Binance Futures launched the BYDUSDT perpetual contract at 2:00 a.m. UTC on Sept. 7, followed five minutes later by the HK0992USDT contract linked to Lenovo Group. The BYD contract tracks BYD’s H shares listed on the Hong Kong Stock Exchange under ticker 1211, while HK0992USDT tracks Lenovo Group, whose Hong Kong ticker is 0992. Both contracts use USDT for settlement.
The new contracts allow maximum leverage of 20x and can be traded around the clock, seven days a week. Binance has set a minimum notional value of 5 USDT and a minimum trade amount of 0.01 units of the respective underlying reference.
Funding is calculated on a four-hour cycle, with a capped funding rate of plus or minus 1%. Binance has specifically exempted the two contracts from its normal mechanism that can shorten funding intervals when rates reach their cap or floor. As a result, the four-hour funding interval will remain in place unless Binance separately announces a change.
The structure differs slightly between the two instruments. BYDUSDT is a USDT-priced perpetual, while HK0992USDT is classified as a quanto perpetual. Both, however, are part of Binance’s USDⓈ-M TradFi product family and provide exposure through the exchange’s futures infrastructure rather than direct ownership of the shares.
There is another important qualification in Binance’s announcement. The exchange reserves the ability to change contract specifications according to market-risk conditions. Those changes can include the funding fee, tick size, maximum leverage, initial margin and maintenance-margin requirements.
That flexibility matters because the products are designed to trade continuously even when the underlying Hong Kong stock market is closed.
Binance launched its TradFi perpetual category in January 2026, initially offering contracts tied to traditional assets through USDT-settled derivatives. The exchange describes these products as instruments that track the prices of traditional financial assets while allowing users to trade price movements without directly owning the underlying assets.
The category has expanded rapidly since then. In June, Binance added contracts tied to SK Hynix, Samsung Electronics and Hyundai Motor, each offering 24/7 trading and up to 20x leverage. In the same month, the exchange added products linked to Zoom, DraftKings, Rivian, GameStop and major ETFs.
By July, Binance was adding another group of equity-linked perpetuals, including SoFi, Palo Alto Networks and other US-listed companies. Those products offered 25x maximum leverage and eight-hour funding intervals.
The expansion is part of a broader push by crypto exchanges to bring traditional assets into crypto-native trading environments. Binance has also moved into commodities, while Coinbase filed with the SEC this month seeking approval to offer equity perpetuals in the US.
The BYD and Lenovo listings therefore represent more than two new contracts. They add Asian equities to an increasingly broad synthetic market that can operate continuously, use crypto-style margin and settle through stablecoins.
Binance Is Building a Market Around the Clock
The most interesting feature of these products is not necessarily BYD or Lenovo. It is the trading infrastructure Binance is building around them.
Traditional equity markets have fixed trading sessions. Hong Kong stocks trade during designated exchange hours, and the reference market eventually closes for the day. A perpetual contract on Binance does not have that limitation. Traders can continue taking positions overnight, on weekends and during public holidays.
That creates a new market for information that previously had nowhere to trade.
A major announcement from BYD on a Saturday, for example, can theoretically be reflected in the Binance perpetual before Hong Kong’s cash market opens again. Traders can react immediately, hedge positions or speculate on where the underlying share price might reopen.
This is one of the strongest arguments for equity perpetuals. They are not merely cheaper substitutes for shares. They create a continuous price-discovery venue around an asset whose primary market remains intermittent.
But that also creates the central problem with the model: what exactly is the contract price discovering when the underlying market is closed?
A perpetual needs a reference price for funding, margin calculations and liquidations even when the stock itself is not trading. That means the quality of the index and pricing mechanism becomes extremely important. Recent academic research on 24/7 equity perpetuals has highlighted precisely this issue, noting that these contracts need an external or derivative-based reference during periods when the underlying cash market is closed.
The risk becomes larger when leverage is involved.
A 20x maximum means a 5% adverse move in the underlying reference can, before fees and other mechanics, wipe out the initial margin on a fully leveraged position. And because the contract trades continuously, that liquidation risk does not disappear simply because the Hong Kong Stock Exchange is closed.
Funding is another variable traders will need to understand. A four-hour funding cycle means positions can incur or receive funding six times a day. The ±1% cap is a ceiling on each funding interval rather than an indication that traders will routinely pay that amount, but extreme positioning can make funding costs economically significant.
Binance’s ability to change leverage, margins and funding parameters is therefore more than a routine contractual disclaimer. It gives the exchange a risk-management tool for a market that can become unusually volatile when the underlying cash market is shut.
Strategically, however, the direction is clear.
Binance is increasingly using its crypto derivatives infrastructure as a distribution layer for assets that traditionally belong to stock exchanges, futures exchanges and commodity markets. Its January launch started the category; the steady addition of US, Asian and commodity exposures suggests the company is trying to turn it into a permanent product line rather than a novelty.
And the timing matters. Coinbase’s move to seek approval for equity perpetuals suggests that crypto-native equity derivatives are becoming a broader industry battleground rather than a Binance-specific experiment.
The long-term question is whether traders will treat these products as an alternative way to access traditional markets or simply as another leveraged instrument for speculation.
If liquidity deepens, the distinction may eventually disappear. A trader may care less about whether exposure comes from a stock exchange, CFD broker or crypto exchange and more about leverage, liquidity, trading hours, collateral and settlement.
That is the more consequential development behind Binance’s BYD and Lenovo listings. The exchange is not putting stocks onto a crypto exchange. It is gradually building a 24/7 derivatives layer around traditional assets.