Binance Margin has announced a new promotion that offers an hourly interest exemption for Bitcoin and 11 altcoins. The promotion will be valid from today at 12:00 until December 18th at 12:00 local time. Popular cryptocurrencies such as Dogecoin (DOGE), Ethereum (ETH), Chainlink (LINK), and Solana (SOL) are among the altcoins included in the exemption.
During the promotion, Binance Margin users who borrow Bitcoin or any of the specified altcoins will not have to pay any interest for the borrowed amount for one hour. After the promotion ends, the hourly interest exemption will no longer be available.
For example, User A and User B both borrowed 10 BTC from Binance Margin at 12:20 today. User A and User B closed their loans at 1:15 PM and 12:55 PM respectively on the same day. Under normal circumstances, both User A and User B would be required to pay interest for two hours and one hour respectively, as interest starts accruing every hour on Binance Margin.
During the promotion, assuming an hourly interest rate of 0.001%, User A would calculate the interest payment as [0.001% * 10 BTC * (2 – 1) hour] = 0.0001 BTC, because users are automatically exempted from the hourly interest. On the other hand, User B, who closed their loan within the first hour, will not have to pay any interest, resulting in a calculation of [0.001% * 10 BTC * (1 – 1) hour] = 0 BTC.