Binance, one of the leading Bitcoin and altcoin exchanges, is expanding its product offerings by launching two new perpetual futures contracts, the USDⓈ-M CAKE and SNT contracts. These contracts will offer investors exciting opportunities to strengthen their positions and trade these popular cryptocurrencies. On the other hand, the stock market made an important announcement for FLOKI. Here are the details…
Binance announces CAKE contract: Altcoin takes flight
Binance introduced the USDⓈ-M CAKE perpetual futures contract, which will be available for trading starting November 2, 2023 at 15:45 UTC. Traders will have the option to leverage their positions up to 50x, increasing their trading potential. Here are the contract details:
- Underlying Asset: CAKE
- Settlement Asset: USDT
- Tick Size: 0.0001
- Cap Funding Rate: +2.00% / -2.00%
- Funding Fee Frequency: Every Four Hours
- Maximum Leverage: 50x
- Trading Hours: 7/24
- Multi-Entity Mode: Supported
It is important to note that the maximum funding rate for the CAKEUSDT perpetual futures contract is +2.00% / -2.00% and the funding fee is paid every four hours. Additionally, Binance may make adjustments to contract specifications, including funding fee, tick size, maximum leverage, initial margin, and maintenance margin requirements, depending on market risk conditions. Following the contract announcement, CAKE’s price experienced significant fluctuation. CAKE reached as high as $1.59. So, it showed a significant 20% increase in just 15 minutes.
A critical announcement has been made for Status (SNT)
In addition to the CAKE contract, Binance is also launching the USDⓈ-M SNT Perpetual Contract, offering investors the opportunity to trade with up to 50x leverage. This contract will be available for trading starting at 15:30 on November 2, 2023. As with the CAKE contract, the maximum funding rate for the SNTUSDT Perpetual Contract is +2.00% / -2.00%. Additionally, funding fees are paid every four hours. Binance retains the flexibility to adjust contract features based on market risk conditions. Traders can also benefit from Multi-Asset Mode, which allows them to use a variety of margin assets, subject to applicable haircuts.
FLOKI announcement came for Simple Earn
Additionally, Binance Simple Earn has launched an exciting promotion for FLOKI Locked Products. During the promotional period from November 2, 2023 at 1:00 pm to December 2, 2023 at 12:59 pm, subscribers can enjoy increased APR rewards of up to 35.9% when they complete their FLOKI subscription on a first-come, first-served basis. It is important to note that the special APR enjoyed during the promotional period will be adjusted to the standard APR once the promotion ends. Binance Simple Earn will also refund subscribed crypto assets to Flexible Products at the end of the agreed subscription period, and the value of these assets may fluctuate.
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