Binance’s New Stock Perpetuals Put MARA and Four Other Companies on 24/7 Crypto Rails

Binance Futures has expanded its stock-linked derivatives lineup with USDT-margined perpetual contracts tied to MARA Holdings, Tempus AI, IonQ, PDD Holdings and Merck. The products give eligible traders leveraged exposure to price movements in those companies, with reported maximum leverage of 20x and trading available beyond traditional stock-market hours, including weekends and holidays. 24

These are derivatives, not shares: holding a contract does not confer ownership of the underlying company. Binance describes TradFi perpetuals as USDT-settled instruments that track traditional assets, allowing users to speculate on price movements without directly owning them. 2127 Leverage can magnify gains, but it can also accelerate losses and trigger liquidation.

What Binance launched

The new contracts bring five individual-company themes into a crypto-native futures venue:

• MARA Holdings: a Bitcoin miner repositioning toward digital infrastructure, including AI and high-performance computing.
• Tempus AI: a healthcare and medical-AI company.
• IonQ: a quantum-computing company.
• PDD Holdings: a global commerce company.
• Merck: a pharmaceutical company. 4

The perpetual structure means the contracts do not have a conventional expiration date. Their USDT denomination and continuous availability make it possible to take a long or short position when the underlying stock market is closed. Binance’s product documentation also notes that equity-based TradFi perpetuals have different price-limit parameters across regular, overnight, weekend and holiday sessions. 21

Why the launch matters for Binance

The listing is part of a broader expansion of traditional-asset derivatives on crypto exchanges. K33 Research data cited in market reporting put Binance’s 30-day average volume for TradFi-linked perpetuals at $15.59 billion, versus $7.39 billion for Bitcoin perpetuals. By mid-August, TradFi products represented more than one-third of Binance’s perpetual-futures volume; reported daily volume had risen from roughly $3 billion at the start of the year. 1719

That comparison does not mean stock-linked derivatives have replaced crypto trading across the market. It does show that Binance’s futures activity is increasingly being shaped by equities, exchange-traded funds and other traditional-asset themes alongside Bitcoin, Ether and other crypto assets. A separate snapshot reported that traditional assets made up roughly two-thirds of the exchange’s 15 largest perpetual contracts by 24-hour volume. 26

The appeal is structural as much as directional. Traders can use stablecoin-settled contracts, leverage and crypto-market infrastructure to express a view on a listed company without opening a conventional brokerage position. The same structure also introduces risks that are easy to underestimate: price gaps, funding costs, thin liquidity outside regular hours and rapid liquidation when leverage is high.

Why MARA became the headline name

MARA stands out because its stock represents more than a straightforward Bitcoin-price trade. The company’s second-quarter results showed $174.9 million in revenue, down 27% year over year, and a $611.3 million net loss. The reported loss was substantially affected by a mark-to-market loss on digital assets. 5163

At the same time, MARA has presented a strategy that moves beyond a pure Bitcoin-mining identity toward a broader digital-infrastructure platform. Its plans include expanding power capacity and pursuing opportunities related to AI and high-performance computing. 5557

That combination creates a particularly event-driven underlying asset. A trader using a MARA perpetual can take a leveraged long or short view on several overlapping questions:

• Can the company execute its AI and data-center strategy?
• Can infrastructure investment produce more diversified cash flows?
• How much will Bitcoin prices continue to affect results and valuation?
• Will financing, power costs and capital allocation support the transformation?

MARA has also used its Bitcoin holdings as a source of funding. Its filings and subsequent reporting say the company sold 23,093 BTC for roughly $1.6 billion during the first half of 2026 to reduce debt and support infrastructure growth. 60 That figure supports the view that the company’s transformation is also a balance-sheet and capital-allocation story, not simply a change in marketing language.

The evidence does not establish that every reported description of the reserve sale represents exactly “nearly one-third” of holdings, so that framing should be treated cautiously. What is clear from the cited results is that MARA is attempting to broaden its business while remaining highly exposed to Bitcoin-related volatility. 515560

What tokenized-stock activity suggests about trader behavior

The launch also arrived amid signs of changing preferences in Binance’s broader stock and tokenized-asset ecosystem. Reporting that cited RWA.xyz placed the value of tokenized stocks on Binance at approximately $581 million, while weekly net inflows had fallen to a low point. 3

Those figures should not be read as proof that users are abandoning long-term investing. They are more consistent with a market in which capital is rotating among existing positions and narratives rather than flowing steadily into a broad basket of tokenized assets.

The reported flow pattern was notably concentrated in semiconductors and AI-related names. Traders reportedly sold SanDisk and Micron exposure and directed about $87 million toward SK Hynix. 4 Separate Binance market reporting showed the SanDisk-linked perpetual briefly generating more 24-hour volume than Bitcoin and Ether perpetuals. 18

Taken together, the activity points to demand for specific catalysts and concentrated volatility: memory chips, AI infrastructure, quantum computing and companies undergoing strategic change. It is evidence of a growing appetite for targeted trades, but not evidence that diversified products such as the QQQ technology ETF have become irrelevant or that concentration is necessarily a durable investment preference.

The main risk: 20x leverage on a stock narrative

The product’s headline feature is also its most important warning. At 20x leverage, a relatively small adverse move in the referenced asset can consume a large portion of a trader’s margin. Because the contracts can trade outside normal equity-market hours, prices may move while the underlying stock is closed, potentially increasing the difficulty of managing a position.

A perpetual contract also carries funding and market-structure considerations that differ from owning shares. Traders do not receive equity ownership through the contract, and the contract’s price can be affected by funding, liquidity and the exchange’s pricing and risk controls. Binance’s own documentation specifies that TradFi perpetuals are settled in USDT and operate under defined price-limit parameters that vary by session. 21

The practical takeaway is straightforward: these instruments offer more access and more flexibility, but they do not turn volatile stocks into diversified investments. MARA, Tempus AI, IonQ, PDD Holdings and Merck may respond to very different business and macroeconomic catalysts, yet the perpetual format can magnify the short-term risk of every one of them.

Bottom line

Binance’s latest listing gives crypto-market participants 24/7, leveraged access to five individual-company themes, led by MARA’s high-risk transition from Bitcoin mining toward AI and digital infrastructure. The launch also reinforces a broader shift: TradFi-linked perpetuals are becoming a significant part of Binance’s derivatives activity, while reported flows show traders concentrating on high-volatility, catalyst-driven names rather than relying only on broad market exposure.

The growth is meaningful, but the instruments remain speculative derivatives. The strongest signal from the launch is not that stock ownership has moved onto crypto rails; it is that crypto-style leverage and always-on trading are being applied to increasingly specific views about traditional companies.