Binance Enters Foreign Exchange Market with 24/7 USDBRL Perpetuals

Binance is expanding its derivatives business into foreign exchange with a 24/7 perpetual futures contract tracking the U.S. dollar against the Brazilian real, known as USDBRLUSDT.

The contract will launch on September 21 at 14:00 UTC and settle in USDT, offering leverage of up to 100x.

Funding payments will be calculated every eight hours, with the funding rate capped at plus or minus 0.375%.

Binance plans to price the contract using a weighted average of prices supplied by third-party data providers during conventional FX hours, but switch to an orderbook-based system using an exponentially weighted moving average (EWMA) during weekends and public holidays.

This effectively gives traders two pricing environments.