Binance Announces Delisting of Underlying Perpetual Contracts on LUNA

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Cryptocurrency derivatives platform Binance Futures has delisted the underlying asset-settled perpetual contracts on LUNA. For similar instruments, but denominated in USDT, the leverage was reduced from 21-25x to 8x.

The changes took effect on May 12 at 8:00 UTC.

The platform automatically closed positions on Coin-Margined LUNA for those users who did not manage to make the necessary changes on their own.

The parameters for open positions in USDT-Margined LUNA remained in effect.

Below is a table with risk parameters when opening new positions under this contract.

Leverage before change Leverage after change Position size in $ Initial 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 < position ≤ 2,000,000 20.00%
4x 4x 2,000,000 < position ≤ 5,000,000 25.00%
3x 3x 5,000,000 < position ≤ 10,000,000 33.33%
2x 2x 10,000,000 < position ≤ 15,000,000 50.00%
1x 1x 15,000,000 < position ≤ 50,000,000 100.00%

Binance Futures has warned that the parameters may be revised again in the future.

The price of LUNA on the morning of May 12 fell to $0.3. The trend has been observed for several days in a row.

The head of the Terraform Labs organization behind the blockchain, Do Kwon, presented a plan to restore the price of UST, but this did not hold back the collapse of quotes.

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Source: Cryptocurrency

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