In a significant move for crypto traders, Binance Futures has announced the launch of its new Funding Rate Arbitrage Bot. The bot, aimed at facilitating more efficient trading, is available on the Binance website, with app availability expected in June.

Special Promotion with USDT Prize Pool

To celebrate the bot’s launch, Binance Futures is running a special promotion. Eligible users can partake in a share of a 50,000 USDT prize pool. The promotion period runs from 2024-05-15 11:30:00 (UTC) to 2024-05-29 11:30:00 (UTC).

There are two promotional offers in place. In Promotion A, eligible users who set up their first arbitrage bot and maintain it for 72 hours during the promotion period can earn 10 USDT per user from a 30,000 USDT prize pool. This offer operates on a first-come, first-served basis.

In Promotion B, new users who have never traded on Binance Futures prior to the promotion period can receive an additional 10 USDT token voucher after participating in Promotion A, again on a first-come, first-served basis.

How the Funding Rate Arbitrage Bot Works

The Funding Rate Arbitrage Bot utilizes funding fees – periodic payments exchanged between long and short positions in perpetual futures contracts. The bot aims to allow traders to earn these fees by opening a position on perpetual futures and hedging it by taking an opposite position on the same symbol in the spot market.

There are two types of strategies: Positive Carry, where the bot buys assets on the spot market and shorts the corresponding perpetual futures contract, and Reverse Carry, where the bot sells assets on the spot market and goes long on perpetual contracts.

How to Participate

Participation involves three steps. Firstly, users must log in to their Binance Futures account. Secondly, they must register for the activity by clicking on ‘Register Now’ on the activity page. Finally, users must set up their Arbitrage Bot Strategy and let it run for at least 72 hours.

Terms and Conditions

There are several terms and conditions attached to the promotion. Notably, all vouchers will be distributed within 14 working days after the conclusion of the campaign. The validity period for all vouchers is 14 days after distribution. The campaign is only available to users who are eligible for trading on Binance Futures and may be restricted in certain jurisdictions or regions, depending on legal and regulatory requirements.

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Introducing the Sei V2 Launch

The highly anticipated Sei V2, a proposed upgrade to the live blockchain, is on the horizon. This upgrade is expected to bring the first highly performant parallelized EVM into production, pending a Governance approval process.

The launch is scheduled to occur in three phases, each meticulously designed to ensure optimal network performance, set accurate expectations and minimize risk. By taking a measured approach to the rollout, Sei Contributors can conduct rigorous testing, monitor network stability, and guarantee that all third-party infrastructures are ready for users to begin using Sei at scale.

Phase 1: Governance

As a permission-less, open-source, delegated proof-of-stake network, Sei is governed by SEI token holders. Sei Labs engineers are set to notify validators about the readiness of V2 for Mainnet adoption via an onchain proposal. This will kickstart the Governance approval process, following numerous audits and ongoing optimizations discovered during the Sei V2 public Devnet.

Phase 2: Alpha Launch, Stability, and Third-Party Infrastructure Deployment

Once the Governance approval process is accepted, validators will begin to upgrade their software, and the existing Sei Pacific-1 Mainnet will be upgraded to “v2”. At this stage, deploying EVM-based contracts and beginning infrastructure integrations on Sei will become possible. Existing applications and tokens will continue to function as they did before the upgrade.

This phase is expected to span days rather than weeks, during which Sei Labs will monitor and report on chain stability. Certain functionalities, such as bridges, will require additional time to deploy to Mainnet before they can be utilized by the community.

Phase 3: v2 Ready

Upon achieving stable v2, an announcement will be made via the official Sei Twitter account, indicating that critical infrastructure such as RPCs, bridges, indexers, and multisigs are ready. Initially, a block gas limit will be in place for stability purposes. As demand increases, this limit will be raised to meet the needs of the community.

While this upgrade marks a significant stride forward, the work to continuously optimize Sei does not end here. The ultimate goal is to build a blockchain capable of supporting consumer-grade applications and serving millions of users.

Stay tuned for more updates on the Sei V2 launch.

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Binance’s New Spot Copy Trading Promotion

Binance, a leading global cryptocurrency exchange, has announced a new promotion to encourage users to try out their newly launched Spot Copy Trading feature. The promotion, which runs from 15th May 2024 to 16th June 2024, offers a share of 100,000 FDUSD in token vouchers for eligible participants.

How Spot Copy Trading Works

The Spot Copy Trading feature allows Binance users to mimic the real-time trades of experienced traders. This offers a unique opportunity for novice traders to learn from industry veterans and potentially enhance their trading strategies. The promotion is open to all users who have not previously traded on Binance Spot Copy Trading.

How to Participate in the Promotion

The first 20,000 qualified users who confirm their participation will be eligible to complete tasks during the promotion period and earn up to 5 FDUSD in token vouchers. Only verified users who click the ‘Register Now’ button on the activity page by the end of the promotion period may successfully participate in this promotion.

Terms and Conditions

The promotion is subject to certain terms and conditions. These include the requirement for users to be enabled for Binance Spot Copy Trading, and the possibility of restrictions in certain jurisdictions or to certain users, depending on legal and regulatory requirements. Binance reserves the right to change, modify or impose additional restrictions at any time at its sole discretion.

Reward Distribution

All token voucher rewards will be distributed to eligible users within 21 working days after the end of the promotion period. Users will be able to login and redeem their token voucher rewards via the Rewards Hub. All token voucher rewards will expire within two weeks after distribution, so eligible users should claim their vouchers before the expiration date.

Disclaimers and Risk Warnings

Binance has issued a disclaimer stating that digital asset prices can be volatile and users are solely responsible for their investment decisions. The company also warned of the risks involved in copy trading, including the risk of following the trading decisions of possibly inexperienced or unprofessional traders. Binance urged users to consult their own advisers, where appropriate, and to understand the risks before trading.

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