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Kadena rose nearly 30% after Binance unveiled a USD-margined perpetual contract, igniting significant growth in trading volume and pushing market sentiment higher.
Kadena Surges Nearly 30% After Binance's Announcement
As of today, at 13:00 UTC, the KDAUSDT USD-Margined perpetual contract will be listed on the CEX, according to an official notification by Binance dated September 18. An additional goal of this adjustment is to "expand the list of trading choices offered on the exchange and enhance users’ trading experience," as stated in the statement.
The foundational asset is still Kadena, a proof-of-work blockchain that aims to provide a Bitcoin that is more scalable. With this cryptocurrency, traders have access to leverage of up to 75x. The asset's tick size is still 0.0001. Additionally, the exchange set the capped financing rate at +2.00% / -2.00%.
Binance May Adjust Kadena Contract Terms Based on Market Risk
The notice from Binance did make it clear that the exchange might change the listing contract details in the future depending on market risk. Possible alterations include reevaluating the financing cost, tick size, maximum leverage, initial margin, and maintenance margin needs.
Coingape states that one of the leading cryptocurrency exchanges now lists Kadena, leading to widespread confidence in the market following the announcement.
Kadena Hits New Highs with 29.59% Price Increase
At its current price of $0.6527, KDA has seen gains of 29.59% in the last 24 hours. The low point of the coin's intraday trading was $0.5018, while the high point was $0.6757.
The 24-hour trading volume of KDA reached $18,415,678—a staggering 758.74% increase from the previous day. Also, as of the reporting date, the market cap of the coin had surged 28% to $186,287,375. The data presented earlier suggests that traders were pleased by the launch of Binance's futures listing.
At the same time, information from Coinglass showed that the token's futures OI surged by an astounding 125%. Along with that, the derivatives volume skyrocketed by 2348 percent. Today, the coin's statistics show a rise, which is supported by the price increase.
