Binance Futures has expanded its traditional-finance derivatives offering with five new USDT-margined perpetual contracts linked to U.S.-listed stocks and leveraged exchange-traded funds.
The contracts began trading on Aug. 25 and give eligible users synthetic exposure to Trump Media & Technology Group, Moderna and three semiconductor-focused ETFs. Maximum leverage reaches 20x, while trading remains available around the clock rather than following U.S. exchange hours.
The five products are SKUUUSDT, SKDDUSDT, RAMUSDT, DJTUSDT and MRNAUSDT. They were introduced at five-minute intervals between 09:00 and 09:20 UTC.
The launch extends a broader trend in which crypto exchanges are bringing traditional financial assets into perpetual-futures infrastructure, allowing traders to gain price exposure without owning the underlying securities.
Five Contracts Link Binance Users to Stocks and Leveraged ETFs
DJTUSDT references shares of Trump Media & Technology Group, while MRNAUSDT tracks Moderna. Both companies are listed on Nasdaq.
The other three contracts introduce more complex exposure.
SKUUUSDT follows the GraniteShares 2x Long SK Hynix Daily ETF, which seeks twice the daily percentage move of SK Hynix’s U.S.-listed depositary receipt. SKDDUSDT references the corresponding GraniteShares 2x Short SK Hynix Daily ETF, which targets twice the inverse daily move.
RAMUSDT tracks the Roundhill T-REX 2X Long DRAM Daily Target ETF. Rather than directly following a single semiconductor company, the underlying product seeks twice the daily performance of the Roundhill Memory ETF.
These structures mean Binance is not merely listing perpetual contracts on conventional stocks. Several of the new products are derivatives built on top of already leveraged investment vehicles.
Traders Receive Price Exposure, Not Ownership
The five Binance contracts are derivatives settled in USDT.
Users do not receive actual shares in Trump Media, Moderna or the referenced ETFs. They also do not receive voting rights, dividends or other rights normally associated with direct ownership.
That distinction is especially important for stock-linked products.
A perpetual contract can reproduce price exposure, but economically and legally it remains separate from buying a security through a brokerage account.
The contracts also do not expire. Binance uses recurring funding payments between long and short positions to help keep their prices aligned with the relevant reference markets.
Funding Settles Every Eight Hours
Each contract has a minimum trade size of 0.01 units and a minimum notional value of 5 USDT.
Funding settles every eight hours.
The initial funding-rate ceiling is set at positive 2%, while the floor is negative 2%.
Binance noted that its normal mechanism for automatically shortening funding intervals from eight hours to one hour when rates hit their limits will not apply automatically to these products.
If Binance changes the funding schedule, it said a separate announcement will be issued.
Up to 20x Leverage Magnifies Both Sides of the Trade
Maximum leverage is set at 20x.
At that level, traders can control a position far larger than the margin they commit.
That can magnify gains when the contract moves in the expected direction, but it also significantly increases liquidation risk.
A relatively small adverse price move can consume available margin quickly.
Binance may also change leverage, margin, funding and other parameters under its exchange and clearing rules, meaning the current structure is not necessarily permanent.
Leveraged ETFs Add Another Layer of Complexity
The most unusual risk appears in SKUU, SKDD and RAM because the underlying reference products are themselves leveraged ETFs.
Those funds are designed around daily objectives.
SKUU targets twice the daily move of SK Hynix’s U.S.-listed depositary receipt. SKDD targets twice the inverse daily move. RAM aims for twice the daily performance of the Roundhill Memory ETF.
Adding a perpetual contract with as much as 20x leverage on top of those daily leveraged products creates layered exposure.
The result can behave very differently from a simple leveraged position in the underlying stock or sector.
Daily Resets Can Distort Longer-Term Returns
Leveraged ETFs are generally designed to achieve their stated multiple over a single trading day.
Over longer periods, compounding and volatility can cause results to deviate substantially from a straightforward multiple of the underlying asset’s cumulative move.
A fund targeting twice the daily return does not necessarily deliver twice the monthly or annual return.
This effect becomes more pronounced when the underlying market is volatile.
When an additional layer of perpetual leverage is applied, the path of returns becomes even more important.
24/7 Trading Creates a Timing Mismatch
Binance offers these contracts continuously.
The securities and ETFs they reference do not trade continuously.
Trump Media and Moderna trade during scheduled Nasdaq sessions, while the ETF products trade on Nasdaq or Cboe BZX according to their respective exchange hours.
That creates an important timing mismatch.
When U.S. markets are closed, the Binance perpetual contracts can continue moving even though the underlying securities are not producing live exchange prices.
Prices Can Diverge Outside U.S. Market Hours
The ability to trade 24/7 may appeal to users who want continuous exposure, but it can also create pricing complications.
During overnight periods, weekends or market holidays, the perpetual contract may respond to news or crypto-market positioning while the referenced stock or ETF remains closed.
Once the underlying exchange reopens, the two prices may need to converge.
That creates additional basis and gap risk beyond the normal volatility of the underlying instrument.
For highly leveraged positions, those differences can become particularly significant.
The Launch Reflects a Wider Synthetic-TradFi Trend
Binance is not alone in expanding perpetual derivatives tied to traditional assets.
Bybit recently said its own TradFi perpetual range had surpassed 200 products across equities, ETFs, commodities and private companies.
The direction of travel is clear.
Crypto exchanges increasingly want to offer continuous synthetic exposure to markets that historically traded only through conventional brokers and within fixed exchange hours.
This creates a hybrid market structure in which traditional asset prices are referenced through crypto-native margin and settlement systems.
USDT Serves as the Settlement Layer
All five contracts use USDT for settlement.
That means users do not need to hold dollars, shares or units of the referenced ETFs to open positions.
Instead, margin and profit-and-loss calculations are handled through the stablecoin.
This design keeps the products inside Binance’s existing futures infrastructure while connecting them to price movements in external traditional markets.
It also makes the offering operationally different from conventional stock trading.
Regulatory Structure Runs Through ADGM Entities
According to Binance’s notice, the contracts were admitted to trading through its RIE and to clearing and settlement through Binance RCH.
Nest Exchange Limited operates the RIE and is recognized by the Abu Dhabi Global Market Financial Services Regulatory Authority as an investment exchange for derivatives.
Nest Clearing and Custody Limited operates Binance RCH as a recognized clearing house.
The structure gives the contracts a defined exchange and clearing framework within ADGM.
Regulation Does Not Mean Global Availability
The products are not available to every Binance user.
Access depends on location and applicable restrictions.
The fact that the contracts reference U.S.-listed stocks and ETFs does not make them direct Nasdaq or Cboe transactions.
They remain Binance derivatives offered through the exchange’s own regulated entities.
Users therefore face a different legal and market structure from investors purchasing the underlying securities directly in the United States.
No Direct Market Impact Was Identified
There was no verified market movement in Trump Media, Moderna or the three ETFs that could be attributed specifically to the Binance launch.
That distinction matters because listings on a derivatives platform can generate additional trading activity without necessarily affecting the underlying security in a measurable way.
Any future relationship between perpetual-contract demand and the referenced markets would need to be demonstrated with actual trading data.
For now, the launch is more significant as a product-expansion event than as a confirmed driver of the underlying assets.
Conclusion
Binance has added five USDT-margined perpetual contracts linked to Trump Media, Moderna and three leveraged semiconductor ETFs, with leverage of up to 20x and round-the-clock trading.
The products give eligible users synthetic exposure without stock ownership and settle through Binance’s derivatives infrastructure.
Their structure is particularly complex where already leveraged ETFs are used as references, while continuous trading creates additional price-dislocation risk when U.S. exchanges are closed.
Final Takeaway
The launch shows how crypto derivatives platforms are moving closer to traditional markets while preserving crypto-native features such as USDT settlement, perpetual contracts and 24/7 access. The opportunity is broader market exposure, but the combination of 20x leverage, leveraged ETF references and off-hours trading creates risks that are substantially different from directly buying the underlying shares or funds.
[…] Binance has rejected claims that a technical or pricing failure caused more than 5 million USDT in alleged losses during an extreme move in the AKEUSDT perpetual futures contract on Sept. 3. The dispute emerged after X user xunlu said more than 30 funding-rate arbitrage positions were liquidated within minutes as AKE rose from roughly $0.0076 to nearly $0.045. That move represents an increase of about 492%, enough to put severe pressure on leveraged short positions even when those trades are part of strategies designed to reduce directional exposure. […]