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Binance announced the launch of the FIOUSDT perpetual futures contract, based on the FIO Protocol (FIO), today at 17:30 GMT. This new contract offers investors the opportunity to leverage up to 75 times and will be calculated in USDT. The futures contract stands out for its high leverage ratio and flexible trading features.
Details of the New FIOUSDT Futures Contract
The FIOUSDT perpetual futures contract, set to be launched by Binance, is an USDⓈ-M perpetual futures contract based on FIO. This contract allows investors to trade using USDT while enabling leverage of up to 75 times. Designed for various trading strategies, the FIOUSDT contract will be open for trading 24/7.
Key features of the contract include funding fees calculated every four hours with a maximum funding rate set at +/- 2.00 percent. Additionally, the minimum price movement, referred to as “tick size,” is set to 0.00001. These features will allow investors to better position themselves against price fluctuations.
Binance’s Multi-Assets mode feature offers investors the ability to trade with different collateral assets. When activated, users can utilize other assets like BTC as collateral for the FIOUSDT contract. However, this option is subject to certain haircut ratios, meaning a percentage of the asset will be deducted when trading with BTC as collateral.
Binance noted that it may adjust the funding fee, tick size, maximum leverage, initial margin, and/or maintenance margin requirements of the FIOUSDT contract depending on market risk conditions.
FIO’s Price Soars
In other news, following Binance’s announcement, FIO’s price skyrocketed. The altcoin surged over 70 percent in just minutes, reaching $0.046. Along with the price surge, trading volume also rapidly increased, surpassing $12 million with an increase of over 563 percent.
