In a recent development, Binance, a major cryptocurrency exchange, has introduced Golem (GLM) perpetual contracts to its trading options. These contracts offer traders the opportunity to engage in transactions with leverage as high as 50 times. The service commenced at 13:00 local time in Turkey today, providing a new avenue for cryptocurrency enthusiasts to trade GLM against USDT.
Exploring the GLM Perpetual Contract Features
Binance’s announcement revealed key features of the new perpetual contracts. The underlying asset, Golem (GLM), can be settled with USDT, and transactions are open around the clock. Traders will experience a tick size set at 0.0001, and the contracts support a multi-asset mode, allowing various margin assets to be used. The capped funding rate is set between a positive and negative 2.00%, with the funding fee being payable every four hours.
Benefits and Adjustments for Liquidity Providers
Binance announced that qualified USD margin futures liquidity providers will receive a maker fee discount of 0.005% on the GLMUSDT Perpetual Contract. This incentive will be available for a period spanning 14 to 15 days. Moreover, Binance highlighted their right to make adjustments to the contract parameters such as funding fee, tick size, and leverage limits, in response to market risk assessments.
The multi-asset mode is a standout feature allowing traders to utilize different collateral types for trading the GLMUSDT Perpetual Contract. For instance, Bitcoin can serve as collateral within this mode, enhancing flexibility for traders.
This new offering is part of Binance’s continuous expansion of trading products, catering to a wide range of trader preferences and strategies in the dynamic cryptocurrency market.