Binance Expands Into Foreign Exchange With 24/7 Perpetual Futures
Key Takeaways
- •Binance will launch 24/7 perpetual futures on foreign exchange, starting with a USDBRLUSDT contract that debuts on Sept. 21, settles in USDT, and offers up to 100x leverage.
- •The contracts trade continuously through a dual-mode pricing system that tracks a third-party weighted index during regular FX hours and switches to an orderbook-based exponentially weighted moving average on weekends and public holidays.
- •Binance trading head Shunyet Jan said the products are designed to extend price discovery beyond traditional FX trading hours while allowing traders to hedge or take positions around the clock.
- •Binance is the third major crypto exchange this year to roll out FX perpetuals, following Bybit's 24/7 USDT-settled contracts with up to 100x leverage and Kraken's April 2025 launch with up to 50x leverage.
- •The products give crypto traders exposure to currency movements without owning the underlying currencies, tapping into a market with global OTC turnover that averaged $9.6 trillion per day in April 2025, according to the Bank for International Settlements.
Binance is pushing deeper into traditional finance with the launch of 24/7 perpetual futures on foreign exchange, starting with a US dollar-Brazilian real contract that goes live on Monday.
The USDBRLUSDT contract will debut on Sept. 21, settle in USDT, and offer up to 100x leverage, according to a Friday announcement from the exchange. Perpetual futures are leveraged derivative contracts without a set expiry date, a format popularized in cryptocurrency markets. At full leverage, a trader can control a position 100 times the size of their posted collateral, and settling in USDT means gains and losses are denominated in the dollar-pegged stablecoin rather than in the underlying currencies.
Unlike traditional FX markets, which close over the weekend, Binance's contracts will trade continuously through a dual-mode pricing system. During regular FX trading hours, prices will track a weighted index compiled from third-party data providers. On weekends and public holidays, when traditional FX trading is closed, pricing will switch to an orderbook-based mechanism that the exchange said relies on an exponentially weighted moving average of orderbook prices rather than external price feeds.
Binance trading head Shunyet Jan said the contracts are intended to extend price discovery traditional FX trading hours, while giving traders a venue to hedge or take positions around the clock.
Crypto exchanges expand into foreign exchange
Binance is the third major crypto exchange this year to roll out FX perpetuals, a product that imports crypto-market conventions such as continuous trading and high leverage into traditional currency pairs.
The launch comes less than two weeks after Bybit introduced 24/7 perpetuals tracking EUR/USD, GBP/USD and USD/JPY, which are also settled in USDT and offer up to 100x leverage.
Other crypto exchanges entered the market even earlier. Kraken launched FX perpetuals tracking the euro, British pound, Australian dollar, Japanese yen and Swiss franc in April 2025, with up to 50x leverage. The exchange has offered spot FX trading since 2020 and reported $5.7 billion in FX spot volume in the first part of 2025.
The products give crypto traders exposure to currency movements without owning the underlying currencies, tapping into a market that handles more trading than any other financial market. Global over-the-counter FX turnover averaged $9.6 trillion per day in April 2025, according to a report from the Bank for International Settlements.
