I saw a KOL in the English section who compiled a 77 page Tradfi Handbook and thought it was very well written, so I also wrote a simplified version. The complete Chinese version of the manual has also been translated for your reference Link: https://pan. (baidu.com)/s/1jrXTWKBhawhKx47w3OESDA? pwd=mpzj TradFi will not disappear, it is gaining encrypted tracks ——How do I understand Binance's TradFi Perpetual, Direct Stocks, bStocks, and Stock Options Let me first state the conclusion. Recently, I have increasingly felt that the line between encryption and TradFi is disappearing. In the past, we used to understand the two markets separately: Stocks belong to securities firms, while encrypted assets belong to exchanges and wallets; The US stock market has opening and closing times, with encryption available 24/7; Stocks emphasize ownership, while encryption emphasizes liquidity and composability. But now these things are being brought together. Binance currently provides four completely different ways of expressing the same type of traditional asset: TradFi Perpetual is responsible for trading perspectives, Direct Stocks is responsible for ownership, bStocks is responsible for liquidity and on chain composability, and stock options are responsible for locking in maximum risk in advance. This is also where I think this product is truly worth researching. It's not like 'Binance can also buy stocks'. But rather, the same fund can be switched between holding, trading, hedging, and going live. ——Equally optimistic about NVIDIA is actually four completely different things—— For example, you are optimistic about NVIDIA. You can buy TradFi Perpetual from NVDA, Direct Stock, hold NVDAB, or buy a Call. It may seem like they are both bullish on NVIDIA, but what you actually get is completely different. TradFi Sustainability: Expressing Opinions This is best understood by encrypted users. The mechanism is basically the same as BTCUDT perpetual: USDT margin, no expiration date, funding rate, can be leveraged, and there are also strong balances. The only difference is that the target has changed from BTC or ETH to stocks ETF、 Commodities, even some Pre IPO companies. Its biggest advantage is 24/7. If there is a sudden news on Saturday that can affect the stock price of a company, the stock is still closed, but perpetual can start to reprice. So I would understand it as a trading and risk management tool, rather than a long-term holding tool. Because you have no stock ownership, no dividends, and no voting rights; Long term holding also requires continuous consideration of funding rates. Stocks may be sleeping, but there is no risk. 2. Direct Stocks: Truly holding stocks If your logic is: I have a long-term view on this company and I want to hold it for a few years. Direct Stocks is actually the simplest choice. What is obtained here is the beneficial ownership of actual stocks, which can receive cash dividends and participate in corresponding company actions and voting; Currently, the manual lists over 7000 US stocks and ETFs for trading. For encrypted users, the most interesting aspect is the fund entrance. There is no need to first transfer the stablecoin back to the bank and then enter the gold brokerage firm. When purchasing stocks, the supported assets can be converted into USDC to complete the transaction. So it's not about how stocks can become crypto, but about: How stablecoins can become a funding channel for entering traditional financial markets. 3. bStocks: Turning stock exposure into movable assets This is actually what I think is the most Crypto Native. BStocks are tokenized securities on BNB Chain, supported 1:1 by real stocks or ETF shares held by custodian institutions. The biggest difference between it and ordinary stocks is not the price. But it is mobile. You can trade 24/7, mention your own wallet, use it as collateral or integrate it into DeFi in supported scenarios. Traditional stocks usually remain in brokerage accounts. BStock has started to give a stock exposure properties similar to cryptocurrency assets: it can be transferred, combined, and repurposed. Of course, this does not mean that it is equal to a regular token. You are not a registered shareholder and do not have voting rights; Dividends are reinvested through a multiplier mechanism, and as regulated financial instruments, there are still jurisdictional and compliance restrictions on their transfer and use. So my understanding is: Crypto gives money "Internet time", and bStocks wants to bring this time and liquidity to stocks. 4. Stock options: Knowing in advance how much the worst loss will be The fourth type is stocks and ETF options. At present, this product only allows buying Call and Put, and cannot sell options. The biggest feature for buyers is simple: Without forced liquidation, the biggest loss is the initial payment of royalties. The cost is time. Options have expiration dates and are also subject to Theta attenuation. So if my viewpoint is: NVIDIA has been doing well in the long run. I may not necessarily use options. But if my viewpoint is: NVIDIA's financial report will be released in three days, and I believe there will be a major market trend. Or: Next week's CPI/FOMC, I want to buy a layer of protection for my existing positions. The significance of that option is very clear. You not only need to determine the direction, but also when it will happen. In perpetual trading, leverage and forced liquidation may kill your trades. In option trading, time is also acceptable. ——What's really interesting is not the four products, but their connection—— This is what I think is the most important aspect of the entire Binance TradFi product stack. Direct Stocks and supported bStocks can perform 1:1 bidirectional conversion, and the manual shows that there is no conversion fee for the conversion itself. That means you don't need to permanently choose: I want to be a traditional stock investor. Or still: I want to put the assets on the chain. This matter is starting to become a state that can be switched according to the scene. Give a very practical example. ——I have a long-term positive outlook on a company, so I usually hold Direct Stock to receive dividends and retain shareholder related equity—— Suddenly, a major event occurred over the weekend. Spot trading is not open, but I can use TradFi to permanently reduce some of the risks. If there is another clear macro event ahead, I hope to frame the maximum loss in advance and buy Put. Afterwards, if I wish to obtain 24/7 liquidity or bring assets onto the chain, I can also convert the supported stocks into bStock. These four products are not competing for the same demand. They are more like four states of the same exposure in different life cycles. 24/7 may be more important than many people imagine There is a set of data here that I think is very noteworthy. Binance Research observed 46 stock codes over 7 consecutive weekends. In the sample, the accuracy of the weekend market in determining the final direction on Monday reached 95.1%; In 41 cases where the final jump exceeded 3%, all directions were consistent. Meanwhile, approximately 92% to 95% of Monday's final gap has already been reflected in prices before the spot market opens. This set of data does not imply the existence of an easy to make money arbitrage strategy over the weekend. On the contrary. When you see an opportunity, most of the information may already be priced in. What it truly illustrates is: The value of 24/7 is not to make you gamble more on weekends, but to take risks when they occur, so you don't have to wait until Monday. User behavior also confirms this point. In July 2026, approximately 62% of Binance related transactions occurred during the US market shutdown period; During the observation period, the weekly trading volume during non US stock trading hours increased from approximately $30 million to $302 million. This indicates that the so-called 'all-weather stock market' is not just a feature on product pages. Someone really needs it. So I prefer to understand it as infrastructure rather than a super app The term 'super app' has been overused. Inserting 50 buttons into an app, I don't think that's called a super app. What I truly care about is: Can the same asset be exchanged for a job. Today it is a long-term stock position. Tomorrow it can become a hedged risk asset. It can be converted into on chain assets the day after tomorrow. At the same time, you still use stablecoins as the main entry point for funds, without the need to open a new brokerage, transfer funds, or manage a new account system. There is also an interesting set of user data in the manual: 58.5% of bStocks users simultaneously trade TradFi perpetual or Direct Stocks; Prior to the launch of bStocks, 41.5% of related users had never traded stocks on Binance before. So bStocks may not just be "putting stock users on the chain". Another direction is also happening: Crypto users are entering TradFi through familiar stablecoins, perpetuities, wallets, and token systems. Finally, let's talk about risk None of these products are free money. TradFi has perpetual leverage, funding rates, and strong leveling risks. Direct Stocks still carry market risks associated with the stocks themselves and are closed on weekends. BStocks has custody, on chain, liquidity, and compliance restrictions, and self custody also means private key risk. Although options lock in the maximum loss in advance, they may result in the entire premium being reset to zero due to incorrect direction or loss of time value; And currently, there are specific restrictions on trading time, exercise, and expiration management for the product. So I think what's really important is never: How many products can I buy now but: What exactly did I buy, under what circumstances is it best to use, and in what worst-case scenario would I lose This is also the problem that I most want to solve when doing this Chinese guide for Binance TradFi Handbook. TradFi will not disappear. Stocks, options, dividends, and company ownership will not suddenly lose their meaning with the emergence of Crypto. But TradFi is gaining new tracks such as stablecoins, 24/7 markets, on chain settlements, tokenization, and composability. And what Binance wants to do is become a place where these tracks intersect. In the complete Binance TradFi Handbook, the structure, trading time, cost, risk, conversion methods, and specific usage scenarios of the four products are further detailed. If you only want to quickly understand the entire system, just remember one sentence: Perps expresses the view that Direct Stocks gain ownership, bStocks gain liquidity, and Options define risk. This is also the core product map of the manual itself. (This article is only for the discussion of products and market mechanisms and does not constitute investment advice. The relevant products, fees, qualification requirements, and product parameters may change, and the actual situation shall be subject to the official Binance page. The manual itself also clearly indicates that the relevant data and specifications have a time cross-sectional nature.) @binance @cz_binance @heyibinance @_RichardTeng @BinanceResearch @BinanceVIP