On Tuesday, leading crypto exchange Binance announced via a blog post that it will list APT token perpetual contracts on its platform despite controversy. According to the announcement, the product will be available to users on October 19.
Binance to List APT Perpetual Contracts
Perpetual contracts are similar to crypto futures contracts. Like futures products, perpetual contracts have underlying assets, allowing buyers and sellers to speculate on the price of that asset. Unlike crypto futures products, however, holders of perpetual contracts hold positions without any expiry date, that is, predetermined future dates and set prices do not apply to holders of perpetual contracts.
Per the announcement, the next few days will see Binance launch new crypto products for its users. The products to be listed are perpetual contracts of two crypto tokens, one of which is the APT coin.
The blog post noted that APT/USDT perpetual contracts will be officially listed on the Binance exchange on the 19th of October, 2022, and will offer users a leverage trading of up to 25X.
“Binance Futures will launch USDⓈ-M APT perpetual contracts on 2022-10-19 02:00…with up to 25x leverage,” Binance said.
Aptos Does Not Want Perpetual Contracts for APT
Following the announcement, Aptos Labs, the company behind the design of the APT token reportedly contacted Binance, persuading the exchange to pause its plans of launching $APT perpetual contracts on an urgent basis.
Aptos Labs had reportedly told major exchanges earlier not to list APT perpetual contracts within two weeks of the token’s launch.
The APT token is the native currency of the recently launched blockchain, Aptos. The blockchain, which aims to mimic the design of the Solana network, leverages the Move programming language for its development and utilizes the proof-of-stake consensus mechanism.
OKX Follows Suit
Meanwhile, crypto exchange, OKX is also looking to list APT/USDT perpetual contracts on its platform despite Aptos’ request to not list the token. The product launch will take place on the same date as Binance’s.
