Binance Futures, the derivatives arm of the major cryptocurrency exchange Binance, has expanded its array of trading products by introducing a perpetual futures contract for the not-yet-spot-listed memecoin, BOOK OF MEME (BOME). The new BOME-based contract begins trading today, promising to provide traders with additional investment opportunities.
Details on the BOME Futures Launch
The exchange revealed that trading for the BOMEUSDT perpetual contract, which offers up to 50x leverage, starts at 15:30. To manage the market upon launch, the contract will feature a maximum funding rate of +/- 2.00%, with funding fee payments set to take place every four hours.
In an effort to boost liquidity, Binance Futures is incentivizing market makers with a reduced transaction fee of 0.005%. This discount is available for a limited period, spanning roughly two weeks, to participants providing liquidity in the BOMEUSDT market.
Binance, committed to maintaining a dynamic and responsive trading environment, has stated its readiness to adjust the BOMEUSDT perpetual futures contract’s parameters. This includes changes to funding fees, tick sizes, leverage limits, and margin requirements in response to the evolving cryptocurrency landscape.
Memecoin Fervor and BOME’s Market Impact
Cryptocurrency markets have been captivated by memecoins, particularly those within the Solana ecosystem. BOME stands out as one of these trending memecoins, with Binance Futures spearheading its futures trading even before Binance Spot has listed it.
The excitement surrounding BOME is reflected in its recent price surge, where it has soared by 172.39% in the past day and an astonishing 1,261% over the last week. At present, BOME boasts a market capitalization of $855.46 million, with a trading price of $0.01242.