出典確認済みリサーチ: Binance

What Binance listed this week

Two announcements three days apart show both routes, and one company, StablecoinX, appears in both.

Route 1: bStocks, and what you actually own

Binance's bStocks FAQ is direct about the legal form. bStocks are issued by BTech Holdings Limited, a special purpose vehicle registered in the Abu Dhabi Global Market (ADGM) and a Binance group affiliate. They are classified as certificates representing financial instruments, offered under an approved prospectus in the ADGM only. Each bStock is intended to give economic exposure to one underlying security, backed by that security held through custody arrangements.

Holding a bStock does not make you a shareholder. You get no direct voting, dividend or inspection rights. The FAQ adds that you can convert to the underlying share if you want direct ownership, and the listing notice says conversion between each stock and its bStock is 1:1 with zero conversion fees.

Price is not guaranteed to match. Binance lists the reasons a bStock may trade at a premium or discount: supply and demand, liquidity, market-maker activity, trading outside U.S. market hours, spreads and corporate-action processing. Because bStocks trade 24/7 on Binance Spot, a weekend price can drift from Friday's close.

Who can buy matters too. bStocks are not available to U.S. persons, are not registered under the U.S. Securities Act, and are offered to eligible users in permitted jurisdictions on a secondary-market basis only.

How dividends reach a bStock holder

Dividends are not paid out in cash. The issuer reinvests the net amount, after withholding tax, fees and other deductions, into more of the same security and reflects that through a multiplier. Your raw on-chain balance stays the same; the displayed balance rises. Binance's FAQ uses an example in which 10 shares show as 10.05 after reinvestment. The withholding is the standard U.S.-source rate for non-U.S. persons and, Binance says, uniform regardless of where you live.

A live example from this week: for MRVLB and ORCLB, Binance took the eligibility snapshot at 00:00 UTC on 9 October 2026 and suspended deposits, withdrawals and 1:1 conversion from 23:30 UTC on 8 October until distribution finished. Trading stayed open. If you plan to move a bStock on-chain around a dividend, expect a short freeze.

Route 2: TradFi perps, and what you actually own

A TradFi perp is a USDⓈ-margined perpetual contract whose underlying is a stock, index or commodity. For the four new contracts, Binance's notice lists: USDT settlement, 0.01 tick size, 0.01-share minimum trade, 5 USDT minimum notional, funding every eight hours with a cap of +2%/−2%, a 0% interest component, maximum leverage of 20x and 24/7 trading. These four contracts are also exempt from Binance's rule that shortens the funding interval to one hour when funding hits the cap.

You never own the stock. What you own is a position whose value follows Binance's mark price. That matters most when the U.S. market is closed. Binance's TradFi FAQ explains that during regular hours the index comes from third-party price vendors; at weekends, holidays and daily maintenance, equity perps switch to an "Orderbook EWMA" mode, which uses Binance's own order book, smoothed, as the index. The mark price may deviate from the index by up to ±5% in regular and overnight sessions and ±3% at weekends and holidays. In plain terms: a liquidation on a Saturday is driven by trading on Binance, not by a stock exchange.

Corporate actions are handled separately. Binance says it publishes market notices for splits, mergers and spin-offs, and a separate dividend adjustment methodology. Its own worked example, for a Hong Kong stock perp, shows a holder of one contract receiving the dividend in USDT. Binance's notice for these four contracts does not state the dividend treatment for shorts; Bitget's equivalent product charges shorts the dividend, as we explained in our ACN stock-perp dividend story.

What each route costs, in numbers

Binance's regular-user rates, re-read on 10 October 2026: spot 0.10% maker and 0.10% taker; USDⓈ-M perpetuals 0.02% maker and 0.05% taker. Two adjustments apply here. For JPMB, LLYB, SECZB and USDEB, maker fees are zero from listing until 31 October 2026, 23:59 UTC, and Binance Convert trades of bStocks are fee-free. For TradFi perps, Binance says discounted trading fees apply, without giving the rate in the notice we read, so treat 0.05% taker as the ceiling.

Worked examples (our arithmetic, before spreads and funding):

• Buying 1,000 USDT of USDEB with a market order costs 1.00 USDT at 0.10% taker. A limit order that rests on the book costs nothing until 31 October.
• Opening 1,000 USDT of USDEXUSDT exposure as a taker costs at most 0.50 USDT at 0.05%. At 20x, the margin is 50 USDT, so a move of roughly 5% against you wipes out that margin before maintenance requirements are counted.
• Funding is the cost bStocks do not have. At the ±2% cap, a 1,000 USDT perp position would pay or receive up to 20 USDT every eight hours. Typical rates are far smaller, but the cap tells you the worst case.

Which route fits which trader

Holding for months: bStocks. No funding, no liquidation, dividends compound into the balance, and you can withdraw to a wallet or use the token as margin collateral. The four new bStocks became eligible collateral in Cross Margin, Portfolio Margin and Portfolio Margin Pro on 7 October; borrowing against them is not supported, and Regular, VIP 1 and VIP 2 users must complete a suitability questionnaire first.

Short-term or short trades: perps. You can go short, use leverage and trade a weekend reaction, at the price of funding and liquidation risk.

Both: some traders hold a bStock and hedge with a short perp. That leaves funding, mark-price gaps and dividend adjustments as the residual risks.

How to act on this

If you trade either product often, fees compound. Binance's partner code 11350287 returns 25% of trading fees, settled hourly; by our arithmetic that brings the 0.10% spot taker rate to an effective 0.075% and the 0.05% perp taker rate to 0.0375%. Check the Binance profile, compare venues on the live rates page and the funding-rate board, and see current venue campaigns on /activities. Partner links may earn NexuAlpha a commission paid by the exchange, at no extra cost to you.

Quick answers

Is a bStock a real share? No. Binance says bStocks are certificates issued by an ADGM vehicle that give economic exposure, not shareholder rights; you can convert 1:1 to the underlying share.

Do bStocks pay dividends? Not in cash. The net dividend after withholding is reinvested and shows up as a higher displayed balance through the multiplier.

Can I trade TradFi perps at the weekend? Yes, 24/7. At weekends the index is built from Binance's own order book, so prices can diverge from where the stock reopens.

Can U.S. users buy bStocks? No. Binance says bStocks are not offered to U.S. persons.

What we could not verify

The exact discounted fee rate for TradFi perps; the dividend adjustment for short perp positions on these four contracts; and the current premium or discount of each new bStock to its underlying share. Product availability depends on your jurisdiction. This article explains product structure; it is not investment advice.