The world’s largest crypto exchange Binance on Monday said it will adjust the leverage and margin tiers of some crypto perpetual contacts including 1000LUNCUSDT perpetual contract. LUNC traders responded immediately after Binance’s announcement.
The maintenance margin is the total amount of crypto that must remain in a deposit account in order to hold an investment or trading position.
Terra Luna Classic Maintenance Margin Rate Increased By Binance
According to an official announcement by Binance on November 6, Binance Futures will change the leverage, margin tiers, and capped funding rate of multiple perpetual contracts.
“Existing positions opened before the update will be affected. It is strongly advised to adjust the position and leverage prior to the adjustment in order to avoid any potential liquidation, as per Binance.”
Binance has changed the maintenance margin rates for 1000LUNCUSDT perpetual contact 0-5000 positions, with no changes in leverage of 21-50x. It requires traders to hold more LUNC in deposit accounts for perpetual trading.
Meanwhile, Binance has also changed leverage and margin tiers for crypto perpetuals including TOMOUSDT, MINAUSDT, YFIUSDT, KLAYUSDT, ZILUSDT, QTUMUSDT, ENSUSDT, KSMUSDT, ONTUSDT, and SUSHIUSDT.
The maximum funding rate for the aforementioned cryptocurrencies is also adjusted.
LUNC Jumps After Binance Announcement
According to Coinglass data, short liquidations in 1000LUNC and LUNC are pushing up prices as traders close their positions. 1000LUNC perpetuals record major trading volume on Binance, with 47% market share in the last 24 hours.
LUNC price jumped 5% in the past 24 hours, with the price currently trading at $0.000067. The 24-hour low and high are $0.0000641 and $0.0000676, respectively. The trading volume has also increased in the 24 hours.
Meanwhile, USTC price trades at $0.0116, up more than 1% in the past 24 hours. However, the trading volume remained low.
Also Read:
- Ethereum Price Under Pressure As $400 Million Of Open Interest Wiped Out
- Ripple CLO Stuart Alderoty Slams Gensler’s Stance On Crypto Legal Counsel As ‘Threat To Rights’
- FCA & Bank of England To Regulate UK Stablecoins Amid Rising Risks
