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FollowingBinance RWA Perpetual Contract captures 97% of U.S. stock opening gap after Fed decision
The real-world asset (RWA) Perpetual Contract on Binance largely captures price fluctuations when U.S. stocks reopen after the Fed's September policy announcement. Binance Research reported that after the Federal Open Market Committee (FOMC) meeting, equity-linked perpetual contracts on the platform tracked 97% of the opening price gaps of 16 leading U.S. companies.
Trading volume surged during non-U.S. trading hours
During the same period, approximately US$1.02 billion in trading volume was completed during non-traditional U.S. stock trading hours through RWA-linked perpetual contracts. The surge stems from the reaction of global traders to the FOMC's September 16 decision to raise the U.S. benchmark interest rate to the 3.75%-4.00% range, which provided new macroeconomic information before Wall Street resumed trading.
Unlike traditional stocks, RWA perpetual contracts provide continuous trading capabilities that allow investors to respond to economic events and market news when the underlying stock market is closed. As one of the world's largest cryptocurrency exchanges, Binance positions these tools as an alternative to seeking round-the-clock access to U.S. stocks and related macro trend traders.
Binance research records show that after major policy announcements, Binance's equity-linked perpetual contracts have always been able to capture almost all price changes that occur when the U.S. stock market reopens, allowing investors to price these developments in real time.
Derivatives trading volume grows with traditional financial and index events
这一趋势也延伸到了其他宏观事件，例如近期的标普指数再平衡。在市场休市期间，与198个传统金融（TradFi）挂钩的永续合约产生了72.5亿美元的交易量。标普指数通常在3月、6月、9月和12月进行再平衡，往往导致在这些指数调整期周围出现集中的非交易时段交易。
币安最近的研究表明，传统金融永续合约在2026年迅速扩张，从1月的一个代码增加到8月的149个。随着机构和个人投资者对连续交易需求的增加，这些合约占主要加密货币交易所所有期货总成交量的约28%，其中币安控制了该细分市场约59%的份额。
迷你词典：RWA挂钩永续合约
RWA挂钩永续合约，或称现实世界资产永续期货，是一种衍生工具，允许投资者利用杠杆和连续交易功能对股票或债券等现实世界资产的价格进行投机，即使在传统市场之外也能提供价格发现机制。
连续交易与代币化股票推动新市场结构
类似的转变也出现在币安的bStocks等代币化股票产品中，当美股休市的七个周末期间，其处理了15亿美元的交易量。这些代币化工具平均捕获了周一开盘价缺口的92%，进一步巩固了向持续价格发现的转变。
与直接持有股份不同，股票永续合约并不赋予所有权或企业权利。相反，它们追踪基础美股，以USDT结算，并提供最高10倍的杠杆。虽然这种结构提高了资本效率并实现了连续交易，但也可能增加交易者在市场剧烈波动事件中的清算风险。
币安研究指出，“全天候”股票衍生品现在是传统交易所休市期间重新定价和风险管理的关键渠道，在宏观经济决策和指数变化周围捕获了大量交易量。
研究结果表明，无论是RWA挂钩还是传统金融永续合约，正在通过连接传统金融市场时间和加密市场时间来重新定义价格发现。随着这些产品越来越受欢迎，它们在触发基础股票大幅重新定价的事件（包括政策变化和指数再平衡）中将发挥更大的作用。
