In a significant development for cryptocurrency traders and Santos Football Club fans, Binance has announced the launch of the SANTOSUSDT perpetual contract, scheduled for October 28, 2024, at 14:00 UTC.
This new trading instrument will offer traders the opportunity to engage with the Santos FC Fan Token (SANTOS) with impressive leverage capabilities of up to 75 times.
The announcement comes as the SANTOS token experiences remarkable market momentum, with its price surging by 63.58% in the past 24 hours.
Market Performance and Token Metrics
The SANTOS token, operating as a BEP-20 token on the Binance Smart Chain, has demonstrated strong market performance beyond its daily gains.
With a current price of $5.44 and a substantial 24-hour trading volume of $15.2 million, the token has also recorded a 58.87% increase over the past week.
The market capitalization stands at approximately $18.17 million, based on a circulating supply of 5.5 million SANTOS tokens, reflecting significant investor interest in this sports-based cryptocurrency.
Technical Specifications and Trading Features
The new perpetual contract features comprehensive specifications designed to enhance trading flexibility and risk management. Trading will be available 24/7, with settlement in USDT and a tick size of 0.001.
The contract implements a capped funding rate of +2.00% / -2.00%, with funding fee settlements occurring every four hours.
Notably, the platform has incorporated Multi-Assets Mode support, allowing traders to use various cryptocurrencies, including BTC, as margin collateral for SANTOS trading positions.
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Risk Management and Platform Flexibility
Binance has emphasized its commitment to market stability and risk management by reserving the right to adjust contract specifications based on market conditions.
These adjustments may include modifications to funding fees, tick sizes, leverage limits, and margin requirements.
The implementation of Multi-Assets Mode represents a significant feature, enabling traders to diversify their margin assets while trading the SANTOSUSDT perpetual contract, subject to applicable haircuts and platform regulations.