The world’s largest crypto exchange Binance on Wednesday said it has launched two new services for spot and futures trading. After much demand from the crypto community, Binance has launched full roll-out of spot copy trading and funding rate arbitrage bot.

Spot copy trading is available on both the Binance website and Binance App. Whereas, Funding rate arbitrage bot is currently available on Binance website, with roll-out on the Binance App in June.

Binance Rolls Out Spot Copy Trading and Funding Rate Arbitrage Bot

In an official announcement on Binance Blog on May 15, the exchange revealed the official launch of the spot copy trading after many requests by users.

Spot copy trading allows users to automatically copy the real-time spot trading strategies of experienced and skilled traders, while reviewing performance metrics such as ROI, PnL, etc. of each trader’s portfolio. Also, it offers lead traders an opportunity to earn a 10% profit share from their copy traders, 10% commissions from their copy traders’ trading fees, and receive other benefits.

Binance launched Futures Copy Trading last year and many users requested a similar feature for spot trading as it simplify trading without needing to manually execute trades. This also allowed different strategies, risk management, and educational growth opportunities for copy traders.

“More than 70% of active Lead Traders have recorded positive P&L since registering for Spot Copy Trading, against a market that was particularly volatile and which had seen overall crypto market capitalization drop by 11% in April,” as per Binance.

Binance CEO Richard Teng also shared the exciting development for its users in a post on X. Spot copy trading was introduced to lead traders in April itself.

Excited to reveal that the #Binance team has been working on something very exciting.

Launching tomorrow!

Keep an eye on @Binance for the official launch of Spot Copy Trading. pic.twitter.com/4xUmdnba7Y

— Richard Teng (@_RichardTeng) May 14, 2024

Meanwhile, Binance rolled out Funding Rate Arbitrage Bot on Binance Futures. Funding Rate Arbitrage Bot allows traders to earn funding fees by opening a position on perpetual futures and hedging it via an opposite position on the same crypto in the spot market.

As part of the launch, Binance has announced a special promotion program offering users to earn from a total 50,000 USDT prize pool. The promotion period is valid from May 15-29.

Funding Rate Arbitrage Bot is Binance’s first trading bot that automates a delta-neutral spot and futures arbitrage strategy, eliminating the need to manually execute two separate spot and perpetual futures trades.

Also Read: Binance Ceases Support For These BTC & TUSD Pairs, What’s Happening?

Crypto Market Reactions

The crypto community reacted positively to the announcements, increasing the bullish sentiment in the market. Binance users are also excited by the launch of two latest services that could assist users make more profit in this bull run.

Trading volumes have increased across crypto pairs on Binance after a subdue period in April and starting May. BTC price has jumped 4% in the past 24 hours, with the price currently trading at $63,964 after hitting a 24-hour high of $64,200.

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The post Just-In: Binance Launches Two New Services for Spot and Futures Trading appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am