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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