Binance launches GOATUSDT contract with up to 75x leverage amid meme coin craze

Crypto exchange Binance will introduce the GOATUSDT perpetual contract, allowing traders to leverage up to 75x amid the ongoing meme coin frenzy.

Binance is set to expand its trading offerings by launching the GOATUSDT (GOAT) perpetual contract, allowing traders to leverage their positions up to 75 times, tapping into the ongoing popularity of meme coins.

In an Oct. 24 announcement, Binance said the contract would settle in USDT, featuring a tick size of 0.0001 and a capped funding rate of +2.00%/-2.00%. Funding fees will be settled every four hours, providing traders with a consistent opportunity to manage their positions, the press release reads.

The GOATUSDT contract is pegged to the underlying asset Goatseus Maximus, a meme coin under the ticker GOAT on Solana linked to the AI bot Terminal of Truths, which actively promotes the token. Although not backed by traditional venture capital, GOAT has gained traction through Terminal of Truths’ efforts, which received a $50,000 donation in BTC from billionaire Marc Andreessen, indirectly supporting the token.

Additionally, Binance is launching multi-assets mode, allowing traders to use multiple margin assets, including BTC, when engaging with the GOATUSDT contract. The exchange says the feature will enhance liquidity and provide traders with more options to optimize their margin strategies. Following the news, the price of GOAT soared by 25% to $0.84.