Binance And Bybit Defy SUI Team’s Request, Launch 50x Leveraged Perpetual Contracts

Three hours after the spot listing, Binance and Bybit announced the launch of perpetual contracts with leverage up to 50x for the SUI token. This announcement follows a request made by the SUI official team to cooperative exchanges such as Binance, OKX, Bybit, and KuCoin not to launch perpetual contracts when the SUI token is launched.

Likewise, at the launch of APT, the official had also made a similar request not to launch the perpetual contract. However, Binance ignored the request and directly launched perpetual contracts. As a result, other exchanges followed suit and launched futures immediately. This information comes from Wu’s reporting.

Exclusive: the SUI official team requires the cooperative exchanges (Binance OKX Bybit KuCoin, etc.) not to launch the perpetual contract when the SUI token is launched. At present, the major exchanges temporarily meet this demand, and the launch of future may be delayed for a… https://t.co/2XGA75MmiV

— Wu Blockchain (@WuBlockchain) May 3, 2023

While major exchanges have temporarily met this demand, second-tier exchanges such as Gate and MEXC have already launched perpetual contracts.

It’s important to note that Binance Futures will launch the USDⓈ-M SUI perpetual contract on May 3, 2023, with leverage up to 50x. The SUIUSDT Perpetual Contract is an exciting opportunity for traders looking to invest in SUI. The contract will be based on the SUI token, with USDT as the settlement asset.

Source: Binance

It is important to remember that Binance may adjust the specifications of the SUIUSDT Perpetual Contract from time to time based on market risk conditions. This could include changes to the tick size, maximum leverage, initial margin, and/or maintenance margin requirements.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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