Dec. 11, 2024: Major cryptocurrency exchange OKX has announced the listing of two new USDT-margined perpetual futures contracts: Virtual Protocol’s (VIRTUAL) and Tron-based meme coin (SUNDOG). Trading for VIRTUAL/USDT will begin at 10:00 on the same day; we have SUNDOG/USDT coming to us at 10:15 UTC.
Advancing from these contracts, they have geared up and standardized new contracts with a leverage gan of up to 50x with a 0.01x minimum leverage for low-risk as well as high-risk traders. The funding fee for both contracts is +1.50% and -1.50%, with no interest, and will be recalculated every four hours.
SUNDOG token rises ahead of OKX listing
To stabilize trading conditions and prevent unreasonable fee increases due to market volatility, OKX will temporarily cap the funding fee at 0.03% for both contracts until 16:00 UTC on Dec. 11. Afterward, the funding fee will revert to its standard limit of 1.5%, with charges for the initial period applied at 20:00 UTC.
Traders have full flexibility with SUNDOG/USDT and VIRTUAL/USDT perpetual contracts, each of which features a tick size of 0.0001.
SUNDOG rose about 2 percent to $0.15 ahead of listings. Although it does come at a time when the token has struggled recently, and it has dropped 20.1% over the past week and 3.9% in the past two weeks. The market capitalization of SUNDOG exceeds $144 million, and its 24-hour trading volume overstates $120 million, and it is trading on 1 billion total circulated supply tokens.
However, in thumbing higher by nearly 4% up to $1.68 due to its exposure as a coin readying to be listed on OKX, VIRTUAL has displayed a stronger performance, even if that percentage is down compared to its regularly observed variation. In recent two weeks, the token has risen 100%, and in the last seven days, 3%. VIRTUAL’s market capitalization is currently more than $1.6 billion, with a 24 hour trading volume of $267 million and a total supply of 1 billion tokens in circulation.
Its outsized name (SUNDOG) and unique angle in the Tron ecosystem instantly identified it as a fun meme coin to check the market from time to time, but as Tron has ballooned in users, it developed into a more utility-driven project. Also listed on Bybit, Bitget, and Gate.io, it’s a project you can hold in your wallet.
At the same time, VIRTUAL is the native token for Virtuals Protocol, a platform that provides the ability to create autonomous AI agents for existing or new tokens. The innovation behind this layer lies in the progression of AI-driven systems in the crypto eco system.
Once these listings go live, market participants and analysts will be keeping a close eye on how well these listings will perform, especially with all the new features and potential use cases these tokens have brought to the perpetual futures market.
