Binance will admit two more equity perpetual contracts to trading on November 12, extending a product line that now runs on the exchange’s own rulebook rather than a national derivatives regime. NUUSDT opens at 09:30 UTC, FRHCUSDT at 09:45 UTC, according to the exchange notice published on November 11a.
The contracts track Nu Holdings Ltd. Class A ordinary sharesa, which trade on the New York Stock Exchange under NU, and Freedom Holding Corp. common stocka, listed on Nasdaq as FRHC. Both are settled in USDT and both trade around the clock, unlike the cash equities they track, which stop at the closing bell.
What goes live, and in what order
h2The notice separates the two listings by fifteen minutes. NUUSDT is admitted first at 09:30 UTC; FRHCUSDT follows at 09:45 UTC. Both are USDⓈ-margined perpetual contracts with a 0.01 tick size, a minimum trade of 0.01 contract units and a minimum notional value of 5 USDT. Multi-assets mode is supported on both.
Funding settles every eight hours with an interest-rate component of 0% and a capped funding rate of plus or minus 2.00%. Maximum leverage is 20x. The contracts carry no expiry date, which is the point of a perpetual: the funding payment replaces the roll that a dated future would require.
The venue language is the part worth reading closely
h2Binance’s notice does not describe the contracts as listed on a US or European exchange. It says they “will be admitted to trading on Binance RIE and admitted to Clearing and Settlement by Binance RCH.” Those are the exchange’s own venue and clearing entities, and the notice is issued under Rules 75 and 89 of their Exchange Rules plus Rule 76.6 of the Clearing Rules.
That structure explains the fine print at the bottom of the announcement. Binance RIE may adjust trading parameters in line with its Exchange Rules and Exchange Procedures. Binance RCH may adjust maximum leverage, margin requirements and funding parameters under its Clearing Rules. For a trader, the practical consequence is that contract terms can move by rulebook amendment rather than by a filing with a securities regulator.
The notice also carves the two contracts out of Rule 8.1, which otherwise shortens the funding interval from eight hours to one hour when the previous settlement hits the cap or floor. Binance says the interval will not adjust for NUUSDT and FRHCUSDT and that a separate announcement would be required to change that.
What 20x and a 2% funding cap cost
h2Two numbers in the spec table do most of the work. At 20x leverage, the initial margin on a position is 5% of notional, so the 5 USDT minimum notional ties up roughly 0.25 USDT of margin. A 5% adverse move in the underlying equity wipes out that initial margin before fees and before any maintenance-margin requirement is applied. For a stock that can gap on an earnings release while the contract keeps trading through the night, that is the risk the leverage figure describes.
The funding cap is the second number. At plus or minus 2.00% per eight-hour settlement, three settlements a day, a rate pinned at the cap for a full year would cost 219% of notional on a simple basis, before compounding. Funding rarely pins for long, and the 0% interest-rate component means the premium is set by the perpetual-versus-index gap rather than by a borrowing benchmark. But the cap is the ceiling on what a leveraged holder can be charged, and it is worth knowing before sizing a position.
A product line built in six weeks
h2This is not Binance’s first equity-linked contract. In late September the exchange listed five TradFi perpetual contractsa in a single notice, the same format used here. In late October it added five tokenized securities as collateral assets, folding brokerage-style exposure into margin. The November 12 notice brings the count of TradFi contracts announced since late September to seven.
The comparison with the United States is the reason the cadence matters. Coinbase Derivatives filed in September to list stock and ETF perpetual futuresa in the US market, a route that runs through the derivatives regulator rather than through an exchange’s own clearing rules. Binance’s version needs no such approval because the venue, the clearing house and the rulebook are all inside the same group structure.
What the notice leaves open
h2The announcement is a trading notice, not a product disclosure document. It does not address how dividends or corporate actions on NU and FRHC are handled inside a perpetual that never expires, nor does it specify how the price index is constructed beyond naming the underlying equity. Both matter for anyone holding a position across an ex-dividend date or a stock split.
It also repeats the standard regional caveat: “Products and services referred to here may not be available in your region.” Binance has not said which jurisdictions will see NUUSDT and FRHCUSDT at 09:30 UTC, and the notice does not state that the contracts are available to retail users in any particular market.
What is documented is the timetable and the terms. Two contracts, fifteen minutes apart, 20x leverage, eight-hour funding with a 2% cap, and a rulebook that lets the venue change the parameters. The rest will be visible in the order book after 09:45 UTC.
