Binance Lists EthereumPoW (ETHW) Perpetual Contract Triggering Price Rally

According to Binance’s blog post announcement, Binance Futures is set to launch the highly anticipated USDT-M ETHW Perpetual Contract on November 28, 2023, at 12:30 (UTC). With an impressive leverage of up to 50x, this addition to the Binance Futures portfolio opens up exciting opportunities for traders seeking enhanced flexibility and potential returns.

After the announcement, the EthereumPoW (ETHW) price skyrocketed within a couple of hours. At the press time, the EthereumPoW (ETHW) price was trading at $2.93, with a 24-hour trading volume of $99.3 million. This marks a 14.62% gain in the last 24 hours and an 81.14% increase in the last 7 days making ETHW one of the top gainers in the list.

Additionally, Binance marks another perpetual contract listing right after the launch of the USTCUSDT perpetual contract with almost similar features

Binance Futures ETHW Features And Offers

The underlying asset for the contract is ETHW (Ethereum proof-of-work) and the settlement asset is USDT. Operated 24/7, this perpetual contract offers traders continuous opportunities to participate in the market. The tick size stands at 0.001, offering precision in trade execution.

One of the notable features of the Perpetual Contract is its capped funding rate. The capped funding rate will range from +2.00% to -2.00%. This rate, settled every four hours, adds an element of predictability to trading strategies. Trading enthusiasts will also relish the all-encompassing 24/7 trading hours, allowing for global market participation.

For providing exemplar liquidity to liquidity providers, qualified USDT-margined futures providers are in for a treat. There will be a  0.005% maker fee rebate for approximately 14 to 15 days when trading on the USDT-M Contract.

After the corresponding incentive period, the platform determines maker fee reimbursements for qualified USDT-margined futures in the promotion. The platform will distribute rewards based on the user’s tier in the USDT-margined Futures Liquidity Provider Program. This incentive aims to enhance liquidity and recognize active market participants.

One standout feature is the multi-assets mode, allowing users to trade the ETHWUSDT Contract across various margin assets. Imagine using Bitcoin as a margin when engaging in ETHWUSDT trades, which signifies flexibility and diversification in one seamless experience.

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Adapting to Market Dynamics

Binance has listed a series of tokens exclusively available for futures trading, sparking a buzz in the crypto community. The tokens, including KAS, BSV, PYTH, BONK, ORBS, BIGTIME, TOKENFI, and ETHW, have swiftly become the latest sensation following their recent listing on Binance.

Market analysts suggest that the key driving force behind this strategic decision lies in the ability to generate fees without shouldering undue responsibilities. Contract users, known for their robust risk tolerance, seem unfazed by market fluctuations, providing a lucrative route for earning fees. In contrast, spot users, accustomed to a more stable market, often express discontent during price drops.

It’s crucial to note that, in response to market conditions, the contract is subject to market changes. Changes might include funding fees, tick sizes, maximum leverage, and margin requirements. Traders are advised to stay updated with the latest announcements for any adjustments.

With the launch of the USDT-M ETHW Perpetual Contract, Binance Futures not only introduces a cutting-edge trading instrument but also provides traders with a dynamic and flexible platform.

Also Read: BitMEX’s Arthur Hayes Plans To Exit T-Bills With Focus On Crypto Investments

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