The cryptocurrency derivatives platform Binance Futures has delisted coin-margined perpetual contracts on LUNA. For similar instruments denominated in USDT, leverage was reduced from 21-25x to 8x.
#Binance Futures 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 08:00 UTC.
The platform automatically closed Coin-Margined LUNA positions of users who had not managed to make the necessary changes themselves.
The parameters for open positions in USDT-margined LUNA remained in effect.
Below is a table with risk parameters for opening new positions in this contract.
| Leverage before changes | Leverage after changes | 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 warned that the parameters could be reviewed again in the future.
As reported, the price of LUNA had fallen to $0.3 on the morning of May 12. The trend has been evident for several days running.
Do Kwon, head of the blockchain company Terraform Labs, unveiled a plan to restore the UST price; however, this did not prevent the price collapse.
Subscribe to ForkLog’s channel on YouTube!