage. For traders on Binance, this new development is innovative. Apparently, it means more opportunities to make profits from trading.
More Details About Binance New Contract
On 27th July, Binance announced the unveiling of a new perpetual contract on its network. For starters, a perpetual contract is a type of futures contract with no expiry date. However, Binance has even made things better with the launch of the ARKMUSDT Perpetual Contract. This contract contains many benefits. Perhaps, the major highlight is the 20x leverage traders will get once the contract goes live. In their announcement, Binance said 28th July is the launch date.
“Binance Futures will launch the USDⓈ-M ARKM perpetual contract at 2023-07-28 02:45 (UTC), with up to 20x leverage,” Binance announced.
Technical Details of the New Binance Perpetual Contract
Moving on to the technical details of the Binance perpetual futures contract, everything is packed. The underlying asset for the perpetual contract is ARKM. In the same way, the settlement asset for the contract will be USDT.
However, the tick size of the AKRM contract will stand at 0.0001, while the maintenance ratio is 0.75. Even better, the new AKRM perpetual futures contract supports multi-assets mode. Binance confirmed this in their announcement. According to Binance:
“Multi-Assets Mode allows users to trade the ARKMUSDT Perpetual Contract across multiple margin assets, subject to the applicable haircuts. For example, when the Multi-Assets Mode is activated, users can use BTC as margin when trading the ARKMUSDT Perpetual Contract.”
Token Tags Added to Binance’s Trading Platform
Besides the new perpetual contract on Binance, the crypto exchange has made rapid improvements. Recently, they added tags to tokens to help beginners avoid hazardous and volatile assets. This is because newbie traders often trade highly volatile assets like meme coins. So Binance needed to devise a means of stopping newbies from trading such assets.
The crypto exchange introduced Seed Tag and Monitoring Tag on the 26th of July. This tag shows traders’ highly volatile assets. Before any trader trades these assets, they must take a test every 90 days to verify their experience.
In conclusion, Binance has made important updates within the past few days. On 28th July, it introduced a new perpetual contract with up to 20x leverage. Previously on the 26th, they introduced tags to help newbies identify highly volatile assets.
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