Binance Launches USDC-Margined DOGE Perpetual Contract

Binance offers crypto traders a 75x leverage DOGE perpetual contract margined in USDC

A new DOGE Perpetual Contract with a margin of USDC has been introduced by Binance, the largest crypto exchange in the world based on trade volume, on its futures trading platform, Binance Futures. With the stablecoin USDC serving as collateral, the new contract will enable traders to trade Dogecoin, the well-known cryptocurrency with meme-inspired design, with up to 75x leverage.

The date of the live launch of the USDC-margined DOGE Perpetual Contract is Thursday, January 18, 2024, at 10:00 a.m. UTC. The contract will have a base initial margin rate of 1.3%, a base maintenance margin rate of 0.65%, and a 0.5% liquidation charge, according to an official statement. In addition, the contract will include a financing fee that, depending on the state of the market, will be traded every eight hours between the buyers and sellers.

Binance Futures endeavors to broaden its range of products and accommodate the varied requirements and inclinations of its user base include the introduction of the USDC-margined DOGE Perpetual Contract. For well-known cryptocurrencies including Bitcoin, Ethereum, Binance Coin, and others, Binance Futures has just included USDC margining choices. With the ability to open long and short positions using USDC without having to hold numerous assets as collateral, this feature gives users greater flexibility and efficiency in their trading.

Dogecoin began as a joke in 2013 but has since grown significantly in popularity and market value because of its devoted following celebrity endorsements and social media marketing. With a valuation of more than US$6 billion, Dogecoin is presently the tenth-largest cryptocurrency by market capitalization. Binance Futures has expanded its trading chances for customers to take advantage of the volatility and excitement of the cryptocurrency market by including Dogecoin in its platform for trading futures.

Binance Futures is providing a promotional trading fee reduction for all trades on USDC-margined futures contracts until April 3, 2024, at 12:30 (UTC) in honor of the new contract's introduction. The trading costs, which are subtracted from the users' USDC balance, will be discounted by 10% for users. Users must be informed, nevertheless, that Binance has the authority to modify the futures contract's terms in light of changes in market risk. The financing cost, tick size, maximum leverage, and margin requirements might all be impacted by these changes.