Binance has announced the upcoming launch of a novel financial instrument: a USDC-collateralized perpetual contract tied to 1000 units of the Shiba Inu cryptocurrency, known as 1000SHIB. This derivative product, offering up to 50 times leverage, is scheduled to become available to traders at 7:00 AM UTC on March 28, 2024. Designed to cater to the growing demand for versatile trading mechanisms, the introduction of this contract aims to provide Binance’s user base more flexibility and greater potential for financial leveraging.
Trading Innovations at Binance
The global cryptocurrency exchange highlighted the key attributes of this new perpetual contract. Settled in USDC, a stablecoin pegged to the USD, the contract allows for 24/7 trading, supporting the Multi-Asset Mode feature, which provides traders with additional versatility. A notable aspect of the contract is its capped funding rate and the ability for traders to settle funding fees every eight hours, ensuring more predictable costs associated with holding positions.
Attractive Promotions and Vigilant Risk Management
In a move to attract traders to this new offering, Binance is promoting a 10% discount on transaction fees for all trades executed in USDC-margined futures contracts. This temporary incentive further underscores the exchange’s efforts to draw interest and activity to its innovative trading products. Binance has also conveyed its commitment to dynamically adjust contract features in response to fluctuating market risks, implying a vigilant stance on ensuring contract sustainability and trader security.
This strategic expansion of Binance’s trading portfolio with the 1000SHIB perpetual contract marks another milestone in the exchange’s continuous development of complex trading options. It reflects the company’s responsiveness to the changing needs and preferences of the cryptocurrency trading community. This perpetual contract is poised to further solidify Binance’s position as a leading platform for cryptocurrency trading innovations.