Binance, one of the world's leading cryptocurrency exchanges, is expanding the trading options it offers to its users. In this context, it is launching the SANTOSUSDT perpetual futures contract on the Binance Futures platform. The exchange will launch this contract on October 28, 2024 at 17:00 Türkiye time. Here are the details...
Binance launches SANTOSUSDT contract.$SANTOS
Binance, the world's largest cryptocurrency exchange, announced in a new announcement that it will activate the SANTOSUSDT contract. This new contract, based on the Santos FC fan token (SANTOS), draws attention by offering investors up to 75x leverage. Thus, a new trading tool has been introduced for football enthusiasts and investors. Binance Futures' SANTOSUSDT perpetual futures contract is calculated in US dollars and traded with USDT (Tether). The contract's prominent features include a price tick of 0.001 and a maximum funding rate of up to 2 percent. In addition, the funding fee is determined every four hours. Investors should note that variables such as the funding fee, leverage ratio, initial and maintenance margin of the contract can be updated by Binance when necessary according to market risk conditions. Another notable feature is the support for a multi-asset mode called Multi-Assets Mode. In this way, investors can manage the SANTOSUSDT futures contract by trading with different margin assets (e.g. BTC) and optimize their risks more flexibly with the diversity of assets in their margin accounts.
What is the Santos FC fan token?
The Santos FC fan token belongs to the world-famous Brazilian football club Santos FC. According to CoinMarketCap data, this token was developed in collaboration with Binance Launchpool. Founded in Vila Belmiro, São Paulo, Brazil, Santos FC experienced serious economic difficulties during the pandemic. These financial difficulties paved the way for the development of the fan token concept, which aims to establish a new bond between fans and the club. Binance announced its collaboration with Santos FC in November 2021, gaining the right to offer NFT products on behalf of the club. In this way, it had the opportunity to pioneer projects that will enable Santos fans to interact more closely with the club. As with every fan token, Santos FC Fan Token ($SANTOS) holders have the right to vote in various decision-making processes in the club's life. As a result, SANTOS, which has attracted great attention since the token launch, is back on the agenda after a three-year hiatus. The coin was offered for sale on Binance Launchpad in November-December 2021. As of today, the SANTOS token, which is at $ 5.48, has gained 65.13 percent in value in a short time due to the Binance announcement. These developments continue to attract the attention of investors.