XRP is leading a crypto market rally on Monday. The third-largest cryptocurrency is currently up 10.96%, according to the market data aggregator CoinMarketCap.
The rally follows news that Binance Futures has launched perpetual futures contracts for XRP.
The contracts are tradable against the stablecoin Tether (USDT), and users can choose between one and 75x leverage. Futures trading is extremely risky, with the potential for big profits and devastating losses. It allows users to enter positions that are larger than their account balance, and perpetual contracts have no expiration date.
Binance Futures also supports futures contracts for Bitcoin, Ethereum and Bitcoin Cash. According to a new report from the exchange, BTC futures, which launched in September, have consistently posted higher volume than spot trading for the leading cryptocurrency.
Binance says its Bitcoin futures contracts recorded a median daily volume of $923.1 million in December, while the spot market displayed $285.6 million daily volume.