Binance Futures, the futures division of the cryptocurrency exchange Binance, continues to enhance trading options by regularly listing new contract types. Recently, Binance Futures announced the launch of futures trading for the Solana Name Service (FIDA) to provide users with more trading choices and an enriched trading experience.
Details of the FIDA Futures Contract
The FIDAUSDT perpetual futures contract will start trading today at 18:30 GMT. Users can utilize leverage of up to 75 times with this contract. The introduction of FIDA is considered part of Binance Futures’ strategy to offer a broader range of investment opportunities to its users. The FIDAUSDT perpetual futures contract allows users to open larger positions with lower collateral thanks to 75x leverage. However, it's important to remember that such high leverage also carries significant risks. Binance Futures warns users to invest wisely and supports them with various tools and informative content. The funding rate for the FIDAUSDT perpetual futures contract has been set at +/- 2.00%. This rate is standard for perpetual futures contracts and will be calculated every four hours, reflecting on users’ positions.
FIDA Coin Sees Surge in Price and Trading Volume
Following Binance’s announcement, the price of the FIDA coin spiked significantly. According to CoinMarketCap data, after the listing announcement, the price surged by over 40%, reaching $0.3297. The trading volume also saw a considerable increase following the listing announcement. During the same period, the trading volume rose by 277.69%, reaching $20.52 million.
The launch of FIDA futures trading on Binance Futures platform has caught the attention of investors and led to a significant increase in the price and trading volume of the asset. Investors should consider the potential risks and utilize risk management tools.
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