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Binance Futures to Roll Out BRC-20 Token ORDI Perpetual Contracts with USDC-Margined Trades
The Binance exchange has announced plans to offer Ordinals (ORDI) Perpetual Contracts soon. This comes barely three months after the exchange listed the asset on the Spot market.
10% Discount for Trading Fees for ORDI BRC-20
Announcing in a blog post, the Binance exchange revealed that ORDI Perpetuals will be settled with the world’s second-largest stablecoin USDC.
#Binance Futures will launch the USDC-margined $ORDI Perpetual Contract at
đź—“Feb 22 2024, 07:00 (UTC)
Read more ➡️https://t.co/Iu2FztOmhy pic.twitter.com/usjopPQ0AI
— Binance Futures (@BinanceFutures) February 19, 2024
According to Binance, investors can access this service starting February 22, 2024, by 7:00 (UTC). All investors who trade the USDC-margined ORDI futures contracts will get a 10% discount on their trading fees. This promotional offering will run till April 3, 2024. Further details indicate that the maximum leverage will be capped at 75x. Traders will also have a maximum funding rate of +2% or -2%.
The funding fee settlement will be reassessed every four hours, while the minimum tick size is set at 0.001 USDC, allowing retail investors to access the digital asset service.
Meanwhile, the ORDI BRC-20 Perpetual Contracts will operate in the Multi-Asset Mode. This mode allows investors to trade the futures contracts across multiple margin crypto assets.
Futures trading involves predicting the price trajectory of an underlying asset. This trading option allows investors to predict the price movement of an asset.
If a forecast is right, investors earn profits based on their leveraged size and vice versa. However, while leverage can increase potential earnings, it can also magnify losses in the event of a wrong forecast.
Bitcoin’s Meme Coin Hitting the Big Stage
Bitcoin is natively monolithic by design and only allows for decentralized transfer of the BTC asset. However, things have rapidly changed in the past year with the launch of the BRC-20 token standard.
ORDI built atop the Bitcoin network, is a memecoin that allows data like text, images, audio, and video to be written directly on individual Satoshis (units of each Bitcoin asset). This option was principally unavailable before 2023 on the Bitcoin network.
Following its launch last year, ORDI has rapidly become the golden standard in the BTC-fueled meme coin ecosystem, beating rivals like 1000SATS and MultiBit. In December 2023, BRC-20 tokens exceeded $100m 24-hour trading volume on Gate.io.
The imminent launch of ORDI Contracts on Binance is already impacting the asset’s price as investors scramble for positions.
At press time, ORDI is trading at $71.21, up 3.4% in the last 24 hours. Its seven-day price gain stands at double-digits of 15.03% in the past week.
According to crypto price aggregator CoinMarketCap, the BRC-20 sub-sector has a market cap of $2.9 billion, following a 3.25% increase in the past day. The total trading volume (TTV) is also up 32.34%, with $392 million plus changing hands in the last 24 hours.
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Binance Futures to Roll Out BRC-20 Token ORDI Perpetual Contracts with USDC-Margined Trades