Now all exchanges have officially kicked off the great battle of perpetual trading in US stocks. Almost all exchanges have included high-quality US stocks such as Apple, Microsoft, NVIDIA, Tesla, as well as SPY, QQQ, etc., into the 7×24 hour trading framework of the crypto market. The competition between exchanges has extended from the crypto assets themselves to global equity asset trading, expanding the scope and users to a higher level.

Binance's tradfi products can trade precious metals, stocks, ETFs, etc. It is a natural extension of the original U-based perpetual, using USDT settlement, an 8-hour funding fee, and maintaining the usage habits of crypto users. Moreover, the current limit order trading is still fee-free, which is attracting new users to join.

Coinbase's US stock perpetual contract products are aimed at regions outside the United States, and unlike other exchanges, it integrates US stocks, ETFs, and crypto perpetuals into the same USDC trading system, following a US compliance framework. Additionally, it is more proactive in the weekend pricing mechanism, allowing for more continuous price discovery during US stock market closures and shorter rate settlement cycles, making weekend price discovery more sensitive.

It is worth noting that almost all exchanges have chosen the same path, providing users with synthetic exposure rather than truly buying and selling stocks. This overlaps with the existing derivatives business, meaning that exchanges engaging in US stock perpetual trading are not only trying to capture the US stock market but also aiming to keep their crypto users within the platform, extending their trading needs from the crypto circle to US stocks.