Binance launches 24/7 foreign exchange perpetual contract and launches weekend pricing mechanism

币安推出24/7全天候外汇永续合约，引入双模式定价机制

币安（Binance）宣布将其衍生品产品线扩展至外汇领域，正式推出全天候（24/7）外汇永续合约。首批上线的将是美元对巴西雷亚尔（USDBRL）合约。根据周五发布的公告，该新产品“USDBRLUSDT”将于周一开始交易。

与传统外汇市场在周末休市不同，币安表示该合约将采用双模式定价机制实现连续交易。在外汇标准交易时段内，合约价格将参考由第三方数据提供商编制的加权指数；而在周末和公共假日期间，币安将切换至基于订单簿的定价方法，旨在使价格与交易所内的供需关系保持一致。

核心要点

• 产品上线：币安将推出以美元兑巴西雷亚尔（USDBRLUSDT）为首的外汇永续合约，于周一启动，结算货币为USDT。
• 双模式定价：合约采用混合定价系统：常规外汇交易时段使用指数化数据源，周末及公共假日则采用基于订单簿的机制。
• 周末定价逻辑：币安特别指出，周末定价依赖于订单簿价格的指数加权移动平均（EWMA），而非外部价格 feed。
• 杠杆与交易连续性：The product offers up to 100 times leverage and its continuous trading design is designed to expand price discovery beyond traditional foreign exchange market hours.
• Background of industry competition: This move follows fierce competition in the "quasi-traditional finance" perpetual contract market, including Bybit's previously launched 24/7 foreign exchange perpetual contract and Kraken's 2025 foreign exchange perpetual contract release.

24/7 Dual-part pricing design for foreign exchange trading and Binance

Binance's new perpetual contract aims to ensure that investors can still manage their exposure to foreign exchange fluctuations during closed periods in traditional foreign exchange markets. Its key differentiation advantage lies in how exchanges form reference prices during active and inactive periods in the foreign exchange market.

During regular foreign exchange trading hours, the USDBRLUSDT contract will track weighted indices from third-party data providers. As it enters weekends and holidays-periods when traditional foreign exchange trading is usually suspended-Binance will turn to relying on order-book-based pricing mechanisms.

In the announcement, Binance specifically described the weekend method by using an exponentially weighted moving average (EWMA) of order book prices. The intention is to reduce reliance on external data at times when liquidity and reference benchmarks are likely to be more dispersed, while allowing contracts to reflect real-time trading pressures on market participants.

Functions provided by contracts for traders

Binance stated that the USDBRLUSDT perpetual contract will be officially launched on September 21 and will be settled in USDT. The exchange also said the contract provides leverage of up to 100 times.

Shunyet Jan, head of Binance trading, said the purpose of the 24/7 format is to extend price discovery beyond traditional foreign exchange trading hours. In practice, this means that traders can hedge or establish directional positions in response to currency movements around the clock without having to wait for the next opening of the underlying foreign exchange market.

This release also reflects a broader shift in the way cryptocurrency derivatives platforms package currency risk. By providing perpetual contracts that quote foreign exchange pairs but settle in stablecoins, exchanges aim to provide crypto-native traders with a way to express macro views without directly holding the base currency.

Crowded entry battle for foreign exchange derivatives

Binance's decision to enter the 24/7 foreign exchange perpetual contract space comes at a time when other exchanges are expanding rapidly. The launch comes less than two weeks after Bybit launched 24/7 perpetual contracts in major currency pairs, including Euro/U.S. dollar (EUR/USD), British Pound/U.S. dollar (GBP/USD) and USD/JPY (USD/JPY), also settled in USDT and providing leverage of up to 100 times. Similar to Binance's move, Bybit's products are also positioned to bring continuous trading to markets that are usually closed.

In previous cycles, Kraken launched a foreign exchange perpetual contract in April 2025. According to materials released by the exchange, Kraken's products track multiple currency pairs-the euro, the pound, the Australian dollar, the Japanese yen and the Swiss franc-that are also settled in stablecoins and provide leverage of up to 50 times.

Kraken自2020年以来就已活跃于现货外汇交易，并报告称2025年上半年外汇现货交易量达到57亿美元。这一背景很重要，因为它表明一些交易所并非从零开始；相反，它们正在将现有的货币市场基础设施和用户需求扩展到永续衍生品领域。

为何外汇敞口在加密市场中具有吸引力

加密市场中外汇相关衍生品的吸引力显而易见：货币市场是全球交易量最大的金融领域之一，并且提供了持续的驱动因素——从利率差异到宏观新闻——交易者希望获得杠杆化的敞口。

根据公告中引用的国际清算银行（BIS）报告，2025年4月全球场外（OTC）外汇周转额平均每天为9.6万亿美元。这一规模远超许多其他市场类别，这也解释了为何即使对于非传统外汇机构，货币风险依然持续吸引衍生品需求。

对于加密参与者而言，永续合约还可以简化访问流程。交易者无需导航外汇结算机制或持有非稳定币资产，通常可以通过保证金和杠杆获得敞口，并以稳定币结算。这种结构特别符合加密市场24/7的特性，后者与传统全球市场时段的衔接往往并不完美。

与此同时，币安在周末定价上的选择突显了连续外汇交易的一个持续挑战：参考价格。当第三方数据源或基准指数在休市期间代表性降低（或根本无法以相同方式获取）时，交易所必须决定如何为合约定价——要么通过外推外部数据，要么通过将定价锚定于内部流动性信号（如订单簿）。

币安描述的在周末和节假日使用订单簿价格的EWMA，表明其在这些时期选择了第二条路径。投资者和交易者应关注该设计在实际中的表现，特别是在高波动性时期，当时订单簿可能会快速重新定价，且随着传统外汇市场的重新开放，流动性深度也会发生变化。

上市后需关注的重点

随着USDBRLUSDT合约定于9月21日开始交易，市场参与者可能会重点关注两件事：一是外汇市场重新开放后，周末/假日定价相对于指数参考是否保持稳定；二是随着交易者熟悉这一新的24/7产品，价差、流动性和执行质量如何发展。

一旦实际交易量建立起来，这些动态将决定连续外汇永续合约究竟是成为一种有用的对冲工具，还是主要成为一个投机场所。