Binance launched 24/7 foreign exchange perpetual futures starting Sept. 21, beginning with USD/BRL settled in USDT and offering up to 100x leverage.
The USDBRLUSDT contract breaks the traditional FX market's weekend closure. During standard FX trading hours, prices track a weighted index from third-party data providers. On weekends and public holidays, the system shifts to orderbook-based pricing using an exponentially weighted moving average—avoiding reliance on external feeds when traditional markets shut down.
Shunyet Jan, Binance's head of trading, said the contracts extend price discovery beyond traditional FX hours, giving traders a venue to hedge or take positions continuously.
The move reflects a broader crypto exchange play into FX. Bybit launched 24/7 perpetuals on EUR/USD, GBP/USD, and USD/JPY pairs less than two weeks ago, also with 100x leverage settled in USDT. Kraken entered the space in April 2025 with contracts on the euro, British pound, Australian dollar, Japanese yen, and Swiss franc, offering up to 50x leverage. Kraken has run spot FX trading since 2020 and reported $5.7 billion in FX spot volume during the first half of 2025.
Crypto perpetuals give traders currency exposure without owning the underlying assets. Global over-the-counter FX turnover averaged $9.6 trillion per day in April 2025, according to the Bank for International Settlements—the largest trading volume of any financial market.
