- Bitget offers institutions 24/7 tokenized equities and stock perpetuals.
- Binance is extending perpetual futures into foreign exchange.
- Bybit has launched 24/7 TradFi options tied to perpetual contracts.
- Off-hours liquidity is becoming a key test for these new markets.
Crypto exchanges are extending their trading infrastructure well beyond digital assets, with Bitget, Binance and Bybit introducing products that keep exposure to stocks, currencies and other traditional markets available after conventional venues close.
The latest launches take different approaches. Bitget is building around tokenized equities, stock perpetuals and institutional execution infrastructure. Binance is entering foreign exchange with a USD/BRL perpetual, while Bybit has moved into options linked to TradFi perpetuals.
For professional traders, the difference is not simply longer trading hours. The more consequential question is how much liquidity remains available when the underlying stock or currency market is closed.
Bitget Builds Around Institutional Liquidity
Bitget has developed two routes into U.S. equities: rTokens for tokenized spot exposure and Stock Perps for leveraged long, short and hedging strategies. Both extend access beyond the normal U.S. trading session, while eligible rTokens can also contribute collateral within the exchange’s cross-asset Unified Trading Account.
The more useful measure for institutions is execution depth.
During a July 5-11 benchmark covering 32 Stock Perps, Bitget reported $6.97 million in aggregate order-book depth within 5 basis points of the mid-price. That increased to $16.22 million within 10 basis points and $55.92 million within 50 basis points. The exchange ranked first on 30 of the 32 monitored contracts at the tightest 5-basis-point range.
Actual off-hours activity is already visible. On August 26, tokenized Nvidia product rNVDA generated $38.5 million in daily volume across more than 112,800 transactions, with 36% of that volume occurring outside U.S. market hours.
Those figures do not mean liquidity is identical throughout the day. Bitget’s own institutional guide acknowledges that weekend activity can be lower when U.S. markets are closed. The relevant distinction is that there is measurable liquidity available outside the traditional session, rather than simply a product that technically remains open.
Binance Brings 100x Perpetuals to Forex
Binance is taking perpetual futures into the currency market with USDBRLUSDT, a contract tracking the U.S. dollar against the Brazilian real.
The contract launches on September 21 with USDT settlement and maximum leverage of 100x. It has a 5 USDT minimum notional, a 0.0001 tick size and funding settlements every eight hours, with the funding rate capped between -0.375% and +0.375%.
Its pricing structure changes when the traditional FX market closes.
During normal currency-market hours, Binance uses third-party feeds for its index. During weekends and market holidays, it switches to an Orderbook EWMA, deriving the reference from an exponentially weighted moving average of its own order book.
That creates a specific execution risk. With conventional USD/BRL liquidity unavailable, the Binance order book carries more of the price-discovery burden. A thinner book can mean wider spreads and greater slippage, while 100x leverage magnifies the effect of relatively small adverse moves on the margin supporting a position.
There is also the reopening gap to consider. Binance’s perpetual can react to news throughout Saturday and Sunday, but the traditional FX market can establish a different USD/BRL price when institutional liquidity returns.
Because the contract has not yet launched, there is no live weekend spread or slippage history to evaluate. The first useful measurements will be order-book depth, bid-ask spreads and the difference between Binance’s weekend price and the traditional FX reopening.
Bybit Extends the Model Into Options
Bybit is adding another layer with what it describes as the first 24/7 TradFi Perp Options, initially covering contracts linked to SpaceX and Nvidia.
Rather than conventional equity options tied directly to exchange-listed shares, the products use Bybit’s TradFi perpetuals as their underlying instruments. That allows the options market to remain active when U.S. equities are closed.
Options introduce a different pricing problem from perpetual futures. Their premiums respond not only to movement in the underlying contract but also to implied volatility and remaining time to expiration. A large weekend move in the perpetual can therefore affect both directional exposure and volatility pricing before the conventional equity market reopens.
Bybit said the initial launch will be followed by additional products tied to Tesla, QQQ, SOXL and Micron, expanding the range of equity-related exposures available through the structure.
Three Exchanges, Three Routes Into TradFi
The products target different parts of the traditional market:
- Bitget combines tokenized equities with Stock Perps, cross-asset collateral and institutional execution infrastructure.
- Binance is bringing perpetual futures to FX, starting with USD/BRL and up to 100x leverage.
- Bybit is extending perpetual-based TradFi exposure into options that continue trading outside conventional equity hours.
The differences matter. Tokenized equities attempt to replicate spot-style exposure, perpetuals introduce leverage and funding, while options add volatility and time-value components. Putting all three under the label of “24/7 TradFi” can obscure how differently they behave when their reference markets are closed.
The First Real Test Comes After the Closing Bell
Product availability can be established immediately. Execution quality takes longer to prove.
Bitget already provides some evidence: its rNVDA activity shows a meaningful portion of volume taking place outside the U.S. session, while independent benchmarks have measured spreads and slippage across selected tokenized equities.
Binance’s FX product will provide a different test once trading starts. Its weekend order book can be compared with the USD/BRL price established when global currency liquidity returns. Bybit’s options will add another variable, showing how volatility is priced when the traditional equity underlying is unavailable.
For institutional traders, those measurements will be more revealing than the number of hours each product stays open. Depth near the mid-price, realized slippage, bid-ask spreads and reopening gaps will show whether 24/7 TradFi develops into a genuinely liquid market or remains primarily an extension of trading hours.