Binance Futures announced the launch of GRASSUSDT, DRIFTUSDT, and SWELLUSDT perpetual contracts with leverage of up to 75x. These contracts went live offering traders additional exposure to Solana’s GRASS token, as well as DRIFT and SWELL. Following this announcement, GRASS token surged by 14%, driven by increased interest and trading volume as users leveraged the new futures offerings on the platform.
Binance Launches 75x Leverage for GRASS, DRIFT, and SWELL Perpetuals
In a recent announcement, Binance Futures introduced three new USD-margined perpetual contracts for Solana’s GRASS, DRIFT, and SWELL tokens. These contracts allow up to 75x leverage, providing traders with an opportunity to gain increased exposure to these tokens. The GRASSUSDT contract went live on at 15:30 UTC, followed by DRIFTUSDT and SWELLUSDT at 15:45 and 16:00 UTC, respectively.
The new perpetual contracts are designed to attract more users to Binance Futures by expanding the list of trading options. This listing includes a capped funding rate of +2.00%/-2.00%, and a funding fee settlement frequency every four hours, making it a structured choice for high-leverage traders. Through this addition, Binance enhances users’ trading experience and extends its range of crypto derivatives.
Solana’s GRASS Sees Price Surge with Increased Demand
Following the announcement of the GRASSUSDT perpetual contract, Solana’s GRASS token witnessed a 14% price surge, adding to its 170% weekly surge. This increase is attributed to rising interest and trading volume as users utilized the 75x leverage on Binance Futures. By offering a direct trading option for Solana GRASS with leverage, the exchange has positioned the token for greater interest among its community.
More so, the recent surge underscores how perpetual contracts can influence token demand by attracting traders seeking high exposure. The GRASSUSDT listing on Binance Futures has introduced more options for GRASS traders but and amplified Solana’s GRASS position in the market.
In addition, the launch of the GRASSUSDT, DRIFTUSDT, and SWELLUSDT perpetual contracts comes with support for Binance’s Multi-Asset Mode. This feature allows users to trade these contracts using a range of margin assets, including BTC. The Multi-Asset Mode offers added flexibility, enabling traders to manage margin in multiple currencies based on their portfolio. This reduces risk in volatile market conditions.
With trading available 24/7, Solana’s GRASS and the other newly listed tokens provide continual opportunities for traders to explore leveraged trading. Through these offerings, Solana’s GRASS is set to gain traction as traders tap into the benefits of perpetual contracts.
Additionally, Binance has added XRP and Dogecoin (DOGE) to its Smart Arbitrage offerings, sparking market speculation about potential price rallies for these tokens. The launch includes a promotional campaign with rewards totaling 45,000 USDT, running until November 21. Users can earn up to 20.95% APR, with additional bonuses for those holding Smart Arbitrage portfolios over 72 hours.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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