Binance Introduces USDT-Margined RPL Futures, Offers Up to 75x Leverage

Binance Futures, a division of the crypto exchange, has announced a significant expansion of its offerings. The company is launching a new product based on Ethereum staking pool Rocket Pool’s native token, RPL, today, September 9, 2024, by 12:30 UTC.

The new USDT-margined RPL perpetual contract will offer leverage of up to 75x, catering to investors seeking enhanced exposure to the Rocket Pool ecosystem. The contract’s settlement will be in USDT, with a tick size of 0.01. The perpetual futures contract will support multi-asset mode and have a capped maximum funding rate of the standard rate of +/- 2%, allowing investors to manage their positions more frequently and precisely.

Rocket Pool is a decentralized Ethereum staking pool that offers up to 4.33% APR for staking ETH. Users can join the Rocket Pool by connecting to a decentralized network of node operators or running their own nodes using just 16 ETH. Additionally, participants can earn commission income by staking ETH and gain up to 6.36% APR in RPL rewards by providing RPL collateral.

This new perpetual futures contract from Binance Futures is expected to attract significant interest from investors seeking additional leverage and exposure to the Rocket Pool ecosystem, potentially driving further growth and adoption of the RPL token.

Following the announcement, RPL has experienced a significant surge in value. The altcoin’s price reached $12.41, representing a 30.20% increase in the last 24 hours. Trading volume and price have tripled, reaching $11.46 million with a 222.21% increase in the same period.

Meanwhile, according to data from TradingView, Rocket Pool’s price (RPL/USD) has been in a descending channel since late August, with its last peak above $10, reaching $10.07 on September 6.

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