Contents
Where a Strategy perpetual would tradeWhat it costs to hold: funding in real moneyLeverage, weekends and earnings days: how big is safeOpening a first small stock position step by step
Where a Strategy perpetual would trade
MSTR is the ticker of Strategy, the company many traders watch because of the bitcoin it holds. A perpetual on it is a contract that follows that share price and never expires — you are not buying stock, you get no dividends or voting rights, and no broker is involved. If stocks on a crypto exchange are new to you, the overview of stock trading on crypto exchanges covers the idea in one page.
Binance Wallet trades stock perpetuals right inside the Binance app, in the Perpetuals tab, with your own wallet balance; execution and the order book come from Binance's partner, the Aster protocol. Hyperliquid is a second route: there the stock, index and commodity markets are deployed by trade.xyz, with USDC as collateral. Binance Futures lists stock and ETF perpetuals too, inside the usual futures account. The same company can exist on more than one venue, and sometimes in two pairs on the same venue: one priced in USDT, one in USD1 (another dollar stablecoin). They follow the same share price, but one pair usually trades much more than the other — take the busier one.
Listings and leverage caps change, so look the ticker up in the live tables: the live Binance Wallet market table lists every pair in the Perpetuals tab with its maximum leverage, and the live Hyperliquid market table does the same for the trade.xyz markets. Look at the 24h volume column first: the busier pair usually fills closer to the price you see on the screen. If a pair shows very little volume, keep the order small and use a limit order. And if the ticker is in neither table, it is not tradable there today, whatever a chat group says.
| Where | Contract | Price | Leverage up to | 24h volume | Open interest |
|---|---|---|---|---|---|
| Binance Wallet Perpetuals tab, Aster order book | MSTRUSDT | $145.45 | 50x | $1.8M | $2.8M |
| Hyperliquid (trade.xyz) HIP-3 market by trade.xyz | xyz:MSTR | $145.18 | 10x | $15.9M | $35.9M |
| Binance Futures for comparison | MSTRUSDT | $145.43 | — | $261.5M | — |
Prices differ a little between venues: each has its own order book and price source. Liquidation and profit are counted on each venue’s mark price.
Updated 24 Oct 2026, 12:12 UTC from Binance Wallet Perpetuals tab (Aster order book), Hyperliquid API, Binance Futures API.
The price on the pair screen is the price of this contract, set by the people buying and selling it. It tracks the share closely, but it can sit a little above or below at any moment, so don't be surprised if it differs slightly from the price in a stock app. And a perpetual is not a tokenized share — the two behave differently, as tokenized stock vs futures explains.
What it costs to hold: funding in real money
Perpetuals never expire, so each venue keeps the contract near the share price with a payment between the two sides, called funding. When the rate is positive, longs pay shorts; when it is negative, shorts pay longs. The exchange does not keep this money. Our page on how funding works walks through the mechanics; here is how to turn the rate on your screen into an amount.
The method is simple: take the rate shown for the pair, multiply it by your position size, and that is the payment. Say the rate is 0.01% and your position is 500 USDT — that is 0.05 USDT per settlement. With three settlements a day, roughly 0.15 USDT a day and around 4.5 USDT over a month. Those are illustrative figures: the real rate changes at every settlement and can flip negative, which means you receive instead of paying.
The interval matters as much as the rate. Some contracts settle every eight hours, some more often, and on Hyperliquid funding is paid every hour, so you almost always pay or receive something. The table below shows current rates by venue: read the rate, note the interval next to it, then multiply by 500 to see what one settlement would cost on a 500 USDT position.
| Where | Contract | Paid | Rate now | A long over 30 days, per 1,000 USDT | Over 90 days |
|---|---|---|---|---|---|
| Binance Wallet | MSTRUSDT | every 8 h | 0.0000% | pays 7.93 USDT | pays 12.83 USDT |
| Hyperliquid (trade.xyz) | xyz:MSTR | every hour | +0.0006% | pays 10.49 USDT | pays 28.04 USDT |
| Binance Futures | MSTRUSDT | every 8 h | 0.0000% | pays 7.28 USDT | pays 15.88 USDT |
Plus means longs pay shorts, minus means longs receive. The period total is what a 1,000 USDT long would have paid holding the whole time (price changes aside); a short receives the same amount with the opposite sign.
Updated 24 Oct 2026, 00:57 UTC from Binance Wallet Perpetuals tab (Aster order book), Hyperliquid API, Binance Futures API.
Before you compare two venues, put the rates on the same basis — how to compare a 1-hour rate with an 8-hour one shows the arithmetic in two lines.
Trading fees sit on top of funding. In the Perpetuals tab the taker fee on stock and commodity contracts is 0.0125%, so entering and leaving a 500 USDT position with market orders costs about 0.13 USDT; check the maker fee for the pair on the fee screen in the app. On Binance Futures the base level is 0.02% maker and 0.05% taker, about 0.50 USDT for the same round trip. Hyperliquid has its own schedule — see Hyperliquid fees before you size a trade there.
Leverage, weekends and earnings days: how big is safe
Each pair carries its own leverage cap, shown on the badge next to it in the app; on the trade.xyz markets most stocks top out around 10x or 20x. What the venue allows and what suits a first position are different things. A 500 USDT position moves 25 USDT for every 5% the share price moves — that is true whatever leverage you pick. What leverage changes is how much of your own money is tied up: at 5x you put in about 100 USDT, so those same 25 USDT are a quarter of your margin. The guide to choosing leverage for a first trade helps you pick a number you can sleep with.
Strategy moves on two things at once. The share reacts to company news like any stock, and it also reacts to bitcoin, because of what the company holds. A quiet day on the stock market does not mean a quiet day for this contract — a weekend bitcoin move can push the perpetual while the underlying share is not trading at all.
That is the weekend question in one line. The perpetual runs around the clock, the US stock market does not, and quarterly results usually come out outside regular hours. The result is price gaps: the contract can jump through your stop level rather than stopping at it. Keep positions small across weekends and company reporting dates, and read how stock perps behave at night and on weekends before you hold one over a Saturday.
Opening a first small stock position step by step
Search for the ticker
In the Binance app, switch to Binance Wallet, open the Perps list and search for the ticker; the Stock group tab narrows the list. If it is not there, check the other venue's list — the Hyperliquid market table — before planning anything. A company can also appear twice, once priced in USDT and once in USD1, so compare the 24h volume of both and take the busier one.
Read funding and the minimum order before anything else
Before you size the trade, find the current funding rate and the minimum order for that pair — they are shown in the pair's details or contract information in the app. If you cannot find the minimum, try the smallest amount the order window accepts. If the rate is positive and you plan to go long, you will be the one paying.
Set leverage, then the amount
Set leverage first, because it decides how much margin the same position needs. A 500 USDT position at 5x needs about 100 USDT of margin plus a little spare for fees. Start well below that while you are learning the screen.
Add a stop loss before you confirm
Decide the price at which your idea is wrong and place the stop there in the same order window. On an instrument that gaps, the fill can come in worse than your stop price — one more reason to keep the size modest.
Write down why you opened it
One line is enough: direction, level, stop, and what would make you close early. It turns a random tap into a trade you can review afterwards.
A full walkthrough of the order window is in how to open a trade in Binance Wallet, and you can open Binance Wallet and look at the pair screen before you put any money in. If you would rather trade from a self-custodial wallet with no exchange account at all, check the stock list on Hyperliquid and try it on Hyperliquid by connecting a wallet and depositing USDC.
Availability depends on where you live, and so does the list of contracts you will actually see. The Perpetuals tab runs through Aster, whose terms exclude residents of Russia, Ukraine, the USA, Canada, the United Kingdom, China, North Korea, Cuba, Iran, Venezuela and Syria. Check in the app whether the venue and the contract open for your account before you plan a trade.
Is an MSTR perp the same as owning MicroStrategy stock?
No. Strategy (formerly MicroStrategy) shares are bought through a broker and make you a shareholder. A perpetual is a contract on the price — you settle the difference in USDT or USDC, get no dividends or voting rights, and you can go short as easily as long.
Where do I check whether the MSTR pair is listed?
In the live tables on this page and in the app itself. The Binance Wallet market table lists every pair in the Perpetuals tab with its maximum leverage and 24h volume, and the Hyperliquid table does the same for the trade.xyz stock markets. Lists change every few weeks, so check the live table and the app rather than any fixed number.
Why are there two pairs on the same company, one in USDT and one in USD1?
USD1 is another dollar stablecoin, so the two pairs follow the same share price and simply settle your profit or loss in different coins. What matters in practice is volume: one of the two usually trades far more, and that is the one to pick, because a busier pair tends to fill closer to the price you see.
What if the ticker isn't listed anywhere?
Then you cannot trade it as a perpetual today, and no workaround changes that. Either wait and check again later, or pick a related contract that is listed — on a company whose price you also understand — and practise the mechanics there with a small position.
How much does it cost to hold a stock perpetual long for a month?
Mostly funding. Take the rate for the pair, multiply by your position size, and multiply by the number of settlements you expect to sit through. On a 500 USDT position a 0.01% payment is 5 cents, so a month of three payments a day at that rate would be around 4.5 USDT — but rates move every settlement and can turn in your favour.
Why does a stock perpetual move at the weekend?
Because the contract trades around the clock while the share does not. Price then follows what traders expect for Monday, and with a company like Strategy that often means following bitcoin. The gap when the stock market reopens is the risk you size for.
What is the smallest position I can open?
It depends on the contract. Look for the minimum order in the pair's details or contract information, and if you cannot find it, try the smallest amount the order window accepts. For a first attempt that is exactly the right size — the point of trade number one is learning where the buttons are.
