Binance Futures listed three USDⓈ-margined perpetual contracts tracking US-listed TradFi ETFs on July 27, 2026, starting at 13:30 UTC. The new pairs carry up to 25x leverage and settle in USDT with 24/7 trading.
Key Takeaways
- Binance Futures added three USDⓈ-margined perpetual pairs, TMFUSDT, TBTUSDT, and BITOUSDT, launching in sequence between 13:30 and 13:40 UTC.
- Each contract tracks a US-listed ETF: Direxion’s TMF (leveraged long-duration Treasury fund), ProShares’ TBT (leveraged short-duration Treasury fund), and ProShares’ BITO (bitcoin futures).
- Binance capped leverage at 25x and set the funding rate cap and floor at +2.00%/-2.00% across all three pairs.
- The contracts stay exempt from Binance’s 8.1 funding-interval rule, so funding intervals hold at eight hours even at the rate cap or floor.
- Binance already ranks as the largest venue for perpetual derivatives activity, per CoinGlass volume-concentration data, giving the new pairs an existing liquidity base.
What Happened?
Binance published the listing as a Notice under Binance Exchange Rule 17, the same disclosure format the exchange uses for routine futures rollouts. The exchange may adjust the contracts’ funding fee, tick size, maximum leverage, and margin requirements at any time based on market risk conditions, according to Binance’s notice. The rollout wraps SEC-registered, NYSE Arca-listed ETFs into Binance’s own leverage terms and sits alongside the broader Crypto Exchange Market Data CoinLaw tracks across major venues.
BITO already exists as a CFTC-regulated bitcoin futures fund built for US brokerage accounts, so the new perpetual adds a second, offshore layer of leverage on top of a product that already trades inside the regulated US market.
Binance Lets Traders Bet Against US Treasuries With 25x Leverage@BinanceFutures launched USDT-margined perpetual contracts on Direxion’s TMF and ProShares’ TBT and BITO ETFs, with 25x leverage, 24/7 trading, and a funding-interval carve-out.$TMF $TBT $BITO pic.twitter.com/pgCZqUPJSQ
— CoinLaw (@coinlaw_io) July 27, 2026
Contract Specs at a Glance
The three pairs share identical mechanics: USDT settlement, 24/7 trading, a 0.01 minimum trade size per contract, a 5 USDT minimum notional, and Multi-Assets Mode support. Only the underlying ETF and its price behavior differ.
| Contract | Underlying ETF (NYSE Arca) | Max Leverage | Funding Cap/Floor | Settlement Frequency |
|---|---|---|---|---|
| TMFUSDT | Direxion Daily 20+ Year Treasury Bull 3X (TMF) | 25x | +2.00% / -2.00% | Every 8 hours |
| TBTUSDT | ProShares UltraShort 20+ Year Treasury (TBT) | 25x | +2.00% / -2.00% | Every 8 hours |
| BITOUSDT | ProShares Bitcoin ETF (BITO) | 25x | +2.00% / -2.00% | Every 8 hours |
Source: Binance Futures (Exchange Rule 17 Notice; Binance Square)
Long Treasuries, Short Treasuries, One Venue
TMF and TBT both track 20-plus-year Treasury duration, with Direxion’s fund moving with long bonds and ProShares’ fund moving against them. Listing both on the same funding schedule, capped at the same 25x leverage, turns the pair into a ready-made spread trade: traders can hold opposing duration bets inside one USDT margin pool instead of running two separate hedges across two brokerage products.
BITOUSDT adds another layer to the same venue. The contract is based on ProShares Bitcoin ETF (NYSE Arca: BITO) and settles in USDT. That structure builds a synthetic 24/7 wrapper around a fund that itself only trades during NYSE Arca market hours, and Binance’s Multi-Assets Mode lets traders net that position against other USDT collateral instead of funding it as a standalone bet.
Implications for Offshore Crypto Derivatives
The listing extends the same leverage and always on structure to three US-registered ETFs on a platform US persons cannot use for derivatives trading. That gap is the real regulatory story: the underlying funds answer to the SEC, and BITO’s futures holdings sit under CFTC oversight, while the perpetual wrapper layered onto them answers to neither. Traders and compliance teams comparing this launch against broader enforcement trends can reference CFTC Crypto Regulation Statistics, which tracks how far US regulators have reached into offshore derivatives products.
The 8.1 exemption is also a signal worth reading on its own: Binance rarely waives the rule that shifts funding to hourly once a rate hits its cap, and holding these three pairs at eight hours anyway suggests the exchange expects sustained one-way funding pressure.
CoinLaw’s Takeaway
This launch reads as Binance packaging already regulated market exposure into its own leverage terms, not inventing a new asset class. Pairing a leveraged long Treasury fund against a leveraged short Treasury fund on the same funding schedule gives active traders a duration spread they would otherwise build across two separate brokerage accounts. The 8.1 funding-interval carve out is the detail worth watching: it signals Binance expects funding to run one-directional for stretches rather than repeatedly hitting the cap and floor, the pattern that usually forces a switch to hourly funding.
The bigger read sits with BITO. Wrapping a CFTC-regulated bitcoin futures fund in a 24/7, 25x perpetual gives traders a way to arbitrage the gap between US market hours and continuous crypto trading, entirely offshore and outside the reach of the regulators who oversee the fund itself. That distance between where the underlying product is regulated and where its leveraged version trades is the pattern compliance teams should track as more TradFi-linked perpetuals reach the market.
