The B-side of bStocks: Using Perpetuals Rather Than Spot Trading to Compete for Post-Market Price Discovery
- Binance's stock perpetuals (Perp) and bStocks products aim to capture price discovery during market closures when traditional exchanges are shut, not merely to extend trading hours.
- During weekends when U.S. stock markets are closed, Binance's Perp markets for stocks like SNDK showed significant trading volume (e.g., $338 million for SNDK alone) but sometimes priced in Monday's opening gap correctly and other times moved in the wrong direction.
- The proposed market structure uses Perp as the primary price discovery engine for expressing trading views, while bStocks serves as an inventory and correction layer that can be held, transferred on-chain, and collateralized.
- Derivatives have lower costs for expressing market views compared to spot markets, making Perp better suited than spot trading to lead price discovery during extended hours.
Binance's approach to 24/7 stock trading is not about providing additional trading days, but about capturing price discovery during the gap when traditional markets are closed. After the U.S. stock market closes on Friday at 4 p.m., companies continue to release news, macroeconomic policies shift, and geopolitical events unfold—yet these information flows cannot immediately enter official U.S. equity order books. Binance's three products address this structural opportunity: Direct Stock handles real securities and traditional market interfaces, TradFi Perp enables long/short and leveraged continuous trading, and bStocks converts stocks into on-chain transferable and collateralizable assets.
The market structure positions perpetuals as the primary engine for price discovery rather than spot trading. Evidence from weekend trading shows that Perp markets absorbed significant volume—such as $338 million in SNDK trading on a single weekend—and sometimes successfully priced in Monday's market opening, though not consistently. The reason perpetuals lead is structural: derivatives have lower costs for expressing trading views compared to spot markets, allowing faster and more efficient price discovery.
bStocks functions as an inventory and correction layer that absorbs and holds stock positions that can be moved, transferred on-chain, and used as collateral. This two-tier structure—Perp for price discovery and bStocks for inventory management—mirrors historical precedent: just as Chicago's grain futures market relied on standardized warehousing to maintain connection to physical goods, Binance's stock Perp market would rely on bStocks to ground prices in actual stock holdings. When the traditional U.S. stock market reopens, the market tests whether prices formed during the 24/7 trading window are accepted by official exchanges, potentially establishing Binance as a source of price discovery for global equities.
bStocks的B面：用永续合约而非现货交易争夺盘后定价权
币安对24/7股票交易的设计并非提供额外交易日，而是在传统市场关闭期间争夺价格发现权。美股市场周五下午4点收盘后，公司继续发布新闻、宏观政策变化、地缘政治事件持续演进，但这些信息流无法立即进入美国股票官方订单簿。币安的三款产品应对这一结构性机会：Direct Stock处理真实证券和传统市场接口，TradFi Perp提供做多/做空和杠杆连续交易，bStocks将股票转换为链上可转移和可抵押的资产。
该市场结构将永续合约而非现货交易定位为价格发现的主要引擎。周末交易数据显示永续合约市场吸收了大量成交量——如SNDK单个周末成交3.38亿美元——有时成功提前定价周一市场开盘，但并非总是准确。永续合约领先的原因是结构性的：衍生品相比现货市场具有更低的交易成本，允许更快速和高效的价格发现。
bStocks作为库存和修正层，吸收和持有可被转移、链上转账和用作抵押品的股票头寸。这种双层结构——永续合约用于价格发现，bStocks用于库存管理——借鉴了历史先例：正如芝加哥谷物期货市场依靠标准化仓储来维持与现货商品的联系，币安的股票永续合约市场将依靠bStocks来将价格与实际股票持仓挂钩。当传统美股市场重新开盘时，市场将检验24/7交易窗口形成的价格是否被官方交易所接受，币安可能由此成为全球股票的价格发现来源。