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Binance Leveraged Tokens Trading Rules

Binance
2020-08-14 13:10

1. General Rules

1.1. These rules have been formulated based on the principles of fairness, openness, and justice to regulate trading behavior associated with leveraged digital currency tokens and to protect the legitimate rights and interests of investors.
1.2. These rules serve as a benchmark for Binance's leveraged token trading service, which includes the trading of leveraged tokens and other related operations performed by investors.
1.3. These rules are only applicable to leveraged tokens traded on Binance. In cases not covered by these rules, the Binance Terms of Use and Binance's other relevant rules shall apply.

2. Risk Control

2.1. Binance reserves the right to monitor the risk ratio of users' accounts in real-time.
2.2. Binance reserves the right to take appropriate measures based on changes in the risk ratio. Risk control measures that may be used include but are not limited to:
  • Introducing a "maximum holdings" limit, which limits the maximum amount of leveraged token holdings a single user can have;
  • Binance will adjust the maximum position limits, subscription and redemption limits for users based on the current market risk.
  • Disabling leveraged token transfers, trading, and other operations for some high-risk users.

3. Limit Order Price Range Rules

The price range for limit orders for leveraged tokens is ± 90% of the latest net asset value (NAV) of any given leveraged token. Limit orders that exceed this range will not be executed. For example, if the current net asset value (NAV) of the leveraged token XUP is 10, then the XUP/USDT limit order price range will be 1-19.

4. Market Order Rules

When placing market orders, please note that you can only use the [Amount] option to specify your order quantity. Leveraged Tokens do not support the [Total] option when placing market orders.

5. Maximum Position Limit

Leveraged Tokens

Max. Position Limit (USDT)*

SUSHIUP
2,500
SUSHIDOWN
2,500
YFIUP
2,500
YFIDOWN
2,500
SXPUP
2,500
SXPDOWN
2,500
1INCHUP
2,500
1INCHDOWN
2,500
AAVEUP
2,500
AAVEDOWN
2,500
LTCUP
5,000
LTCDOWN
5,000
XLMUP
5,000
XLMDOWN
5,000
TRXUP
5,000
TRXDOWN
5,000
XTZUP
2,500
XTZDOWN
2,500
FILUP
5,000
FILDOWN
5,000
BCHUP
5,000
BCHDOWN
5,000
DOTUP
5,000
DOTDOWN
5,000
EOSUP
5,000
EOSDOWN
5,000
LINKUP
2,500
LINKDOWN
2,500
UNIUP
5,000
UNIDOWN
5,000
BTCUP
5,000
BTCDOWN
5,000
ETHUP
5,000
ETHDOWN
5,000
BNBUP
5,000
BNBDOWN
5,000
ADAUP
2,500
ADADOWN
2,500
XRPUP
5,000
XRPDOWN
5,000
*Maximum Position Limits (USDT)
Binance imposes a maximum allowable position limit (USDT) on BLVT tokens. A buy order will be rejected if the total of purchase quantity and current position exceeds the maximum position limit.
For example, User A’s maximum position limit for SUSHIUP is 2,000 USDT and the last price is $0.1499, User A’s current position is 10,000 SUSHIUP, i.e. 1,499 USDT equivalent. The maximum quantity User A can now purchase is 6,677 SUSHIUP, i.e. 1,001 USDT equivalent. The buy order will be rejected if User A attempts to buy 10,000 SUSHIUP.
Notes:
  • When the Last Price fluctuates sharply due to market movements, it is possible that the estimated max position limit will be different from the calculation based on the current last price.
  • Binance will adjust the maximum position limits for users based on the current market risk. Users who have held positions that exceed the maximum position will not be able to continue placing buy orders.

6. Subscription Redemption Rules

6.1. Subscription redemption prices are executed based on the real-time net asset value (NAV) price.
6.2. At the end of the subscription process, all leveraged tokens that you had subscribed to will be deposited directly into your Spot Wallet. Subscription fees will be deducted directly from your USDT Spot Wallet.
Once the redemption process is complete, the leveraged tokens that you redeemed will be deposited into your Spot Wallet as USDT.
6.3 Users can click [Redemption & Subscription Limits] on the trading interface to inquire about the latest limits.
Click [Redemption & Subscription Limits].
6.4. Users can subscribe or redeem tokens at any time except during rebalancing. The limits for subscription and redemption are as follows:
Leveraged Tokens
Individual Daily Subscription
Limit (USDT)
Daily Subscription
Limit (USDT)
Individual Daily Redemption
Limit (USDT)
Daily Redemption
Limit (USDT)
BCHDOWN
2,000
5,000,000
4,000
8,000,000
BCHUP
2,000
5,000,000
4,000
8,000,000
1INCHDOWN
2,000
5,000,000
4,000
8,000,000
1INCHUP
2,000
5,000,000
4,000
8,000,000
XLMDOWN
2,000
5,000,000
4,000
8,000,000
XLMUP
2,000
5,000,000
4,000
8,000,000
SUSHIDOWN
2,000
5,000,000
4,000
8,000,000
SUSHIUP
2,000
5,000,000
4,000
8,000,000
AAVEDOWN
2,000
5,000,000
4,000
8,000,000
AAVEUP
2,000
5,000,000
4,000
8,000,000
YFIDOWN
2,000
5,000,000
4,000
8,000,000
YFIUP
2,000
5,000,000
4,000
8,000,000
FILDOWN
2,000
5,000,000
4,000
8,000,000
FILUP
2,000
5,000,000
4,000
8,000,000
SXPDOWN
2,000
5,000,000
4,000
8,000,000
SXPUP
2,000
5,000,000
4,000
8,000,000
UNIDOWN
2,000
5,000,000
4,000
8,000,000
UNIUP
2,000
5,000,000
4,000
8,000,000
LTCDOWN
2,000
5,000,000
4,000
8,000,000
LTCUP
2,000
5,000,000
4,000
8,000,000
XRPDOWN
2,000
5,000,000
4,000
8,000,000
XRPUP
2,000
5,000,000
4,000
8,000,000
DOTDOWN
2,000
5,000,000
4,000
8,000,000
DOTUP
2,000
5,000,000
4,000
8,000,000
TRXDOWN
2,000
5,000,000
4,000
8,000,000
TRXUP
2,000
5,000,000
4,000
8,000,000
EOSDOWN
2,000
5,000,000
4,000
8,000,000
EOSUP
2,000
5,000,000
4,000
8,000,000
XTZDOWN
2,000
5,000,000
4,000
8,000,000
XTZUP
2,000
5,000,000
4,000
8,000,000
BNBDOWN
2,000
5,000,000
4,000
8,000,000
BNBUP
2,000
5,000,000
4,000
8,000,000
LINKDOWN
2,000
5,000,000
4,000
8,000,000
LINKUP
2,000
5,000,000
4,000
8,000,000
ADADOWN
2,000
5,000,000
4,000
8,000,000
ADAUP
2,000
5,000,000
4,000
8,000,000
ETHDOWN
2,000
5,000,000
4,000
8,000,000
ETHUP
2,000
5,000,000
4,000
8,000,000
BTCDOWN
2,000
5,000,000
4,000
8,000,000
BTCUP
2,000
5,000,000
4,000
8,000,000

7. Funding Fee Collection Rules

7.1. The funding rate for leveraged tokens = Basket position futures funding rate × Actual leverage. Binance does not collect funding interest rate transfer fees. The collection of funding fees is carried out between traders, and the fees are included in the net asset value (NAV).
7.2. The funding rate displayed on the page already takes leverage into account, so its impact on net asset value (NAV) is equal to the displayed funding rate. New net asset value (NAV) = NAV × (1 - Funding rate).
Example: If the funding rate for BTCDOWN is - 0.0304%, then net asset value (NAV) will increase 0.0304% when the funding rate is collected.

8. Rebalancing Rules

7.1. Binance leveraged token positions are only rebalanced when necessary, which is controlled by Binance's proprietary algorithm. The goal is to maximize the correlation between Binance leveraged tokens and the underlying margin positions without having to worry about liquidity.
7.2. The target leverage range for Binance leveraged tokens is maintained between 1.25x and 4x. The actual target leverage multiplier is not made public and changes constantly. This way, the outside world is unable to predict the target leverage multiplier maintained for Binance leveraged tokens or when rebalancing will occur, thereby reducing pre-trading and manipulation.

9. Calculation of Net Asset Value (NAV)

Net asset value (NAV) = ((1 / Actual leverage multiplier) × Basket position × Price of underlying asset) / Issued tokens.

10. Additional Rules

10.1. Binance provides information distribution, supervision, and risk control services for leveraged token trading. Binance does not provide any guarantee of returns or obligation of capital preservation for users who carry out leveraged token transactions on the Binance platform. Investors should be fully aware of the greater risks associated with leveraged token services. Additionally, they should self-assess possible losses and voluntarily participate based on confirming that the risks are controllable and bearable.
10.2. The terms "exceed" and "less than" as mentioned in these rules do not include numbers, whereas "not exceeding", "no less than", "above", and "up to" include numbers.
10.3. These rules are formulated by the Binance platform and will be effective immediately upon dissemination to all platform investors. The same applies to amendments.
10.4. Binance platform holds the right to the interpretation of these rules.
*Disclaimer: The numbers in this article are subject to change without further notice. Please refer to the English version for the most updated numbers.
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