Key Takeaways
Stock perpetual contracts on Binance (also called equity perps or TradFi Perps) let you gain leveraged exposure to individual stocks like MSTR, AMZN, and COIN without needing a traditional brokerage account.
These contracts trade 24/7, are settled in USDT, and carry a maximum leverage of 10x.
Funding fees are settled every eight hours, with a capped rate of ±2.00%, helping to keep contract prices anchored to the underlying stock price.
Because equity perps use leverage, they carry significant risks including forced liquidation, funding costs, and price gaps during non-trading hours.
Introduction
Binance Futures offers a category of products known as TradFi Perps: perpetual futures contracts that track the price of traditional financial assets such as equities, commodities, and forex. Unlike conventional stock trading, which is limited to exchange hours, TradFi Perps trade continuously, 24 hours a day, seven days a week.
Stock perpetual contracts are a subset of TradFi Perps that track the price of individual company stocks listed on traditional exchanges, such as the Nasdaq.
This article explains how stock perpetual contracts work, what their key features are, and what risks to consider before getting started.
What Are Stock Perpetual Contracts?
Stock perpetual contracts are derivative instruments that track the real-time price of a company's shares without requiring you to own the underlying stock. They behave similarly to crypto perpetual futures: no expiry date, settled in USDT, and a funding rate mechanism is used to keep contract prices close to the underlying asset's spot price.
The key distinction from crypto perpetual futures is how prices are handled when stock markets are closed. Traditional equity markets operate on a 24/5 schedule across pre-market, regular, after-hours, and overnight sessions. On weekends and holidays, trading on the underlying exchange halts entirely.
To support 24/7 trading despite this discontinuity, Binance uses a multi-mode pricing system. During regular market hours, the price index is calculated from third-party data vendors. During extended or low-liquidity hours, it shifts to an exponentially weighted moving average (EWMA) to smooth prices. During weekends and holidays, the price index remains fixed at its last known value, and the Mark Price evolves gradually based on observed transaction prices to provide limited price discovery.
This design aims to prevent sudden price jumps at market open and reduce the risk of forced liquidations during low-liquidity periods.
Trading Stock Perpetual Contracts on Binance
Below are some USDⓈ-M equity perpetual contracts that were launched on Binance Futures in February 2026:
MSTRUSDT: tracks Strategy Inc. Common Stock (Nasdaq: MSTR)
AMZNUSDT: tracks Amazon.com Inc. Common Stock (Nasdaq: AMZN)
CRCLUSDT: tracks Circle Internet Group Inc. Common Stock (Nasdaq: CRCL)
COINUSDT: tracks Coinbase Global Inc. Common Stock (Nasdaq: COIN)
PLTRUSDT: tracks Palantir Technologies Inc. Common Stock (Nasdaq: PLTR)
All contracts share the same core specifications: USDT settlement, a minimum notional value of 5 USDT, a tick size of 0.01, and a minimum trade amount of 0.01 units of the underlying stock. Multi-Assets Mode is supported on all contracts, meaning you may use other assets such as BTC as collateral, subject to applicable haircuts.
You can find the full list of stock perpetual contracts available for trading by going to the [Futures] tab on the Binance homepage, then choosing your selected contract under [TradFi]. The TradFi tab also includes ETF contracts, natural gas perpetual contracts, crude oil futures and precious metals contracts like gold and silver.
Once you’re on the page of the selected contract you want to trade, you can check your Futures account balance at the bottom right. If your balance is zero, you can fund it using:
Transfer
Buy Crypto
Swap
You can place your buy or sell order on the panel to the right of the page. Choose the type of order (limit, market, or stop limit) you wish to place and configure the settings to your preference. If you’re just getting started with trading, you can check out the Academy guide to order types on Binance.
Key Features of Stock Perpetual Contracts
Funding fee settlement frequency
Funding fees for all stock perpetual contracts on Binance are settled every eight hours. Funding rates are the periodic payments exchanged between long and short positions. They help to anchor the contract price to the underlying stock price. For stock perpetual contracts, the interest rate component of the funding rate is 0%, and the capped rate is ±2.00% per settlement interval.
One important thing to note is that stock perpetual contracts are exempt from the standard rule that adjusts the funding interval to every one hour when the previous funding rate settlement reaches the cap or floor. The eight-hour interval remains fixed regardless of how large the funding rate is. You can see a quick summary of a contract’s funding by hovering over the [Funding] tab on its trading page, and you can also click on the link to [Funding Rate History], if you want a fuller picture.
Leverage
All stock perpetual contracts on Binance Futures currently support a maximum leverage of 10x. This means you can open a position up to ten times the value of your collateral. When clicking into the trading page of your selected contract, you may receive a pop-up informing you that your previously selected leverage is not available (if you previously selected leverage of 20x, for example).
Binance may adjust leverage tiers and margin requirements based on market risk conditions, so it's worth reviewing the latest specifications before trading.
Higher leverage can amplify both gains and losses. Position size and available leverage may also decrease as your notional position grows, in line with Binance's tiered margin system.
Advantages of Trading Stock Perpetual Contracts
Stock perpetual contracts can offer certain practical advantages for traders already active in crypto derivatives markets:
24/7 access: You can respond to price-moving events (earnings releases, macroeconomic data, geopolitical developments) at any hour, including weekends when traditional markets are closed.
No account transfers: Traders with existing Binance Futures accounts can gain equity price exposure without opening a separate brokerage account or moving funds off-platform.
USDT-settled: All contracts are settled in USDT, keeping your gains and losses in a consistent unit of account within the crypto ecosystem.
Multi-Assets Mode: You can use BTC or other supported assets as collateral, potentially avoiding the need to hold USDT specifically.
No expiry friction: Unlike traditional futures contracts, perpetual contracts don't require rolling positions forward at expiry, removing a layer of operational complexity.
Risks To Consider Before Trading
Trading stock perpetual contracts can involve risk. The following are some of the key factors to consider.
Leverage can amplify losses
Leverage can magnify losses as well as potential gains. If the market moves against your position, you may lose more than your initial margin. Forced liquidation occurs when your margin balance falls below the maintenance margin level, at which point your position may be automatically closed.
Funding costs can accumulate
Funding fees are charged every eight hours, and holding a leveraged position over time means these costs accumulate. In volatile or trending markets, the funding rate may reach the ±2.00% cap per interval, which could represent a significant cost over multiple settlement periods.
Price gaps at market open
Although Binance's pricing mechanisms are designed to smooth transitions between trading sessions, significant price events (such as after-hours earnings announcements, macro events, or corporate actions) can result in meaningful price gaps when stock markets reopen. These gaps may trigger liquidations or impact open positions even if the contract traded relatively flat over the weekend or overnight.
Specification changes
Binance may adjust contract specifications, including funding fee structures, tick sizes, maximum leverage, initial margin, and maintenance margin requirements, based on market risk conditions. These changes may affect existing positions. Users running Futures grid strategies should monitor for updates, as changes can cause grid strategies to expire.
Use risk management tools
Consider using stop-loss orders and position sizing strategies to manage your exposure. Never trade more than you're prepared to lose, and be aware that leverage on traditional equity instruments introduces different risk dynamics compared to crypto perpetual futures.
FAQ
What is a stock perpetual contract on Binance?
A stock perpetual contract is a leveraged derivative that tracks the price of a company's stock, such as Amazon or Coinbase, without an expiry date. It works similarly to crypto perpetual futures but tracks equity prices and is settled in USDT.
How is the price determined when stock markets are closed?
When the underlying stock exchange is closed (such as during weekends or holidays) Binance fixes the Price Index at its last known value and uses a smoothing mechanism for the Mark Price based on observed transaction prices. This approach is designed to reduce sudden price jumps and maintain continuity.
How often are funding fees charged on stock perpetual contracts?
Funding fees are settled every eight hours for all stock perpetual contracts on Binance. The funding rate is capped at ±2.00% per interval, and the interest rate component is 0%. Unlike other perpetual contracts, the eight-hour funding interval for equity perps will not be shortened to one hour even if the funding rate hits the cap.
What is the maximum leverage available?
All stock perpetual contracts currently offer up to 10x leverage. Binance may adjust leverage tiers and margin requirements at any time based on market conditions, and higher notional positions typically come with lower maximum leverage under the tiered margin system.
Can I use crypto as collateral to trade stock perpetual contracts?
Yes. Multi-Assets Mode is supported for all stock perpetual contracts, which means you may use assets such as BTC as margin when trading. Applicable haircuts will apply to non-USDT collateral.
Closing Thoughts
Stock perpetual contracts represent an expansion of what you can trade on Binance Futures, if you want more exposure to assets outside of the crypto space. As with trading of any derivative products, take some time to understand the mechanisms and risks associated with them.
Further Reading
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