Binance Expands Futures Options with XPLUSDT Perpetual Contract Launch, USDT-Settled with Up to 5x Leverage

Binance has launched a USDT-settled futures product, XPLUSDT perpetual contract, with up to 5x leverage for pre-market trading starting on 2025-08-22. The contract is designed to expand Binance Futures' trading options and may drive short-term liquidity shifts and volatility in affected markets. Initial trading typically triggers volume surges, and traders should expect short-term liquidity and volatility changes based on leverage uptake.

Binance has expanded its futures offerings with the launch of the XPLUSDT perpetual contract, set to commence pre-market trading on August 22, 2025, at 09:30 UTC. This USDT-settled futures product offers up to 5x leverage, enhancing the trading options available on Binance Futures.

The XPLUSDT perpetual contract is designed to provide traders with additional hedging and speculative tools. It will use a ±1% pre-market price cap to mitigate extreme price movements, ensuring more controlled trading conditions during the initial phase. The contract is expected to drive short-term liquidity shifts and volatility in the affected markets, with initial trading likely triggering volume surges.

The underlying asset for this contract is Plasma (XPL), a Layer 1 EVM-compatible blockchain designed for high-volume, low-cost global stablecoin payments. The total supply of XPL is 10 billion, with no maximum supply cap. The settlement asset for the contract is USDT. During pre-market trading, the mark price will be calculated as the average of the last 10 seconds of trade prices, updated every second. If fewer than 21 transaction prices are available within this interval, the average will be based on the last 20 transaction prices.

The capped funding rate during pre-market trading is set at +0.005%, transitioning to a range of +2.00% to -2.00% once pre-market trading concludes. Funding fees will be settled every four hours. The trading function will remain unaffected during the transition from pre-market to standard perpetual futures contracts, and open orders and positions will not be canceled.

Binance reserves the right to adjust contract specifications, including funding fees, tick size, and leverage, based on market conditions. The Multi-Assets Mode will be supported, allowing users to trade across multiple margin assets. The XPLUSDT perpetual contract is subject to Binance's Terms of Use and Futures Service Agreement.

Traders should be prepared for potential short-term liquidity and volatility changes, particularly during the initial trading period. It is essential to use risk controls and monitor funding and open interest metrics to assess the broader impact on futures markets.

References:
[1] https://en.coinotag.com/binance-opens-pre-market-trading-for-xplusdt-perpetual-contract-with-up-to-5x-leverage-could-affect-usdt-settled-futures/
[2] https://www.coinlive.com/en/news-flash/876364