Binance launches 24/7 FX perps with weekend pricing system
Binance is joining a growing number of crypto exchanges offering around-the-clock exposure to foreign exchange markets through perpetual futures.
Binance has introduced 24/7 perpetual futures contracts for foreign exchange trading, marking its entry into the perpetual futures market. The first contract will be for US dollar-Brazilian real (USDBRLUSDT), launching on September 21 and settling in USDT. Unlike traditional markets, Binance’s contracts will trade continuously, employing a dual-mode pricing system.
During regular trading hours, prices will be based on a weighted index from third-party data providers, while weekends and public holidays will use an orderbook-based mechanism employing an exponentially weighted moving average of orderbook prices. This allows traders to hedge or take positions around the clock, extending price discovery beyond traditional FX trading hours.
Binance’s head of trading, Shunyet Jan, emphasized the contracts' aim to provide continuous price discovery and hedging opportunities. This move follows Bybit's recent launch of 24/7 perpetuals for EUR/USD, GBP/USD, and USD/JPY, also settled in USDT, offering up to 100x leverage. Other exchanges like Kraken have also entered the market, but with lower leverage.
The global over-the-counter foreign exchange market handles $9.6 trillion in daily turnover, making it the largest financial market globally.
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