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FollowingRWA Perpetual Contracts Captured 97% of Stock Market Opening Gap After Fed Decision
All-Weather Equity Products Attract Billions of Dollars in Trading Volume After Closing
According to Binance Research, RWA (Real World Asset) Linked Perpetual Contracts Captured 97% of U.S. Stock Market Opening Gap Among 16 Tracking Companies After Fed Decision in September. About $1.02 billion of trading took place during the regular U.S. market recess after the Fed's September decision.
Perpetual contracts linked to TradFi generated $7.25 billion in trading volume during the latest S & P rebalancing market break. Over the past seven weekends, bStocks has priced 92 percent of Monday's opening gap, with trading volume reaching $1.5 billion, research data show.
RWA-linked perpetual futures captured most of the price adjustments that occurred when U.S. stocks reopened after the Federal Reserve's September policy decision. Binance Research found that among the 16 companies following the FOMC decision, the median equity-linked perpetual contract captured 97% of the subsequent opening gap in the U.S. stock market.
RWA-linked perpetual contracts capture trading demand during non-U.S. trading hours
Binance Research points out that RWA-linked perpetual contracts are capturing trading demand around macro events and individual stocks, and these activities occur during regular U.S. market closures. This trend is particularly evident after the FOMC resolution.
在同一时期，约有10.2亿美元的交易发生在美国常规市场休市期间，显示出华尔街重新开市前存在大量活跃交易。9月16日的FOMC会议一致决定将基准利率上调25个基点至3.75%-4.00%。这一政策变化为全球交易者在底层美国股票接近下一个常规交易时段之前，提供了新的宏观经济信息以供定价。
RWA衍生品在非交易时段扮演更大角色
数据表明，当传统股票市场无法对重大发展立即做出反应时，RWA衍生品正发挥越来越大的作用。与普通股票不同，这些合约全天候交易，允许投资者在交易所休市期间对政策公告、公司新闻和指数变更做出反应。
在最近的标普指数重新平衡期间也出现了类似模式，当时198个与TradFi挂钩的永续合约在市场休市期间产生了72.5亿美元的交易量。标普指数通常在3月、6月、9月和12月进行定期重新平衡，这在可能改变指数挂钩头寸的变化周围创造了集中的交易活动。
早期的Binance Research数据显示，TradFi永续合约的覆盖范围已从1月的一个股票代码扩展到8月的149个。在那时，该类别约占一级加密货币交易所期货总量的28%，而Binance占据了该细分市场的约59%。这种增长表明，非交易时段的需求不再局限于孤立的合约或单一的宏观事件。
全天候股票产品在收盘后吸引数十亿美元资金
在代币化股票中也出现了类似的模式，这标志着向连续市场转变的更广泛趋势超越了永续期货范畴。Binance Research此前发现，在七个周末的美国市场休市期间，bStocks处理了15亿美元的交易量。
这些工具定价了随后周一开盘缺口的中位数92%，再次表明在常规交易恢复之前发生了显著的价格发现。这些数据量化了现金股票重新开市前的重新定价过程，而不仅仅是显示交易者保持活跃。
它们还清晰地区分了连续衍生品活动与直接拥有基础证券的区别。然而，永续合约与拥有股份不同，因为它们追踪基础股票但不提供股票所有权。这些合约以USDT结算，全天候交易，并可使用高达10倍的杠杆，从而提高资本效率，同时也增加了清算风险。
综上所述，最新数据显示，RWA挂钩的永续合约捕获了围绕宏观和指数事件的、可衡量的非交易时段需求。97%的FOMC后缺口捕获率也使这些合约处于一个不断增长的市场结构中，在该结构中，定价越来越多地延续到传统美股交易时段之外。
