Binance is over leveraging on their perpetuals volume (160% vol. of the market) (monero.im)

submitted 9 months ago* (last edited 9 months ago) by snitchy_asc@monero.im to c/monero@monero.town

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Binance is doing leverage ? Or speculators leveraged the bounce on Binance (still not really delisted until the 20 Feb). These people (if they can be reached) should more be advised to trade in spot, on places where they can actually withdraw funds to use them.

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[-] chaser@monero.town 3 points 9 months ago

there is nothing that requires a perpetuals market to have a lower volume than the whole spot market for the underlying asset. perpetuals are derivative assets, the reason they exist is to enable trading regardless of access to the underlying asset's supply.

side note: Binance will shut down their XMRUSD perpetuals with the delisting, but they will keep running their XMRUSDT perpetuals (USDⓈ-M XMRUSDT):

Please note that users may continue trading USDⓈ-M XMRUSDT and ANTUSDT Perpetual Contracts.

(https://www.binance.com/en/support/announcement/binance-will-delist-ant-multi-vai-xmr-on-2024-02-20-f73b083ba6834771b07dbe5319917ae5)

[-] snitchy_asc@monero.im 3 points 9 months ago

It was more to point out that speculators are more trading paper monero, than getting it in spot to withdraw it But yes we still have their perps after delisting they wants to censor buying it

[-] ANIMATEK@lemmy.world 3 points 9 months ago

Binance is delisting Monero? I didn’t know that.

[-] shortwavesurfer@monero.town 4 points 9 months ago

Is this a /s or did you legit not know?

[-] ANIMATEK@lemmy.world 4 points 9 months ago

I did not. Shame, it is one of the best coins out there.

[-] snitchy_asc@monero.im 7 points 9 months ago

It's not respecting their cryptocurrency standards because it's nor a rugpull or a meme coin :(

[-] shortwavesurfer@monero.town 6 points 9 months ago

Its okay. Use LocalMonero, bisq, etc

[-] snitchy_asc@monero.im 0 points 9 months ago

Bisq only if you want to affect the price, sadly localmonero prices are not tracked by Coinmarketcap or coingecko and I think it should but idk how

[-] shortwavesurfer@monero.town 2 points 9 months ago

Well, I know local Monero has a data API, so the price could be tracked. Often, on local Monero, you'll find a minimum of a 10% markup on the XMR/USD pair. That comes down quite a bit if you get something like USDC or USDT though. My guess is primarily that is due to a lack of sellers pushing down rates and to the fact that payment methods straight from fiat can be reversed.