The world's largest cryptocurrency exchange, Binance, has announced that it has added a new altcoin to its futures trading platform.
According to Binance's announcement on Tuesday, June 25, the exchange has opened trading for the Open Loot (OL) perpetual futures contract with a maximum leverage of 50x against Tether (USDT).
The OLUSDT contract was opened for trading today at 14:30 Turkish time (TRT). OL, or Open Loot, stands out as a Web3-based game distribution platform and marketplace. This platform aims to provide support to game developers and publishers in areas such as market entry strategies, distribution, user experience, and payment systems.
Binance stated that the funding rates would initially range from -2.00% to +2.00% and would be updated every 4 hours. However, it was noted that the funding rates, maximum leverage ratio, and trading limits could be adjusted based on market conditions.
Binance also announced that this futures contract supports the Multi-Assets Mode feature. Through this feature, users will be able to trade contracts with different collateral assets such as Bitcoin (BTC).
According to CoinGecko data, OL gained 13.2% in value with the news and is currently trading at $0.03394.