KuCoin has launched the USDT-Margined W (Wormhole) Contract to support 1-50x leverage. The smart contract has no expiration time, and every contract is worth 0.001 BTC. For reference, a single BTC is listed at $66,388.50 at the time of drafting this article. The contract is quoted and settled in USDT with an open interest of 7.86M lot.
The Funding Interval has been set to happen every 8 hours; however, the actual period may differ during high volatility. The funding rate is 0.0275%, and the projected funding rate has been stated at 0.0251%. The fee rates for makers and takers are 0.0200% and 0.0600%, respectively.
Initial Margin and Maintenance Margin are 1/Leverage and 0.40%, respectively, applicable in the same order. The contract multiplier translates a single lot to 0.001 BTC, with the minimum price increment leveled at 0.1 USDT. The maximum a price can go is 1,000,000.00 USDT, and the maximum order quantity is clipped to 1,000,000 lot. Fair Price has been set up as a mark method. The risk limit and risk step are 100,000.00 USDT and 50,000.00 USDT, respectively.
The announcement comes a couple of days after KuCoin announced the launch of rewarding activities, giving users a chance to win up to 80,000 USDT. Only Mexican users qualify for the campaign, but it has generated sufficient buzz in other regions too.
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A total of four activities have been lined up, giving users enough chances to win their fair share of rewards. The first activity comes with a prize pool of 50,000 USDT. Users only have to reach a Future trading volume of 8,000 USDT on the platform. They will then be rewarded with a portion of the price pool based on their trading volume.
The second activity singles out new users by giving them a voucher that practically shields them from loss. Valid for a single time, users can claim up to 50 USDT shield on their first transaction, irrespective of the contract they choose on KuCoin. It rolls out the reward on a first-come, first-served basis. It has a prize pool of $10,000.
A bonus reward campaign covers existing users as well. It requires them to invite a new user to the platform and earn a commission of up to 20% from every invitee. Additionally, they stand a chance to win up to 100 USDT for every successful invitation. The second pool in the campaign gives newly invited users a limited-time gift pack and up to 700 USDT after registration.
The fourth activity encourages users to achieve the highest trading volume as early as possible. The milestone is above 8,000 USDT on any contract on KuCoin. The reward is a 50 USDT Futures Deduction Coupon for every user.
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Launching the USDT-Margined W Contract on KuCoin adds to the integrity of the platform, helping it better engage with the community and gain higher exposure to a new contract.
