Cryptocurrency exchange Binance has announced that it will launch the USD-M ONG Perpetual Contract with 50x leverage on November 27, 2023. Following this announcement, there has been a significant increase in the price of ONG.
In the notification sent to Binance users, details about the features of the USD-M ONG Perpetual Contract were provided. It was stated that the initial funding rate of the contract is set at +2.00% / -2.00% and funding fee payments will be made every four hours.
Qualified USD-M margin futures liquidity providers will benefit from a 0.005% maker fee discount for approximately 14-15 days in ONGUSDT Perpetual Contract transactions.
Binance may occasionally change certain features of the ONGUSDT Perpetual Contract, including funding fee, tick size, maximum leverage, initial margin, and maintenance margin requirements, depending on market risk conditions.
The Cross Collateral Mode allows users to trade ONGUSDT Perpetual Contract using multiple collateral assets within applicable deductions. For example, when the Cross Collateral Mode is enabled, users can use BTC as collateral when trading ONGUSDT Perpetual Contract.
ONGUSDT Perpetual Contract is subject to the Binance Terms of Use and the Binance Futures Trading Service Agreement. In case of any inconsistency between the English original text and the translated texts, the English text shall prevail.
While recent developments at Binance have raised important questions among cryptocurrency enthusiasts, the company continues to carry out active listing and delisting operations. In light of these developments, the price of ONG has also shown a rapid increase, rising from $0.3655 to $0.45, an 18% increase, after the announcement. The direction of the price in the coming minutes remains uncertain.