Binance Futures, the futures trading platform of leading cryptocurrency exchange Binance, announced that it will list IDEX with up to 20x leverage.
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Binance Futures Announces the Launch of USDⓈ-M IDEX Contract
The new contract will be released on May 3, 2023, at 12:00 UTC.
IDEX, short for InterPlanetary Decentralized Exchange, is a popular decentralized exchange built on the Ethereum blockchain.
With the new perpetual contract, Binance Futures users will be able to trade IDEX with up to 20x leverage with USDT as the underlying asset.
Although there was a 10% increase in the IDEX price after the announcement, most of this increase was lost afterwards.
Perpetual contracts are a type of futures contract that does not have an expiry date. Instead, it is designed to track the price of the underlying asset and settle on a price determined by an index or other reference rate.
This way, traders can take a long or short position on an asset without having to worry about the contract expiration.
Binance Futures has been expanding its range of perpetual contracts with the addition of several new contracts over the past few months.
The platform offers up to 125x leverage on some contracts, making it a popular option for traders looking to increase their returns.
The launch of the USDⓈ-M IDEX perpetual contract will attract more investors as it provides access to one of the most popular decentralized exchanges in the cryptocurrency space.
Binance Futures stated that it will continue to add new perpetual contracts to its platform in the coming months to offer users a wider range of trading options.
*Not investment advice.