This is the best tutorial of binding a blanket with satin binding that I found. My added tip, if your binding is being particularly shifty, as mine was, is to first adhere the binding to the fabric with Elmer's Glue, press with iron to dryness. It washes right out in the washing machine and helps keep the binding in place.
This Glue Chart Guides You Through Which Glue to Use Where
* These glues are not ideal for adhering the material but can be sufficient if the project is small and lightweight. When using hot glue for styrofoam projects, choose a low-temperature glue gun only. High-temperature hot glue will most likely refuse to bond and melt the plastic, which gives off harmful fumes. Spielautomat