Litecoin (LTC) futures are live on Huobi’s derivatives platform
Traders will be able to take a long or short position on Litecoin for the first time on the Huobi Derivatives platform starting today at SGT 18:00 p.m. LTC is the fourth asset to be listed on the derivatives platform after Bitcoin (BTC), Ethereum (ETH) and EOS.
The price for the LTC/USD derivative will be based on prices from GDAX, Kraken, Huobi, and Bitstamp with a 25% share in the index for every exchange. There will be three types of contracts including weekly, bi-weekly and quarterly with a face value of $10.
The minimum margin ratio for:
- 1x leverage is 100% (Adj factor is 2%)
- 5x leverage is 20% (Adj factor is 10%)
- 10x leverage is 10% (Adj factor is 20%)
- 20x leverage is 5% (Adj factor is 40%)
Users will be able to trade till the last 10 minutes before delivery and the delivery date will be 16:00 pm (UTC + 8) on Friday before the contract expiration week.
Huobi DM launches #Litecoin (#LTC) contract trading today!
Delivery fees: 0.05%
Open/Close Trading fees: 0.02% (Makers), 0.03% (Takers)
✅For more information visit: https://t.co/cvpv9t7bL1 pic.twitter.com/KwiBaaOuho
— Huobi Global (@HuobiGlobal) January 25, 2019
Huobi derivatives platform has gained quite a lot of traction since launch, after launching in December last year it has crossed $20 Billion in trading volume. The exchange also plans to add futures contracts for Ripple or XRP to its platform shortly.
According to Decrypt Livio Weng, CEO of Huobi Global said:
“Litecoin is one of the biggest of the altcoins on the market today and we’ve seen quite a bit of demand for it by our users, We’ll be adding more coin types to the platform as 2019 progresses, with Ripple next on our list.”
Litecoin has surged 0.5% in the past day and is currently at a price of $32.5 with a market cap of $1.9 Billion.
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