Binance, one of the foremost cryptocurrency exchanges globally, renowned for its high trading volume, has recently revealed the introduction of perpetual futures contracts for two altcoins, namely NEIROUSDT and 1MBABYDOGEUSDT. This development allows traders to utilize leverage ratios of up to an impressive 75x.

When Do the New Futures Contracts Begin?

According to the official release from Binance, trading activities for the NEIROUSDT perpetual futures contract will kick off today, September 16, 2024, at precisely 14:30 UTC. Subsequently, the 1MBABYDOGEUSDT contract will become available shortly thereafter, commencing at 14:35 UTC.

What Are the Details of These Contracts?

The initial maximum funding rate for these newly launched futures contracts is determined to be set at +/- 2%. Calculations for funding fees will occur every four hours, enabling consistent updates that mirror the dynamic nature of market conditions.

Binance has indicated that the NEIROUSDT perpetual futures contract is tied to the “First Neiro On Ethereum” (NEIRO) token, which is identifiable by the contract address 0x812ba41e071c7b7fa4ebcfb62df5f45f6fa853ee. This specification is crucial to differentiate it from the NEIROETH perpetual futures contract that was listed on September 6, 2024, possessing a distinct contract address. The exchange aims to eliminate any possible confusion regarding these separate NEIRO tokens.

Earlier announcements from Binance regarding the listing of NEIRO, BABYDOGE, and TURBO on its spot market have had a considerable positive impact on the valuations of these altcoins. The addition of perpetual futures contracts specifically for NEIRO and BABYDOGE has spurred further increases in their market prices.

Key Takeaways

• NEIROUSDT and 1MBABYDOGEUSDT futures allow for leverage of up to 75x.
• Trading for these futures contracts will launch on September 16, 2024, at designated times.
• The initial funding rate is set at +/- 2%, with fees adjusted every four hours.
• The NEIROUSDT contract is associated with a specific NEIRO token on Ethereum, differing from other NEIRO tokens.
• Prior announcements have resulted in significant price surges for NEIRO and BABYDOGE.

At the time of this report, NEIRO is being traded at $0.0003244, demonstrating a remarkable increase of over 600%. Meanwhile, BABYDOGE has experienced a rise exceeding 60% to reach $0.000000001682.

In my opinion, the introduction of these new perpetual futures contracts is an enticing opportunity for traders, given the high leverage offered. However, it is essential to approach such investments with caution, recognizing the inherent risks associated with high leverage trading. I encourage readers to share their thoughts and experiences regarding trading in volatile markets, as community insights can greatly enhance our understanding of this dynamic landscape.