Binance removes 4 USDC margin pairs and SPCXUSDT volume tops $5.6B

Binance has announced plans to delist several margin trading pairs linked to USDC this June, while also reporting a dramatic surge in trading volumes for its SPCXUSDT perpetual futures product. The exchange revealed that effective June 19 at 06:00 UTC, four USDC cross margin pairs will be removed from its platform, impacting traders who hold these positions.

Four margin pairs set for removal

The margin pairs scheduled for delisting are CVC/USDC, RPL/USDC, RVN/USDC, and XAI/USDC. These pairs represent Civic, Rocket Pool, Ravencoin, and XAI tokens respectively. Binance did not provide specific reasons for the removal of these lower-profile assets, only outlining the upcoming changes to trading processes.

According to Binance’s announcement, on June 19 at 06:00 UTC, all user positions in the affected pairs will be closed automatically, all open orders in cross and isolated margin will be canceled, and a mandatory settlement will occur. Following these actions, the pairs will disappear entirely from the Binance Margin platform.

Binance also warned that users would not be able to modify their positions during the delisting process, which could take up to three hours. As a result, the exchange strongly advised users to act as early as possible rather than waiting until the last minute.

SPCXUSDT sees record trading activity

In a separate update, Binance reported that its SpaceX perpetual futures contract, SPCXUSDT, has achieved a 60% share of the perpetual futures market. The exchange stated that SPCXUSDT is now the second largest perpetual product on its platform, surpassed only by the BTCUSDT contract.

Perpetual futures differ from traditional futures contracts in that they have no set expiry date, allowing traders to hold positions indefinitely as long as margin requirements are met.

Mini glossary: Perpetual futures are derivative contracts without an expiration date. These products often use a funding mechanism to keep prices closely aligned with the spot market.

Binance’s data shows SPCXUSDT generated more than $5.6 billion in trading volume over the past 24 hours as of June 13. The cumulative volume since SpaceX’s pre-IPO and post-listing periods has now exceeded $9 billion on the platform.

As of June 15, Binance maintained over a 60% market share for SPCXUSDT across both centralized and decentralized trading venues and led competitors in terms of open interest size for this product.

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