VOXEL's Price Surges 230% as Exchanges Offer -2% Fee Rate

Mainstream centralized exchanges (CEXs) have maintained an extreme negative fee rate on the VOXEL perpetual contract, with exchanges such as Binance, Gate.io, Bybit, and Bitget setting the contract fee rate at -2% since yesterday. This move comes as VOXEL's price has surged, currently trading at $0.1345 with a 24-hour increase of over 230%. The total 24-hour trading volume of VOXEL contracts across all platforms is reported to be $3.153 billion, with a 24-hour growth rate of 1857%, and a total open interest of $122 million across all platforms.

Binance, one of the leading exchanges, has adjusted the funding rate settlement frequency of the VOXEL U perpetual contract to once every two hours starting from 00:00 on April 20th. This adjustment will further tighten to once every hour starting from 14:00 on April 20th. This frequent adjustment in funding rate settlement indicates a high level of market activity and volatility surrounding the VOXEL contract.

The maintenance of a maximum negative fee rate by mainstream CEXs suggests a highly competitive environment where exchanges are vying to attract traders by offering incentives. The negative fee rate effectively means that traders are being paid to trade, which can stimulate market activity and liquidity. This strategy is particularly notable given the significant price increase and trading volume of VOXEL, indicating strong market interest and potential speculative activity.

The total position reached $1.22 billion, reflecting the substantial capital inflow into the VOXEL contract. This high level of open interest suggests that traders are confident in the continued price appreciation of VOXEL and are willing to take on leveraged positions to capitalize on potential gains. The combination of a negative fee rate, high trading volume, and significant open interest creates a dynamic and potentially lucrative trading environment for participants.

Overall, the sustained negative fee rate and the adjustments made by Binance highlight the strategic maneuvers of exchanges to capitalize on market trends and attract traders. The surge in VOXEL's price and trading volume underscores the speculative nature of the cryptocurrency market, where rapid price movements and high volatility are common. Traders and investors should exercise caution and conduct thorough analysis before engaging in such highly leveraged and volatile markets.