OKX is all set to list MOODENG and NEIRO perpetual futures on its exchange. The USDT-margined perpetual futures will commence trading on October 3, 2024.
OKX’s decision to give the perpetual futures a green signal comes at a time when the memecoin fanatic wave is picking pace, with coins like MOODENG and NEIRO witnessing heavy demand. OKX plans to keep the trading over its web, app, and API interfaces.
Additionally, OKX has alerted consumers to the volatility nature of premiums for these recently introduced contracts. The exchange has set a 0.03% upper limit on the financing fee before 4:00 pm UTC on October 3, 2024, in order to prevent arbitrary charges. On October 3, 2024, after 4:00 PM UTC, the maximum expected funding charge will be reduced to 1.50%.
Why Is OKX Constantly Listing Perpetual Future?
Previously, OKX had announced that it would list DGB and ENJ perpetual futures for its users to trade. Perpetual futures—also referred to as perpetual swaps or “perpetuals”—are a kind of derivative contract that lets traders make long-term predictions about the value of an asset without having to worry about it running out.
According to Investopedia‘s definition, Perpetual futures are different from ordinary futures contracts as they don’t have an expiration date and can be kept indefinitely.
In the world of cryptocurrency trading, perpetual futures are a highly sought-after financial instrument for speculating on cryptocurrencies like as Bitcoin and Ethereum.
However, they can also be used for other assets such as commodities and indexes. They are well-liked because they provide more leverage and could have higher liquidity than the spot market for cryptocurrencies.
Memecoin Mania Drives Moodeng and Neiro Demand
At present, the market is constantly seeing investors collect and stock upon memecoins that are introduced to the market. Because MOODENG started as a meme coin based on a young pygmy hippo from Thailand’s Khao Kheow Open Zoo, it continues to be a popular asset.
The developers of MOODENG have taken use of this trend in a calculated manner, imitating other prosperous meme coins on the Solana network. The excitement that has surrounded Moo Deng has resulted in a lot of trading activity and general awareness of the token.
On the other hand, inspired by a Shiba Inu in real life, Neiro is a meme currency with a dog theme. Following the passing of Kabosu, the well-known Dogecoin Shiba Inu, in May 2024, Atsuko Sato adopted the dog Neiro. This caused the meme coin scene to go crazy, inspiring the creation of numerous currencies on Solana and Ethereum that are modeled after Neiro. Two Solana and two Ethereum projects make up the most prominent Neiro projects.