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The cryptocurrency exchange Binance‘s futures arm, Binance Futures, announced that it will launch futures for Rocket Pool‘s RPL on September 9, 2024. The announcement from the cryptocurrency exchange triggered a sharp rise in RPL.
Futures for Rocket Pool Start Today at 15:30
Binance Futures announced that it will expand its offering list by launching futures for RPL. Accordingly, USDT-margined RPL transactions with up to 75x leverage will start today at 15:30 Turkish time. Binance Futures targets users looking for more options to use leverage in their investments with this new product.
The settlement in the RPLUSDT perpetual futures contract will be in USDT and will have a tick size of 0.01. The perpetual futures contract, which will support multi-asset mode, has a capped maximum funding rate of the standard rate of +/- 2 percent. Funding fees will be paid every four hours, allowing investors to manage their positions more frequently and precisely.
The underlying asset of the perpetual futures contract, Rocket Pool, is a decentralized Ethereum 
$2,566 staking pool offering up to 4.33% APR for staking ETH. Users can join the Rocket Pool pool with a decentralized network of node operators or run their own nodes with just 16 ETH. Additionally, participants can earn commission income by staking ETH and gain additional RPL rewards with an APR of up to 6.36% by providing RPL collateral.
RPL Price Surged Sharply
Binance’s announcement caused sharp movements in RPL. The price of the altcoin surged to $12.41 following the exchange’s futures announcement and is currently trading at $12.26 with a 30.20% increase in the last 24 hours.
On the other hand, trading volume also increased threefold along with the price. According to CoinMarketCap data, the trading volume of the altcoin reached $11.46 million with a 222.21% increase in the last 24 hours.
