Author: danny

Lu Xun once said: It's better not to do things but to do them differently. If the ultimate goal is to take control of pricing for targets, then do not engage in a head-on clash at the strongest place on Nasdaq, but instead move the battlefield to where you are most proficient in Perp, 24/7, leverage, on-chain inventory and decentralized wild/formal market makers.

Use Perp to seize the pricing high ground, use bStocks to absorb inventory and correct errors—take control of pricing power.

In 1848, when the Chicago Board of Trade (CBOT) was established, it was not yet the huge futures market (CBOE) that it later became. Chicago was becoming the distribution hub for grain in the American Midwest, with railroads and canals transporting boatloads and carloads of wheat and corn into the city. The problem was that wheat was not stock. Similarly named wheat from different farms and different years are fundamentally not the same thing. If buyers do not even know what they have bought, it is difficult to form a unified market price. One of the earliest things CBOT did was to organize this chaos into tradeable standards. After being authorized by the state of Illinois in 1859, CBOT could set grain grades, which were determined by designated inspectors; by 1865, margin and delivery rules began to become institutionalized.

This may not sound like financial innovation, but it changed the structure of the market.

After grain entered large elevators, there was no longer a need to ask where this bag of wheat came from. The market began to trade according to uniform grades, such as a certain standard grade of wheat. The Federal Reserve noted in reviewing this history that this grading and standardized warehousing allowed buyers to know what they were buying, reduced transaction costs, and created conditions for a liquid market.

Only after this did futures come into play.

Farmers could sell their future crops in advance, grain merchants could purchase future goods, and speculators could bet on future prices without having to haul thousands of bushels of wheat home. CBOT gradually developed standardized futures from early forward and “to-arrive” transactions, and by the latter half of the 19th century, Chicago's grain futures began to take on the functions of price discovery, risk management, and public quotation.

Here is a point that is easily overlooked.

The fastest runners with the highest trading volume are futures, but what prevents futures from becoming a gamble disconnected from the physical is the grain storage behind it.

Background

On a weekend in August 2026, NVDA, TSLA, SNDK, and SKHY four stocks on Binance had a total turnover of about 461 million USD. On Sunday, all four Perp prices were higher than the previous cash market close, but on Monday, after the US cash market opened, all four opened lower. Looking solely at SNDK, that weekend Perp traded about 338 million USD, with a Friday Cash Close of 1,212.21 USD, trading to 1,223.98 USD on Sunday, while Monday Cash Open dropped to 1,203.41 USD.

A month ago during the Independence Day long weekend, the same SNDK provided another answer. The cash market closed at 1,745 USD, but on Sunday trading went up to 1,841.88 USD, with Monday Cash Open at 1,828.68 USD. After the cash market reopened, there was about a 4.8% gap, and Binance weekend pricing had covered most of this increase, but the price had overshot.

The same product once traded out the Monday gap in advance, and once went in the opposite direction after hundreds of millions of dollars in trading. This matter pushed the issue of 24/7 stock trading from “extending trading hours” to market structure:Trading volume is not pricing power.

If Binance's goal was simply to allow users to buy stocks on Saturdays, extending trading hours would have sufficed. However, by looking at Direct Stock, TradFi Perp, and bStocks together, we can see a different structure. After the cash market closes, Perp first takes on trading direction, leverage, and high-frequency trading, while bStocks provides a stock inventory that can be held, transferred, collateralized, and hedged, and on-chain agreements bring in capital from outside centralized exchanges. When the traditional stock market reopens, we will see if the prices formed by this 24/7 market are accepted by the US stock market.

This article does not discuss whether bStocks is another form of tokenized stock, but another matter:If Binance wants to compete for the first version of prices after the traditional stock market closes, why is the engine using Perp, and why does bStocks become the inventory layer and error correction layer.

1. Binance is not competing for two more trading days, but for the prices after the stock market closes.

The stock market has a time gap. After New York closes at 4 PM on Friday, companies may still release news, macro policies may change, new events may occur in the industrial chain, wars and politics will not wait for Nasdaq to open. Funds are still reevaluating these stocks, but these judgments cannot enter the official order book of US cash stocks temporarily.

So the question is not the absence of information but where this information should go (using positions) after it comes out. If a certain market can take on stock risk when the NYSE, Nasdaq, KRX, or Hong Kong Stock Exchange is closed, it has the opportunity to form the next price discovery before the cash stock market opens.

Binance’s three products neatly divide into three roles. Direct Stock handles real securities, corporate actions, and traditional market interfaces; bStocks turns stocks into an asset that can be held, converted, transferred, and collateralized; TradFi Perp handles long and short positions, leverage, and continuous trading.

If it wants to become a source of price discovery, the most suitable front runner is not bStocks, but Perp. The reason is simple: the first step of price discovery is getting opinions into the market, and the cost of expressing opinions through derivatives is lower than that of spot.

2. Why is Perp more likely to achieve price discovery?

Taking NVDA as an example, during a sample period from July 17 to 22, NVDA Spot had a nominal transaction of about 4.21 million USD, while the NVDAUSDT Perp traded about 418 million USD, a difference of about 99 times. Looking at just the weekend, on July 18 Perp was about 37 times bStocks, and on July 19 about 68 times.

This comparison is between two products within Binance, not between Binance Perp and Nasdaq NVDA stocks. The trading volume of US cash stocks is still higher than that of Binance stock Perp. The significance of this comparison is to see where new directional orders flow after the cash market takes a break.

Once finished buying the spot, it can be left for months, while Perp will continuously open and close positions, reverse, adjust leverage, do basis, and collect funding, with market makers constantly hedging. The same dollar in capital can contribute to multiple gross turnovers in Perp. The difference for shorting is even greater: if there is negative news for NVDA on Saturday, those without NVDA stock wishing to short in the spot market have to deal with borrow first; Perp can express direction simply by selling.

Therefore, the first price path after the market closes can be written as Information → Perp → Candidate Price. The role of Perp is to produce candidate prices, not to guarantee that the candidate prices are correct. This distinction determines the significance of bStocks’ existence.

3. Research Scope: Data Comparison from 25 Instances of "Market Closure - Reopening"

To observe how this price is formed, we collected and sorted the trading data of NVDAUSDT, TSLAUSDT, SNDKUSDT, SPCXUSDT, and SKHYUSDT. There are 25 instances in the US market that correspond to the next Cash Open, with NVDA, TSLA, SNDK, SPCX each having 6 instances, and SKHY 1 instance.

One instance starts from the previous Cash Close, going through Pure Weekend, Sunday Price, Monday Premarket, Opening Auction, to the next Cash Open. Sunday at 19:59 ET is used to observe prices before the regular US premar… End of translation due to character limit.

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