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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.
#Binance Future announcement:
🔸Delisting of Coin-Margined $LUNA Perpetual contracts.
🔸Updates on the Leverage & Margin Tiers for USDT-Margined $LUNA Perpetual contracts. ⤵️https://t.co/DHB0GLHLzm— Binance (@binance) May 12, 2022
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
