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Crypto exchange Binance adds new Bitcoin futures to its list derivative products

Binance, the largest crypto exchange by trading volume, just added a new Bitcoin derivative.

Crypto Dost / Flickr

Mon, 15 Jun 2020, 00:45 am UTC

A new crypto derivative product is now available for Binance clients. The top cryptocurrency exchange by trading volume just launched Bitcoin futures with fixed the-month settlement period.

Binance CEO Zhao “CZ” Changpeng said that the introduction of futures with fixed settlement dates is part of the exchange’s broader strategy, according to Bloomberg. The new quarterly future contracts will expire on the last Friday of each three-month period and will be settled in Bitcoin. The current futures contract is labeled BTCUSD Quarterly 0925, which means it will expire on September 25, 2020, at 8:00 AM UTC.

At the moment, the new derivative product can only be accessed by using the desktop version of the Binance Futures web trading interface, the firm said in a blog. However, a mobile version is already in the works and will be rolled out at a later date.

Clients will be able to employ up to 125x leverage on the new product, officially called BTCUSD Quarterly Futures contracts. As part of its launch, Binance said that users of its platform will enjoy as low as 0.020% in taker fees and they will receive 30 days of maker fee rebates when trading the product between 08:00 AM (UTC) on June 11, 2020, until 08:00 AM (UTC) on July 10, 2020.

Binance is not the only exchange that offers crypto futures. Its competitors Kraken and Huobi Global are already offering various futures with multiple durations.

Zhao said that the decision to launch Binance’s newest derivative product is driven by user demand. “We have the perpetual futures, so we wanted to go from longer term to shorter,” he said. “We have a lot of users who trade futures on other platforms with delivery futures, and they are asking us to launch delivery futures so they can trade in one place. We launch products relative to user demand.”

Binance will likely be offering monthly and even weekly futures contract if the market demands for such products. At the moment, the exchange is already offering leveraged options and tokens as well as perpetual futures.

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