Binance Expands Trading Options with New CHESSUSDT Contract

Cryptocurrency exchange Binance continues to expand its trading options for users. The exchange announced that starting from August 29, 2024, it will offer the CHESSUSDT perpetual contract with a leverage ratio of 75x. The trading will commence at 10:30 AM Turkey time.

High Leverage Trading Opportunity

The new CHESSUSDT futures contract allows users to utilize leverage up to 75 times. However, it is important to remember that high leverage ratios also bring potential risks. Therefore, investors should carefully review their risk management strategies. The contract’s funding fee adjustments every four hours and the maximum funding rate set at +%2.00/-%2.00 require users to closely monitor their transaction costs.

Binance Futures also supports the Multi-Asset Mode for the new contract. This mode allows users to use different assets as collateral. For example, users can use BTC as collateral to trade the CHESSUSDT perpetual contract. This feature provides flexibility to investors, allowing them to manage their portfolios more effectively.

Following the development, the price of the cryptocurrency CHESS saw a rapid increase. The price rose by 30% to reach $0.21.