Binance is set to expand its trading offerings by launching the GOATUSDT (GOAT) perpetual contract, allowing traders to leverage their positions up to 75 times
Binance, a major cryptocurrency exchange, will introduce a new perpetual contract for the meme coin Goatseus Maximus (GOAT). This move comes amid a broader frenzy surrounding meme coins in the crypto market.
According to an Oct. 24 announcement by Binance, the exchange will be launching a GOATUSDT (GOAT) perpetual contract, enabling traders to leverage their positions up to 75 times. The contract will be pegged to the underlying asset Goatseus Maximus, a meme coin on Solana linked to the AI bot Terminal of Truths.
Despite not being backed by venture capital, Goatseus Maximus has gained significant attention through Terminal of Truths' efforts. Notably, the AI bot received a $50,000 donation in BTC from billionaire Marc Andreessen, which some traders believe is an indirect way of supporting the meme coin.
The announcement also highlighted that the GOATUSDT perpetual contract will settle in USDT with a tick size of 0.0001 and a capped funding rate of +2.00%/-2.00%. Funding fees will be settled every four hours, providing traders with a consistent opportunity to manage their positions.
Moreover, Binance is also introducing a multi-assets mode, allowing traders to utilize multiple margin assets, such as BTC, when engaging with the GOATUSDT contract. This feature is designed to enhance liquidity and provide traders with additional options to optimize their margin strategies.
Upon the announcement of the new contract, the price of GOAT quickly surged by 25% to $0.84, indicating a strong response from traders to the news.
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