Binance has announced the upcoming launch of three USDⓈ-margined perpetual contracts—GRASSUSDT, DRIFTUSDT, and SWELLUSDT—offering up to 75x leverage.
Scheduled for release on November 8, 2024, these contracts provide high-leverage trading opportunities, allowing users to speculate on the price movements of GRASS, DRIFT, and SWELL without expiration dates. Each contract is settled in USDT, with continuous trading available around the clock.
Launch Schedule and Contract Details
The contracts will go live as follows:
- GRASSUSDT – November 8, 2024, at 15:30 UTC
- DRIFTUSDT – November 8, 2024, at 15:45 UTC
- SWELLUSDT – November 8, 2024, at 16:00 UTC
Each contract features a maximum funding rate capped at ±2.00% and funding fees settled every four hours.
Details of the New Contracts
| Contract | Underlying Asset | Launch Time (UTC) | Tick Size | Max Leverage | Funding Rate Cap | Funding Fee Settlement |
|---|---|---|---|---|---|---|
| GRASSUSDT | Grass (GRASS) | 15:30 | 0.0001 | 75x | ±2.00% | Every Four Hours |
| DRIFTUSDT | Drift (DRIFT) | 15:45 | 0.0001 | 75x | ±2.00% | Every Four Hours |
| SWELLUSDT | Swell Network (SWELL) | 16:00 | 0.00001 | 75x | ±2.00% | Every Four Hours |
Each contract is settled in USDT, with trading open around the clock and support for multi-asset mode, allowing more flexible margin usage.
Overview of GRASS, DRIFT, and SWELL
Grass (GRASS):
Grass is a decentralized data-sharing platform enabling users to monetize unused internet bandwidth. By using the Grass application, participants share bandwidth, allowing the network to collect and structure public web data into datasets useful for AI training. In return, users receive Grass Points, which can be converted into GRASS tokens, used within the platform for staking, governance, and transaction fees.
Drift (DRIFT):
Drift operates as a decentralized exchange (DEX) on the Solana blockchain, focused on perpetual futures trading. Its cross-margin and vAMM functionalities enhance trading efficiency and capital use. The DRIFT token, introduced in April 2024, grants governance rights and rewards for traders. Supported by significant investment, Drift has reported rapid growth, exceeding 175,000 users and a trading volume of $20 billion as of April 2024.
Swell Network (SWELL):
Swell is a decentralized staking protocol allowing Ethereum holders to earn staking rewards while maintaining liquidity through swETH tokens. Its restaking feature, rswETH, further amplifies yield opportunities. Swell has integrated with Optimism’s OP Stack to improve scalability and has incorporated governance via its SWELL token, which also incentivizes community involvement.
Market Performance
All three assets have shown notable performance increases recently:
- GRASS: Up 36% in the last 24 hours and 193% over the past week.
- DRIFT: Up 80% in 24 hours, 74% in the past week.
- SWELL: Up 58% in 24 hours, 72% over the past week.
The new Binance Futures perpetual contracts enable enhanced trading opportunities for users interested in these high-performing assets, albeit with the added risk that comes with high-leverage positions.
