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Cryptocurrency derivatives platform Binance Futures has delisted perpetual contracts based on the underlying LUNA. For similar instruments, but in USDT, the leverage has been reduced from 21-25x to
Cryptocurrency derivatives platform Binance Futures has delisted perpetual contracts based on the underlying LUNA. For similar instruments, but in USDT, the leverage has been reduced from 21-25x to 8x.
#Binance Future announcement:
🔸Delist with Token Margin $LUNA Perpetual contracts.
🔸Updates to Leverage and Margin Tiers for USDT-Margined $LUNA Perpetual contracts. ⬇️https://t.co/DHB0GLHLzm— Binance (@binance) 12 May 2022
The changes took effect on May 12 at 8:00 UTC.
The platform automatically closed positions on the Token Margin LUNA for users who were unable to make the necessary changes on their own.
Parameters remain in effect for open positions on USDT-Margined LUNA.
Below is a table containing the risk parameters when opening a new position under this contract.
| Leverage before change | Leverage after change | location size in $ | Starting Margin |
| 21-25x | 8x | 0 < position ≤ 50,000 | 12.50% |
| 11-20x | 7x | 50,000 < position ≤ 250,000 | 14.29% |
| 6-10x | 6x | 250,000 < position ≤ 1,000,000 | 16.67% |
| 5x | 5x | 1,000,000 < positions ≤ 2,000,000 | 20.00% |
| 4x | 4x | 2,000,000 < positions ≤ 5,000,000 | 25.00% |
| 3x | 3x | 5,000,000 < positions ≤ 10,000,000 | 33.33% |
| Two times | Two times | 10,000,000 < position ≤ 15,000,000 | 50.00% |
| 1x | 1x | 15.000.000 < position ≤ 50.000.000 | 100.00% |
Binance Futures warned that the parameters may be revised in the future.
Recall that on the morning of May 12, the price of LUNA dropped to $0.3. The trend was observed for several consecutive days.
Do Kwon, head of the Terraform Labs organization behind the blockchain, presented a plan to restore the UST price, but that did not prevent the bids from collapsing.
Source: Fork Log
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