Binance Futures, the futures arm of the world’s leading cryptocurrency exchange by reported trading volumes, has introduced a perpetual contract for the Chainlink (LINK) cryptocurrency.
It is paired against USD Coin (USDC) and offers traders an opportunity to trade the high-flying cryptocurrency with up to 75x leverage.
The recently announced product will become available for trading on Aug. 19 at 7:00 UTC.
Expanding the list of contracts
Shortly after launching its futures branch in September 2019, Binance became one of the key players in the derivatives market, offering OKEx, BitMEX, and Huobi some tough competition.
Since debuting with only three coins Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH), it has already launched a bunch of perpetual contracts for most top cryptocurrencies, including XRP, Tron (TRX), Cardano (ADA), IOTA (MIOTA), and others.
Last month, the exchange also rolled out a quarterly futures contract for LINK that will expire on Sept. 25, 2020.
LINK plunges 20 percent
Notably, Binance’s launch of the perpetual contract for shorting or longing LINK with up to 75x leverage came shortly after the token plunged by more than 22 percent in one minute on Aug. 17 at 23:09 UTC on the Kraken exchange. This was followed by a swift recovery.
Coins tend to experience more volatility after their contracts start trading on Binance Futures.
In its latest blog post, Binance made its usual warning about the risks associated with futures trading.
Given how volatile cryptocurrencies are, traders trader use the maximum leverage can have their positions liquidated during wild market moves.