Binance launches PONS and Hajimi perpetual contracts

Binance Contract launches PONS and Hajimi perpetual contracts, but leverage details are questionable

On September 6, Binance Futures officially launched a perpetual contract between Pons (PONS) and Chinese memin "Hajimi" settled in USDT. The new market provides traders with the opportunity to engage in leveraged trading without holding the underlying assets.

Overview of core points

• Settlement method: PONS-USDT and Hajimi-USDT perpetual contracts are fully settled in USDT.
• Trading rules: Both contracts are traded continuously around the clock, with a minimum nominal value requirement of 5USDT, and the capital fee is settled every 4 hours.
• Background information: PONS has previously joined the Binance Alpha program, but the launch of this contract does not guarantee that it will land on the Binance spot market in the future.
• Data conflict: There is a contradiction in the official announcement of Binance regarding the leverage multiple of PONS, which publicly shows that there is a limit of 20 times and 3 times.
• Market performance: In the initial snapshot, the price of Hakimi rose by about 248%, while PONS rose by about 24% on the day.

Opening Time and Price Dynamics

According to Binance's announcement, the PONS-USDT contract started trading at 06:45 UTC time, and then the Hajimi-USDT contract followed up at 07:15. These two products allow eligible traders to establish leveraged positions without actually owning the underlying token.

The derivatives listing comes against the backdrop of sharp increases in the prices of these two assets. At the time of initial reporting, PONS was trading at close to $0.891, with an increase of approximately 23.9% in the past 24 hours. Hakimi's price quote was close to US$0.0584, an increase of about 248.5%. Subsequent data showed that the price of Hakimi on the Binance Alpha platform was close to US$0.070, an increase of more than 330% in 24 hours. These differences reflect rapid fluctuations in token prices and differences in timing of price snapshots at different points in time. It should be noted that these data describe past trading conditions and do not represent continued trends.

Contract Specifications and Trading Mechanism

PONS-USDT and Hajimi-USDT are both perpetual contracts with USD margin and are settled in USDT. Perpetual contracts do not have a fixed expiration date, but use regular capital payments to ensure that their prices are consistent with the relevant underlying market.

Binance sets the minimum order per contract to one token unit, and the nominal value of each order is at least 5USDT. In terms of minimum change price (Tick Size), PONS-USDT is 0.0001, while Hajimi-USDT is even smaller, at 0.00001.

These two markets operate 24/7 under maintenance and risk control conditions. The initial funding rate is capped at plus or minus 2%, and is settled every 4 hours. To be clear, this does not mean that traders will always pay or charge a 2% fee, and the applicable rates will change based on the conditions of each market.

In addition, the platform supports Multi-Assets Mode. This feature allows eligible traders to use designated assets other than USDT as margin, subject to Binance's collateral discount rates and account rules. Binance said it will open the Futures Copy Trading function within 24 hours of the launch of the contract.

There is a contradiction in PONS leverage information

There is inconsistent information on the maximum leverage multiple of PONS-USDT in published materials. The introductory summary states that PONS-USDT provides leverage of up to 20 times, while Hajimi-USDT provides leverage of up to 3 times. However, the contract specification sheet lists the maximum leverage of 3 times in both markets.

This difference is critical because the leverage multiple directly determines the amount of collateral needed and the speed at which adverse price fluctuations trigger liquidation. Before being notified of Binance corrections or clarifications, traders should check the leverage and margin positions displayed on the real-time PONS-USDT trading interface. These actual operating settings determine which positions users can actually open.

Binance also reserves the right to adjust leverage, initial margin, maintenance margin, funding rates and minimum price movements in response to market risks. Therefore, any subsequent adjustments may supersede the limitations indicated in the release statement. Even in highly volatile markets, 3 times leverage can lead to significant losses. Theoretically, an adverse fluctuation of about 33% would deplete the initial margin of a fully leveraged triple position, regardless of fees and maintenance margin requirements. Liquidation may occur earlier because exchanges require positions to be kept on maintenance margins.

PONS Futures follows the launch of its Binance Alpha

Pons claims to be an unmanaged token launch platform built on top of the Robinhood Chain (Ethereum Layer 2 network). Its native PONS token was added to Binance Alpha a few days before the futures went online.

Joining the Alpha program allows Binance Wallet users to access the token, but this is not the same as a regular Binance spot listing. The new perpetual contract will not change this situation. Binance made it clear that futures and spot listing decisions are independent of each other.

Before the derivatives announcement, Pons had recorded rapid growth. The agreement reported a daily fee of $5.95 million in early September, while its token price hit a record high of more than $0.52. At the time, the project also recorded more than $719 million in cumulative decentralized exchange trading volume.

When Binance Alpha added PONS and FLORK, these numbers were reported. PONS subsequently climbed to levels higher than previously reported. Data from Crypto.com shows that the price of the token was close to US$0.890 on September 6, and the daily trading volume was approximately US$200 million, which largely supports the price quoted when Binance futures were launched.

In related news, Uniswap Labs purchased PONS but did not disclose the purchase size, price or structure. The deal should not be interpreted as a guarantee of demand or future performance.

Hajimi's rapid rise raises liquidation risks

Hajimi is a memin that is written "hakimi" in the Binance contract specifications. The announcement only describes it as a China memin and does not mention additional utility, revenue or governance functions.

Binance Alpha data shows that after the derivatives market opened, the trading price of Hakimi was close to US$0.070. Its recorded 24-hour price range extended from approximately $0.016 to $0.145. This spread demonstrates the difficulty of relying on a single price when assets are moving rapidly.

The same data shows that 24-hour trading volume is approximately US$30.3 million, with an estimated market value of approximately US$70 million. These data are only snapshots and may change rapidly. Market value is also calculated based on reported supply and token prices, rather than cash held by the project.

Futures listings can increase exposure to assets by allowing traders to establish long or short exposures, but this does not mean that the exchange recognizes the value, safety or long-term prospects of the token. It may also increase volatility as leveraged positions are established and forced orders generated by liquidation. Previous listings of memin futures have generated similar sharp market fluctuations. For example, Fartcoin rose after the Binance Futures announcement, although historical reactions could not predict trading in PONS or Hakimi.

Attention should be paid to funding rates and leverage updates

The primary operational data of concern include open interest volume, trading volume and 4-hour funding rates. Positive funding rates usually mean long payments to short positions; negative funding rates do the opposite. Extreme rates may indicate that positions have been concentrated on one side.

During periods of volatility, Binance may change the funding rate interval or cap interest rate, and may also adjust position limits and margin levels. When different specifications are provided on the original announcement and the real-time page, traders should follow the real-time contract page.

Contract documentary support plans arrive within 24 hours of launch. Binance has not announced the regular transfer of these two assets to the spot market. Therefore, PONS and Hakimi are still separate cases and have not been included in the Binance Master Spot Exchange.

In addition, there are regional restrictions. Binance said the announced products may not be available in some jurisdictions. It is the responsibility of users to check whether derivatives trading is allowed in their place of residence.