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Following币安推出全天候外汇永续合约，深化传统金融交易布局
币安（Binance）正通过推出旨在实现24小时不间断交易的外汇（FX）永续合约，进一步深入受传统金融启发的交易领域。该交易所将首先推出美元兑巴西雷亚尔（USD/BRL）合约，以加密货币计价和结算，这凸显了主要交易平台试图捕捉常规市场时段之外对货币敞口需求的努力。
币安表示，新的USDBRLUSDT永续合约将于9月21日正式上线，并以USDT进行结算。该产品定位为一款提供7×24小时服务的交易工具，最高杠杆可达100倍，并采用双模式定价机制，以模拟全球交易台通常关闭时的外汇市场连续性。
核心要点
- 币安将于9月21日推出USDBRLUSDT全天候外汇永续合约，以USDT结算。
- 该产品采用两种不同的定价方法：在外汇正常交易时段基于指数定价，在周末和公共假日则采用基于订单簿的机制。
- 币安旨在传统外汇交易窗口之外，延伸货币对的价格发现功能。
- 此举紧随加密交易所推出外汇永续合约的更大浪潮之后，包括Bybit的全天候版本以及Kraken此前推出的外汇永续产品线。
币安外汇永续合约在非交易时段的定价机制
传统外汇市场通常在周末暂停交易，导致货币价格演变出现断层。币安的这一举措旨在减少那些希望持续接触货币波动的交易者所面临的这种不连续性。
根据币安的公告，合约在外汇正常交易时段将遵循加权指数。该指数来源于第三方数据提供商，反映了现实世界中外汇价格的典型聚合方式。当传统交易关闭——即在周末和公共假日期间——币安将切换到基于订单簿的定价系统。交易所表示，这种周末方法使用订单簿价格的指数加权移动平均线（EWMA），而不是依赖外部价格馈送。实际上，这意味着即使链下外汇场所离线，合约仍能继续反映币安衍生品订单簿中的供需关系。
全天候外汇永续合约对加密交易者的意义
外汇永续合约的结构设计使交易者能够对货币对采取方向性头寸，而无需拥有基础货币。对于加密市场参与者而言，这在对冲或表达随着时间推移在不同时区发展的宏观变量观点方面可能非常有用。
Shunyet Jan, head of Binance trading, said the goal is to extend price discovery beyond traditional foreign exchange trading hours while providing a venue for round-the-clock trading and hedging. This formulation is important because many crypto traders already operate in a continuous trading environment; increasing foreign exchange exposure without weekend breaks is designed to align derivatives access more closely with the constant trading rhythm of the crypto market.
From a market structure perspective, the decision to settle in USDT also reduces the friction costs of crypto-native accounts, while pegging settlement to stablecoins rather than physical currency delivery.
The popularity of foreign exchange perpetual contracts on major exchanges
The launch of Binance is part of the trend of crypto derivatives platforms expanding from crypto asset pairing to the money market. The move comes less than two weeks after Bybit launched an all-weather perpetual contract that tracks multiple major currency pairs such as EUR/USD, GBP/USD and JPY/USD. According to early reports, Bybit's contracts are also settled in USDT and provide leverage of up to 100 times.
Other exchanges entered the field of foreign exchange perpetual contracts earlier. For example, in April 2025 Kraken launched a foreign exchange perpetual contract that tracks multiple currencies (euro, pound, Australian dollar, Japanese yen and Swiss franc). Kraken's early products reportedly provided leverage of up to 50 times. The exchange said it had been offering spot foreign exchange trading since 2020, citing US$5.7 billion in spot foreign exchange trading volume in the first half of 2025 as evidence.
竞争格局之所以重要，是因为这些产品不仅仅是添加“另一个”衍生品——它们针对的是一个活动量远大于大多数单个加密工具的市场。基础外汇市场规模庞大：原始公告中引用的国际清算银行报告指出，2025年4月全球场外外汇交易额日均为9.6万亿美元，这强调了为何交易所将外汇敞口视为一种持久的需求池。
未来关注重点
随着币安开始使用双定价机制启动下一个全天候外汇永续周期，交易者可能会密切关注流动性、点差，以及周末基于EWMA的订单簿定价是否在节假日产生稳定且可预测的行为。更广泛地说，关键问题在于，当传统外汇市场关闭时，基于加密的平台能否提供可信的货币价格发现，以及竞争对手将多快以额外的货币对或定价优化做出响应。
