Key Points
- Binance Futures launches CHESS Perpetual Contract later today.
- The Perpetual Contract will launch with up to 75x leverage.
In an official announcement, Binance Futures revealed the launch of CHESSUSDT Perpetual Contract today, at 7:30 (UTC), with up to 75x leverage.
Binance continues expanding the list of offered trading choices, enhancing users’ experience, with over 15 Perpetual Contracts already launched in August.
CHESSUSDT Perpetual Contract Details
Here are the key details about the CHESSUSDT Perpetual Contract:
- The underlying asset is Tranchess (CHESS).
- The settlement asset is USDT.
- The tick size is 0.0001.
- The capped funding rate is +2/-2%.
- The funding fee settlement frequency is every four hours, starting at 8:00 (UTC) today.
- Trading hours are 24/7.
- Multi-Assets Mode will be supported.
Binance may adjust the specifications of the Perpetual Contract, based on market risk conditions. These include the following:
- Funding fee
- Tick size
- Maximum leverage
- Initial margin
- Maintenance margin requirements
The Multi-Asset Mode allows users to trade the CHESSUSDT Perpetual Contract across multiple margin assets. For instance, when the Multi-Asset Mode is activated, users can use BTC as margin when trading the Perpetual Contract mentioned above.
CHESSUSDT Perpetual Contract is subject to the Binance Terms of Use and the Binance Futures Service Agreement, as noted in the official announcement.
What is Tranchess (CHESS)?
Tranchess Protocol was built by co-founder Danny Chong and his team. The concept debuted in 2020 with a team of experienced professionals with roles in tech firms including Google, Facebook, Microsoft, Morgan Stanley, UBS, and BNP Paribas.
The tech team is experienced with cyber security in trading and DeFi protocols. Chong worked at BNP Paribas and Societe Generale, holding positions in trading, sales, and management regionally in the FICC space.
The project’s main vision is to empower users in the DeFi space with Omni Asset Management capabilities and contribute to the paradigm shift from Traditional Finance to DeFi.
The protocol offers a full product suite in Asset Management Protocols for DeFi users across various risk appetites.
CHESS tokens have a maximum supply of 300 million.
