Binance Lists 24/7 Perpetuals on Nubank and Freedom Holding Stock

Binance will admit two USDⓈ-margined perpetual contracts tied to listed equities — Nubank parent Nu Holdings (NUUSDT) and Freedom Holding (FRHCUSDT) — on November 12, with NUUSDT opening at 09:30 UTC and FRHCUSDT following at 09:45 UTC, according to the exchange's trading notice.

Both contracts offer 20x maximum leverage, a 0.01 tick size, a minimum trade of 0.01 contract units and a minimum notional value of 5 USDT, with multi-assets mode supported. Funding settles every eight hours with a 0% interest-rate component and a capped funding rate of plus or minus 2.00%. The contracts carry no expiry date: the funding payment replaces the roll a dated future would require.

What does the venue language change for traders?

The 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" — Binance's own venue and clearing entities — under Rules 75 and 89 of the Exchange Rules and Rule 76.6 of the Clearing Rules.

The practical consequence: contract terms can move by rulebook amendment rather than by a filing with a securities regulator. Binance RIE may adjust trading parameters under its Exchange Rules and Procedures, and Binance RCH may adjust maximum leverage, margin requirements and funding parameters under its Clearing Rules.

The notice also carves both contracts out of Rule 8.1, which otherwise shortens the funding interval from eight hours to one hour when a prior settlement hits the cap or floor. Binance states the interval will not adjust for these two symbols and that a separate announcement would be required to change that.

What do 20x and a 2% funding cap cost in practice?

Two spec-table numbers carry most of the risk. At 20x leverage, initial margin equals 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 margin before fees and before maintenance requirements apply. For a stock that can gap on an earnings release while the contract trades through the night, that is the exposure the leverage figure describes.

The funding cap is the second number. At plus or minus 2.00% per eight-hour settlement, three settlements per day, a rate pinned at the cap for a full year would cost 219% of notional on a simple basis before compounding. The 0% interest-rate component means the premium reflects the perpetual-versus-index gap rather than a borrowing benchmark — but the cap remains the ceiling on what a leveraged holder can be charged.

A product line built in six weeks

The listings extend a rapid buildout. In late September, Binance listed five TradFi perpetual contracts in a single notice using the same format. 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 cadence matters by comparison with the United States. Coinbase Derivatives filed in September to list stock and ETF perpetual futures in the US market — a route running through the derivatives regulator rather than an exchange's own clearing rules. Binance's version requires no such approval because the venue, the clearing house and the rulebook sit inside one group structure.

What the notice leaves open

The 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 how the price index is constructed beyond naming the underlying equity — both material for anyone holding a position across an ex-dividend date or stock split.

The notice repeats the standard caveat: "Products and services referred to here may not be available in your region." Binance has not said which jurisdictions will see the contracts, nor confirmed retail availability 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 parameters. The rest will be visible in the order book after 09:45 UTC.