Binance Futures, the futures trading arm of leading cryptocurrency exchange Binance, announced the launch of futures contracts for Lisk (LSK) with up to 50x leverage. This move aims to create an accessible future where everyone can benefit from decentralized technologies. The announcement quickly boosted the price of the altcoin by 40% within minutes.
The LSKUSDT perpetual futures contract will have a maximum funding rate of +/-2% at launch, which is the standard rate. The funding fee will be updated every four hours, maintaining the usual frequency.
Following Binance’s announcement, LSK’s price surged from around $1.25 to $1.42. However, it later retraced slightly and is currently trading at $1.38.
The announcement not only affected LSK’s price but also its trading volume, which saw a staggering increase of 4,675%, reaching $318.92 million.
Prior to introducing LSK futures, Binance Futures had launched futures for Ondo (ONDO) on January 20.