Binance Introduces New CHESSUSDT Contract

Cryptocurrency exchange Binance continues to broaden its trading options by introducing the CHESSUSDT perpetual contract, effective from August 29, 2024. This new offering will allow users to trade with a leverage ratio of up to 75x starting at 10:30 AM Turkey time.

High Leverage Trading Opportunity

The CHESSUSDT futures contract provides an opportunity for users to trade with leverage as high as 75 times. However, such high leverage also entails significant risks. Investors are advised to meticulously review their risk management strategies to mitigate potential losses. The contract features a funding fee adjustment every four hours with a maximum funding rate set at +%2.00/-%2.00, necessitating close monitoring of transaction costs. Access COINTURK FINANCE to get the latest financial and business news.

What is Multi-Asset Mode?

Binance Futures supports the Multi-Asset Mode for the new CHESSUSDT contract, allowing users to utilize various assets as collateral. For example, BTC can be used as collateral for trading the CHESSUSDT perpetual contract. This flexibility enables investors to manage their portfolios more efficiently.

Key Insights for Traders

Concrete and valuable inferences for users include:

• Using high leverage requires stringent risk management strategies due to the increased risk.
• Frequent funding fee adjustments necessitate careful monitoring of transaction costs.
• Utilizing the Multi-Asset Mode can provide greater flexibility in portfolio management.

Following this announcement, the cryptocurrency CHESS experienced a significant price increase, climbing 30% to reach $0.21. This surge highlights the market’s positive reception to Binance’s new trading option and suggests potential volatility and investment opportunities in the near future.