Binance Futures Launching Perpetual Contract for Chainlink (LINK)

Binance Futures Launching Perpetual Contract for Chainlink (LINK)

On Thursday (January 16), digital asset exchange Binance announced that its futures trading platform, Binance Futures, which went live in September 2019, is launching a new perpetual contract product — LINK/USDT — at 08:00 (UTC) on 17 January 2020.

According to Binance’s announcement, “to prevent market manipulation, Binance will implement a pricing limit of ±1% on the mark price within the first 30 minutes after trading starts.”

Also, it is worth keeping in mind that, as with the ETC/USDT perpetual contract, which was announced yesterday, “perpetual contracts on Binance Futures are similar to the trading pairs on the spot market,” and they are “priced and settled in the same manner.”

Binance Futures users will be able to choose between 1x and 75x leverage.

Here are the specifications for the contract:

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  • Base Asset: LINK
  • Quote Asset: USDT
  • Settlement Asset: USDT
  • Contract Unit: 1 LINK
  • Initial Margin Rate: 1.3% Base
  • Maintenance Margin Rate: 0.65% Base
  • Liquidation Fee: 0.5%

The other eight perpetual contracts being offered by Binance Futures are BTC/USDT, ETH/USDT, BCH/USDT, XRP/USDT, EOS/USDT, LTC/USDT, TRX/USDT, and ETC/USDT.

As for Chainlink, on Monday (January 14), blockchain startup Conflux, which is building “a state-of-the-art public blockchain system that can achieve high transactions per second (TPS) without having to sacrifice for decentralization or security”, announced that it is partnering with Chainlink:

Chainlink’s oracle network acts as the translator that enables Conflux smart contracts (on-chain) the ability to interact with reliable and trustworthy information from outside the Conflux blockchain (off-chain).

 

Featured Image Courtesy of Binance