Binance Futures Will Launch MOONSHOTUSDT USDⓈ-Margined Perpetual Contract Pre-IPO Trading (2026-09-22)
This is a general Binance Exchange Notice and a Notice for the purposes of the Clearing Rules. Products and services referred to here may not be available in your region.
Fellow Binancians,
1. To expand the list of trading choices offered on Binance Futures and to enhance users’ trading experience, the following Contract will be admitted to trading on Binance RIE and admitted to Clearing and Settlement by Binance RCH:
MOONSHOTUSDT USDⓈ-M Futures Pre-IPO Perp with trading starting at 2026-09-22 08:30 (UTC)
2. More details on the aforementioned perpetual contract can be found in the table below:
USDⓈ-M Perpetual Contract | MOONSHOTUSDT |
Launch Time | 2026-09-22 08:30 (UTC) |
Underlying Equity | Beijing Moonshot AI Technology Co., Ltd. |
Exchange | Hong Kong Stock Exchange (“HKEX”) |
Estimated Share Count* | 1 billion shares *The opening price of the Contract could be trading above or below the level of the assumed IPO price per share. The estimated share count is provided for informational purposes only and does not constitute a representation, warranty, recommendation or advice of any kind. Your use or reliance on the estimated share count, for any purpose, including as a basis for any valuation of the Contract is solely at your own risk. Binance makes no assurance as to the actual total share count upon IPO and any implied valuation of the Contract is not attributable to or endorsed by Binance. The actual total share count may differ from the estimated share count and the Contract Size will be adjusted accordingly. Pre-IPO investments carry significant risks. You should conduct your own research and independently evaluate the risks before making any investment decision. |
Settlement Asset | USDT |
Tick Size | 0.01 |
Minimum Trade Amount | 0.01 MOONSHOT |
Minimum Notional Value | 5 USDT |
Capped Funding Rate | During the Pre-IPO trading period: +0.005% per funding interval |
Interest Rate of Funding Rate | During the Pre-IPO trading period: 0.015% daily (0.005% per funding interval) After the Pre-IPO trading ends: 0% |
Funding Fee Settlement Frequency | Every Eight Hours |
Maximum Leverage | 20x |
Trading Hours | 24/7 |
Multi-Assets Mode | Supported |
3. About Mark Price:
3.1 Mark Price Methodology During the Pre-IPO Trading Period:
Before the final IPO price is released, the Mark Price for Pre-IPO Perps is calculated using the following formula:
Mark Price = Average of last 10 seconds’ trade prices on Binance RIE, calculated every second.
If there are less than 21 transaction prices in the 10 seconds interval, the system will check the number of transaction prices in the past 100 seconds. If there are more than 21, the average will be based on the transaction prices in the past 100 seconds; otherwise, it will be based on the last 100 transaction prices of the Pre-IPO contract.
A ±1% of price cap will be imposed on the mark price where the price change is limited within ±1% range every second interval. This cap is applicable during the Pre-IPO trading and Pre-IPO standard perpetual transition period.
3.2 Pre-IPO Perp Transition
Pre-IPO Perps will transition to standard TradFi Perps when an Exchange Notice is published by Binance RIE confirming the transition (the “Pre-IPO Transition Notice”). This transition will occur on the day of the Official IPO Listing, when a stable Price Index can be derived from the third-party Data Vendors (as determined by Binance). The mark price will gradually converge from Pre-IPO trading Mark Price to the standard Mark Price calculation. There may be particular price volatility immediately following official listing and the share price may not ever reach the IPO price.
3.3 Mark Price After the Transition to TradFI Perp:
Following the effective time specified in the Pre-IPO Transition Notice, the Mark Price will be calculated using the following formula:
Mark Price = Median (Price 1, Price 2, Contract Price)
Please refer to the Clearing Procedures and the Mark Price and Price Index in USDⓈ-Margined Futures for Price 1 and Price 2 formulas.
4. About Funding Rates:
The Funding Rate is calculated in accordance with the Clearing Procedures. There are two components to the funding rate: the interest rate and the premium. The interest rate for Pre-IPO Perps is fixed at 0.015% daily by default, or as otherwise specified in the Funding Rate Table (USDS-M Futures). Due to unavailability of the Premium Index for Pre-IPO Perps, the Funding Rate will be 0.005%, or as otherwise specified in the Funding Rate Table (USDS-M Futures), per Funding Interval, as the Funding Times occur every eight hours. Binance RCH will issue a Notice if the Funding Interval or interest rate is amended in respect of a Pre-IPO Perp.
Following the transition to TradFi Perp, the Funding Rate will follow the standard TradFi Perp Funding Rate Mechanism set out in the Clearing Procedures.
Please Note:
This information is released as an Exchange Notice under Rules 75 and 89 of the Exchange Rules and a Notice under Rule 76.6 of the Clearing Rules.
This information specified in this notice should not be construed as financial, legal or other professional advice. For legal terms applicable to Pre-IPO Perps, please refer to the Terms of Use, the Exchange Rules (including the Exchange Procedures) and the Clearing Rules (including the Clearing Procedures). Additional terms and conditions will also be set out in the Contract Specifications applicable to the relevant Derivatives contract.
Please note that a stricter maximum price will be imposed during the Pre-IPO trading and Pre-IPO standard perpetual transition period. Binance may adjust the maximum price from time to time based on market risk conditions. API users may use GET /fapi/v1/exchangeInfo while UI users can refer to this page to find the latest maximum price.
The Pre-IPO Perp will be made available for Futures Copy Trading within 24 hours of launch. For more information on available Futures Copy Trading contracts, please refer to this page.
If the Pre-IPO Perp is transitioned to a TradFi Perp, a Pre-IPO Transition Notice will be issued .
If a Pre-IPO Perp is subject to a Failed IPO and the Contract is subject to Removal, an IPO Failure Notice will be issued.
Binance reserves the right to adjust the Contract Size of the Pre-IPO Perp when the actual share count is available. A separate announcement will be made if Binance decides to adjust.
Binance reserves the right to change the ticker during Contract Size of the Pre-IPO Perp adjustment process.
Binance RIE may adjust the trading parameters of the Pre-IPO Perp from time to time, in accordance with the Exchange Rules and the Exchange Procedures. The applicable trading parameters at any time are set out in the relevant Contract Specifications and in the Trading Parameters Table (USDS-M Futures). Based on market risk conditions, Binance may adjust the specifications of the aforementioned Futures contract from time to time, which include the funding fee and tick size.
Binance RCH may adjust the maximum leverage and margin requirements in accordance with the Clearing Rules and the Clearing Procedures. The applicable maximum leverage and margin requirements are set out in the Leverage & Margin Table (USDS-M Futures).
There may be discrepancies between this original content in English and any translated versions. Please refer to the original English version for the most accurate information, in case any discrepancies arise.
Further Information:
Thank you for your support!
Binance Team
2026-09-22
Note: The announcement was updated on 2026-09-22 to update the funding fee settlement frequency to every eight hours.
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Binance reserves the right in its sole discretion to amend or cancel this announcement at any time and for any reasons without prior notice.
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Digital asset prices can be volatile. The value of your investment can go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Futures trading, in particular, is subject to high market risk and price volatility. All of your Margin Balance may be liquidated in the event of adverse price movement. Past performance is not a reliable predictor of future performance. Before trading, you should make an independent assessment of the appropriateness of the transaction in light of your own objectives and circumstances, including the risks and potential benefits. Consult your own advisers, where appropriate. This information should not be construed as financial or investment advice.To learn more about how to protect yourself, visit our Responsible Trading resource page. For more information, see our Terms of Use, Exchange Rules, Clearing Rules, Exchange Procedures, Clearing Procedures, relevant Contract Specifications and Risk Warning.