Cryptocurrency exchange Binance made an announcement today revealing the launch of GLM perpetual contracts. According to the announcement, transactions can be leveraged up to 50x. Binance has declared the start time of the transactions as 13:00 Turkey time today.
Key Details of the GLM Perpetual Contract
Cryptocurrency exchange Binance provided the following details regarding the perpetual contracts in its announcement.
- Underlying Asset: Golem (GLM)
- Settlement Asset: USDT
- Start Time of Transactions: February 22, 2024, at 13:00 Turkey time.
- Tick Size: 0.0001
- Capped Funding Rate: +2.00% / -2.00%
- Funding Fee Payment Frequency: Every Four Hours
- Maximum Leverage: 50x
- Trading Hours: 24/7
- Multi-Asset Mode: Supported
Binance also emphasized that the GLMUSDT Perpetual Contract will have a maximum funding rate of +2.00% / -2.00% during the launch and that funding fee payments will occur every four hours.
Other Details to Note
Binance stated that qualified USD margin futures liquidity providers would benefit from a 0.005% maker fee discount for transactions in the GLMUSDT Perpetual Contract for approximately 14 to 15 days.
Binance also highlighted that it reserves the right to adjust contract features including funding fee, tick size, maximum leverage, initial margin, and maintenance margin requirements depending on market risk conditions.
Lastly, Binance explained that the multi-asset mode allows users to buy and sell the GLMUSDT Perpetual Contract with various margin assets, for example, when Multi-Asset Mode is enabled, users can use BTC as collateral to trade in the GLMUSDT Perpetual Contract.
