The Binance futures platform will launch the JELLYJELLYUSDT perpetual contract on March 27, 2025, at 00:00 (UTC+8), with a maximum leverage of up to 50 times. At the same time, Binance will also launch the MAVIAUSDT perpetual contract on the same day at 01:00 (UTC+8).

The background for the launch of the JELLYJELLY perpetual contract is that the Hyperliquid platform faced capital flight and a liquidity crisis due to a malicious liquidation incident involving a whale, which eventually led to the delisting of the JELLYJELLY perpetual contract. Centralized exchanges like Binance and OKX subsequently launched the JELLYJELLY perpetual contract, further exacerbating market volatility.

After Binance announced the launch of the JELLYJELLY perpetual contract, the price of JELLY briefly soared to about $0.62, increasing more than 380% compared to four hours earlier, before quickly dropping back to around $0.25. This market reaction raised questions about Binance's potential influence on market dynamics.

In addition, Binance co-founder He Yi responded to a community member's suggestion to launch JELLYJELLY in a tweet, stating, 'Okay, got it,' which further drove the volatility of JELLY's price.

Overall, the launch of the JELLYJELLY perpetual contract by Binance is not only to meet market demand but may also have influenced market prices and liquidity to some extent.