Binance is pushing deeper into traditional finance-inspired trading by launching foreign exchange (FX) perpetual futures that are designed to trade around the clock. The exchange will start with a US dollar–Brazilian real contract, priced and settled in crypto—highlighting how major venues are trying to capture demand for currency exposure beyond conventional market hours.
Binance said the new USDBRLUSDT perpetual will go live on Sept. 21 and settle in USDT. The contract is positioned as a 24/7 offering, with up to 100x leverage, and uses a dual-mode pricing approach to mimic FX market continuity when global trading desks are typically closed.
Key takeaways
- Binance will launch a USDBRLUSDT 24/7 FX perpetual futures contract on Sept. 21, settling in USDT.
- The product uses two different pricing methods: index-based pricing during normal FX hours and an orderbook-based mechanism on weekends and public holidays.
- Binance aims to extend “price discovery” for currency pairs outside traditional FX trading windows.
- This move follows a broader wave of crypto exchanges launching FX perpetuals, including Bybit’s 24/7 versions and Kraken’s earlier FX perpetual lineup.
How Binance’s FX perpetuals will price outside market hours
Traditional FX markets typically pause over weekends, leaving gaps in how currency prices evolve. Binance’s approach is meant to reduce those discontinuities for traders who want continuous exposure to currency moves.
According to Binance’s announcement, the contract will follow a weighted index during regular FX trading hours. The index is sourced from third-party data providers, reflecting how real-world FX pricing is typically aggregated.
When traditional trading is closed—during weekends and public holidays—Binance will switch to an orderbook-based pricing system. The exchange said this weekend method uses an exponentially weighted moving average (EWMA) of orderbook prices, rather than relying on external price feeds. In practice, that means the contract can continue to reflect supply and demand in the Binance derivatives orderbook even when off-chain FX venues are offline.
Why 24/7 FX perpetuals matter for crypto traders
FX perpetual futures are structured so traders can take directional positions on currency pairs without needing to own the underlying currencies. For crypto market participants, that can be useful for hedging or for expressing views on macro variables as price action develops across time zones.
Binance’s trading head Shunyet Jan said the goal is to extend price discovery beyond traditional FX trading hours while offering a venue for trading and hedging around the clock. That framing matters because many crypto traders already operate in a continuous-hours environment; the addition of FX exposure without weekend gaps aims to align derivatives access more closely with crypto’s always-on trading rhythm.
From a market-structure perspective, the decision to settle in USDT also reduces friction for crypto-native accounts, while keeping settlement tied to a stablecoin rather than to physical currency delivery.
FX perpetuals are spreading across exchanges
Binance’s launch is part of a trend in which crypto derivatives platforms are expanding beyond crypto-asset pairs and into currency markets. The move comes less than two weeks after Bybit introduced its own 24/7 perpetual futures tracking several major currency pairs: EUR/USD, GBP/USD, and USD/JPY. Bybit’s contracts also settle in USDT and offer up to 100x leverage, according to earlier coverage of Bybit’s launch.
Other exchanges entered FX perpetuals earlier. Kraken, for example, launched FX perpetual futures tracking multiple currencies—euro, British pound, Australian dollar, Japanese yen, and Swiss franc—in April 2025. Kraken’s earlier product reportedly offered up to 50x leverage, and the exchange said it had been providing spot FX trading since 2020, citing $5.7 billion in FX spot volume for the first part of 2025.
The competitive set matters because these products don’t just add “another” derivative—they target a market with far larger activity than most individual crypto instruments. The underlying FX market is enormous: a Bank for International Settlements report cited in the original announcement states global OTC FX turnover averaged $9.6 trillion per day in April 2025, underscoring why exchanges view FX exposure as a durable demand pool.
What to watch next
With Binance starting the next 24/7 FX perpetual cycle using a dual pricing mechanism, traders will likely pay close attention to liquidity, spreads, and whether the weekend EWMA orderbook pricing produces stable, predictable behavior across holidays. More broadly, the key question is whether crypto-based venues can provide credible currency price discovery when traditional FX markets are closed—and how quickly competitors respond with additional pairs or pricing refinements.
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