Binance Rolls Out 50x Leveraged USDⓈ-M ONG Perpetual Contracts Amid Price Surge

According to a blog post published in the last few minutes, Binance will launch the USDⓈ-M ONG perpetual contract with up to 50x leverage. Following the announcement, there was a noticeable increase in the price.

Binance Announces Listing

Dear Binance Users,

Binance Futures will launch the USDⓈ-M ONG Perpetual Contract on 27/11/2023 at 13:00 (UTC) with up to 50x leverage.

More details about the USDⓈ-M ONG Perpetual Contract can be found in the table below:

Please Note:

• The maximum funding rate for the ONGUSDT Perpetual Contract at launch is +2.00% / -2.00%.
• The frequency of funding fee payments is every four hours.

Tokenized Stock

ETH

SOL

BSC

ROBINHOOD

PAY

USDT

↓

RECEIVE

AAPL

Find Best Price

• Qualified USDⓈ margin futures liquidity providers will benefit from 0.005% maker fee discounts for transactions in the ONGUSDT Perpetual Contract for approximately 14 to 15 days.
• Binance may change features of the ONGUSDT Perpetual Contract, including the funding fee, tick size, maximum leverage, initial margin, and/or maintenance margin requirements from time to time depending on market risk conditions.
• Multi-Asset Mode allows users to trade the ONGUSDT Perpetual Contract over multiple collateral assets subject to applicable haircuts. For example, when Multi-Asset Mode is enabled, users can use BTC as collateral while trading the ONGUSDT Perpetual Contract.
• The ONGUSDT Perpetual Contract is subject to the terms of the Binance Terms of Use and the Binance Futures Service Agreement.
• If there is any inconsistency between the translated versions and the original English version, the English version will prevail.

Current ONG Price Situation

Recent events on Binance’s side have raised significant questions among cryptocurrency followers. Despite this, the company continues its active listing and delisting processes.

Meanwhile, the ONG price also experienced a rapid increase. The altcoin, which was at $0.3655 before the news, surged up to $0.45 after the announcement, marking an 18% rise. The direction in which the price will move in the coming minutes remains uncertain.