Binance Futures to Implement Last Price Protection on GUAUSDT Perpetual Contract

Binance Futures to Implement Last Price Protected Mechanism on GUAUSDT Perpetual Contract Amidst Spot Price Divergence

Binance Futures announced today that it will implement a Last Price Protected (LPP) mechanism on its USDⓈ-Margined GUAUSDT Perpetual Contract, effective July 2, 2026, at 15:45 UTC. This measure is being taken in response to observed divergences in the spot price of GUA (SUPERFORTUNE) across multiple exchanges. The exchange emphasized that user funds on Binance remain secure.

Gradual Transition and Price Stability

The LPP mechanism will be introduced gradually through a mark price smoothing process. This approach aims to minimize sudden price fluctuations and ensure greater price stability during the transition period.

End of LPP Period

The LPP period for the USDⓈ-Margined GUAUSDT Perpetual Contract will conclude once the spot price of GUA converges across various exchanges, allowing for the derivation of a stable index price from spot markets, as determined by Binance. A separate announcement will be issued to notify users when the LPP period ends and the contract is ready to revert to the standard Mark Price calculation. The duration of this transition period will be contingent on price volatility and the availability of a stable index price.

Last Price Protected Mechanism Explained

Under the LPP mechanism, the mark price is calculated based on the average of recent transaction prices for the perpetual contract within a defined timeframe. Specifically, it is the average of trade prices over the last 10 seconds, recalculated every second. If fewer than 21 transaction prices are recorded within the 10-second interval, the system will extend its lookback to the past 100 seconds. If more than 21 transaction prices are available within that longer period, the average will be based on those; otherwise, it will use the last 100 transaction prices of the contract.

Furthermore, a price cap of ±1% will be applied to the mark price, limiting its change to within a 1% range per second.

Return to Standard Mark Price Calculation

Upon the conclusion of the LPP period, the Mark Price will revert to the standard calculation: Mark Price = Median (Price 1, Price 2, Contract Price). Users can refer to the Mark Price and Price Index sections within USDⓈ-Margined Futures for the formulas governing Price 1 and Price 2.

Funding Rate Adjustments

The funding interval for the GUAUSDT Perpetual Contract will be adjusted from every hour to every four hours, commencing on July 2, 2026, at 18:45 UTC. Concurrently, the capped funding rate will be revised from ±2.00% to ±0.005%.

The detailed schedule for these funding rate adjustments is as follows:

• July 2, 2026, 16:00 (UTC): Maximum Funding Rate +2.000% / -2.000%
• July 2, 2026, 20:00 (UTC): Maximum Funding Rate +0.005% / -0.005%
• July 3, 2026, 00:00 (UTC): Maximum Funding Rate +0.005% / -0.005%
• July 3, 2026, 04:00 (UTC): Maximum Funding Rate +0.005% / -0.005%

The contract is exempt from rule 8.1 concerning the Adjustment of Funding Interval. The funding interval will not revert from four-hour to one-hour intervals if the previous funding rate settlement reaches the capped funding rate.

Once the LPP period concludes, the funding rate will adhere to the standard rules for perpetual futures contracts, with maximum and minimum rates potentially reaching ±2.00%. The funding interval will then be adjusted back to every hour when the previous funding rate settlement reaches ±2.00%.

Users can find further details on trading rules, funding rate history, mark price, and price index by referring to the provided links:
Trading Rules to Trading Parameter
Funding Rate History
Mark Price and Price Index
Binance Futures Contract Specification

This information is issued as a Notice under Binance Exchange Rule 17.

During the LPP period, Binance Futures will be the sole component of the price index. Binance also noted that a stricter maximum price will be enforced during the LPP period, and this maximum price may be adjusted by Binance based on market risk conditions. API users can access this information via GET /fapi/v1/exchangeInfo, while UI users can refer to the designated webpage.

Binance reserves the right to adjust the specifications of the aforementioned Futures contract, including funding fees, tick size, maximum leverage, and initial and maintenance margin requirements, based on market risk conditions. Users are advised to consult the Trading Rules for the most up-to-date adjustments.