Binance cryptocurrency exchange announced on Monday that it will launch a USTC perpetual contract with up to 50x leverage, this news has caused Terra Luna Classic (LUNC) and USTC prices to jump massively.
Binance Futures will introduce the USD-M USTC Perpetual Contract, the company announced in an official capacity as of November 27. Binance provides USTC perpetual trading with up to 50x leverage beginning November 27 at 12:30 UTC.
Unexpectedly, the action coincides with a meteoric rise in TerraClassicUSD (USTC) prices and Terra Classic (LUNC) as Binance prepares to launch USTC perpetual trading.
Settlement of the funding fee occurs every four hours, and USDT is the settlement asset. In addition, the announcement specifies that the utmost funding rate for the USTCUSDT Perpetual Contract at the time of launch is +2.00% / -2.00%. Under the Multi-Asset Mode, Binance will enable its users to trade the USTCUSDT Perpetual Contract across multiple margin assets.
“Qualified USDⓢ-margined futures liquidity providers will be eligible to enjoy 0.005% maker fee rebates for trades on the USTCUSDT Perpetual Contract for approximately 14 to 15 days.”
In addition to bolstering community sentiment, the announcement sparked speculation about whether certain investors were already aware of it, given the abrupt rallies of Terra ecosystem tokens.
