The world's largest cryptocurrency exchange, Binance, announced that it has added another altcoin to its futures platform.
According to the statement made by Binance on Thursday, June 5, the exchange has opened margin perpetual futures contracts for Lagrange (LA) with a maximum leverage of 50x against Tether (USDT).
The LAUSDT contract was launched at 12:00 PM Turkish time (TRT) on June 5. Lagrange Labs (LA) is known as a project focused on zero-knowledge proof networks and developing decentralized solutions in this field.
Binance stated that funding rates will initially be between -2.00% and +2.00% and will be updated every 4 hours. However, it emphasized that funding rates may change based on market conditions, maximum leverage ratios, and trading limits.
Binance also announced that the mentioned futures contracts support the Multi-Assets Mode feature. Users will be able to trade contracts with different collateral assets such as Bitcoin (BTC) thanks to this feature.
Binance indicated that the conversion of the LAUSDT contract to a standard perpetual futures contract will occur with the listing of the relevant asset in the spot market, and no separate announcement will be made for this conversion. It was also emphasized that during the pre-market trading period, the instantaneous price will be updated every second based on the average of the last 10 seconds of transaction prices.
Stay tuned for new developments.