Binance Research: RWA-Linked Perpetuals Capture Trading Demand Outside U.S. Market Hours

RWA-linked perpetual contracts are attracting trading activity around macroeconomic events and individual stocks outside regular U.S. market hours, according to Binance Research.

Wu Blockchain reported that Binance Research found significant activity in TradFi-linked perpetuals around major market events, including the Federal Open Market Committee (FOMC) decision and an S&P rebalance. The figures point to active trading in products linked to traditional financial assets during periods when U.S. equity markets were closed.

Equity-Linked Perpetuals Capture Post-FOMC Gap

Following the FOMC decision, the median equity-linked perpetual captured 97% of the subsequent U.S. markets opening gap across 16 names, Binance Research said.

A total of $1.02 billion was traded outside regular market hours in connection with the event. The finding indicates that these perpetual contracts were actively used while the underlying U.S. equity market was not operating through its normal trading session.

The products provide a market through which traders can take positions linked to traditional financial assets outside the standard hours of the underlying markets. In the case of the FOMC event, the activity occurred around a period when monetary policy decisions can affect expectations across financial markets.

The 97% figure refers to the median performance across the 16 equity-linked names examined by Binance Research and specifically measures the portion of the subsequent U.S. market opening gap captured by the perpetual contracts.

$7.25 Billion Traded During S&P Rebalance Closure

Binance Research also examined trading activity during the market closure surrounding an S&P rebalance.

During that period, 198 TradFi-linked perpetuals recorded $7.25 billion in trading volume, according to the research cited by Wu Blockchain.

The scale of activity was substantially broader than the 16 equity-linked names examined around the FOMC decision. The 198 contracts covered in the S&P rebalance analysis generated billions of dollars in trading volume while the regular market was closed.

The figures show that trading in perpetuals linked to traditional financial assets can continue during periods when conventional equity trading is unavailable. This creates a separate venue for market participants seeking exposure to assets or market themes associated with traditional financial markets.

Trading Around Macro Events

The data highlighted by Binance Research focuses on periods in which markets can experience significant repricing, including central-bank decisions and index rebalancing events.

For the FOMC analysis, the research measured how closely the median equity-linked perpetual reflected the movement that emerged when the U.S. market subsequently reopened. The contracts captured 97% of that opening gap across the 16 names studied.

The S&P rebalance figures provide a broader measure of activity, with 198 TradFi-linked perpetuals collectively recording $7.25 billion in volume during the surrounding market closure.

Together, the two observations focus on a specific feature of RWA-linked derivatives: the ability to trade exposures associated with traditional financial assets beyond the operating hours of the underlying U.S. markets.

Expanding Trading Hours for TradFi-Linked Assets

RWA-linked perpetuals differ from conventional equity trading in that the contracts can remain available outside the regular sessions of the markets they reference. This allows trading activity to continue around events that occur when U.S. exchanges are closed.

The figures from Binance Research quantify finance that activity around two specific market events. Following the FOMC decision, $1.02 billion was traded outside regular hours across the examined equity-linked perpetuals, while the S&P rebalance period saw $7.25 billion in volume across 198 TradFi-linked perpetuals.

Writer: Victoria Hale
Technology & Blockchain Writer

Victoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.

She prioritises clarity and accuracy when explaining technical developments to a general audience.