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Futures explainer · BloFin, Bitunix, MEXC

Stock Perpetual Futures Explained

By Alexander F., Portfolio Manager @ LiquidityFlow.ioUpdated 2026-11-01

Short answer

A stock perpetual future is a crypto-exchange derivative that tracks a listed company's share price with no expiry date. You post USDT as margin, can go long or short with leverage, and can trade 24/7. You never own the shares: no voting rights, no ownership claim, and dividends only appear as funding adjustments where the exchange's rules say so.

Last checked: November 1, 2026 (ET). Not investment advice.

Stock perps let crypto traders take a view on stocks like Apple, Nvidia or Costco from the same futures account they use for BTC. Partner exchanges list them as "stock futures", "stock perps" or "TradFi futures". The mechanics match crypto perps, with two big differences. First, the underlying stock market closes, but the contract doesn't. Second, corporate events like dividends and splits have to be handled by exchange rules.

How a stock perp works

A stock perp is a USDT-margined perpetual contract. It has three prices:

Index price. The exchange's reference for the stock. BloFin builds it from third-party vendor quotes. If no external data is available, it holds at the last value. MEXC says its fair price "is anchored to the latest price of the underlying stock."
Mark price (MEXC calls it the fair price). Used for unrealised profit and loss, and for liquidation. MEXC states that margin ratios are calculated from the fair price.
Last traded price. Where the contract actually traded on that exchange's order book.

Funding keeps the contract close to the index. When the contract trades above the index, longs usually pay shorts; when it trades below, shorts usually pay longs. BloFin's default interval is every 8 hours, and since December 2025 BloFin can switch individual contracts to 1-, 2- or 4-hour intervals. See how funding rates work and live funding rates.

Liquidation works the same way as on crypto perps. If losses push your margin below the maintenance margin, the position is closed. MEXC says it monitors margin in real time and liquidates automatically when the margin rate falls below the maintenance threshold.

Worked example (illustrative)

The numbers below are round and made up, to show the mechanics only.

A stock trades at $100. You open a long worth 10,000 USDT (100 shares' worth) using 1,000 USDT of margin, which is 10x leverage.
If the stock rises 5% to $105, the position gains about 500 USDT, a 50% return on your margin, before fees and funding.
If the stock falls 5% to $95, you lose about 500 USDT, half your margin.
A drop of a little under 10% would put you near liquidation, because the maintenance margin must stay in the account.

Leverage cuts both ways. A move that would be ordinary for the share price can wipe out a leveraged position.

Stock perps vs owning shares vs tokenized stocks

	Stock perp	Owning the shares	Tokenized stock
What you hold	A derivative contract on the exchange	The share itself, through a broker	A token backed by, or tracking, a real share (structure depends on the issuer)
Dividends	None as of right. Some exchanges apply a one-off funding adjustment on the ex-dividend date	Paid in cash by the company	Depends on the issuer's terms
Voting rights	No	Yes	Usually no. Check the issuer's terms
Trading hours	Often 24/7 on the exchange, with limits when the stock market is closed	Exchange hours plus extended sessions	Varies by venue
Leverage	Yes, set per contract by the exchange	Only with a margin account, under broker rules	Usually none (spot)
Settlement	USDT profit or loss; no delivery	Shares in your account	Token in your wallet or account

BloFin's Academy draws the same line. A tokenized stock is a token backed by a real share. A stock perp gives you price exposure with no claim on the share. BloFin's stock-futures disclaimer says its contracts "do not represent actual or beneficial ownership" of the stocks or stock tokens.

What happens when the stock market is closed

The stock market is shut at night, on weekends and on US holidays, but the contract can keep running. With no live stock price, the index has little to follow. Each exchange handles this differently:

BloFin. Listing notices show "Trading Hours 24/7". BloFin also says stock futures may be limited to reduce-only orders outside regular weekday hours, at weekends and on public holidays. BloFin lists regular hours as 14:30-21:00 UTC in US standard time (from November 1, 2026) and 13:30-20:00 UTC in daylight time.
Bitunix. Since August 14, 2026, stock, ETF and index perps trade 24/7. Before that they were reduce-only at weekends. Commodity perps keep their own hours. Bitunix says 24/7 trading "does not mean the underlying markets are open." It uses specific index and mark price mechanisms during non-trading and low-liquidity periods. Its older Stock Perps Trading Guide still describes a weekend reduce-only schedule, so check the contract page before you trade.
MEXC. MEXC says its TradFi futures trade 24/7, split into high-, medium- and low-liquidity periods. When the market is closed, index and fair prices "may show limited movement", stricter price limits may apply, maximum leverage may be lowered for new orders, and some pairs may go close-only.

The main weekend risk is the gap. News that breaks while the market is shut is priced in when it reopens, and the contract can jump past your stop. MEXC and Bitunix both warn that take-profit and stop-loss orders may fill far from the trigger, or not at all, in thin conditions.

Dividends, splits and corporate actions

A stock perp has no shares, so there is nothing to pay a dividend on. Because the share price usually drops by roughly the dividend on the ex-dividend date, MEXC and Bitunix run a one-off funding adjustment: longs are credited the dividend and shorts pay it. BloFin's terms say its stock futures carry no right to dividends, and it announces splits, mergers and spin-offs in separate notices. Read the full mechanics in stock perpetual futures dividends.

Pre-IPO perps

Some exchanges list perps on companies that aren't public yet. Bitunix, for example, lists OURAUSDT as a "Pre-IPO" perpetual and says it gives no shareholder or voting rights. If the IPO happens, Bitunix may convert the contract into a standard stock perp, as it did with SPCXUSDT in June 2026. See pre-IPO perpetual futures for how these are priced and what happens at listing or delisting.

Where to trade on partner exchanges

All three partners list stock perps against USDT. Contract lists, leverage and hours change often, so check the live contract page before trading.

BloFin

BloFin's stock futures are linear, USDT-margined contracts with no expiry. Listing notices show a 0.01 contract size and 8-hour default funding. The index is built from third-party vendor quotes, and BloFin's disclaimer says the contracts reference "a basket of tokenized stock indices already circulating in the market." Splits, reverse splits, mergers and spin-offs are announced in separate market notices. BloFin says access "may be restricted in certain regions." More on the BloFin exchange page.

Bitunix

Bitunix calls these TradFi or stock perpetual futures. They are USDT-M contracts on US stocks and ETFs, and you trade the price difference, not the stock. Its hub guide lists pairs such as TSLAUSDT, NVDAUSDT, AAPLUSDT, AMZNUSDT, COINUSDT, MSTRUSDT and HOODUSDT, and Bitunix keeps adding new ones. A notice dated October 30, 2026 says EWZSUSDT (iShares MSCI Brazil Small-Cap ETF), OXYUSDT (Occidental Petroleum) and SMRUSDT (NuScale Power) launch on November 2, 2026 at 08:00 UTC, with 1x-20x leverage. Bitunix says it may change tick size, maximum leverage and margin requirements at any time. On October 28, 2026 it also suspended API trading for a list of TradFi perps. More on the Bitunix exchange page.

MEXC

MEXC lists stock futures including COIN, HOOD, NVDA, AAPL, AMZN, GOOGL, META, TSLA and MCD. They use the same interface as its crypto perps. MEXC says leverage goes "up to 200x" and varies by contract. MEXC publishes a cash-dividend settlement notice before each ex-dividend date, and it may apply early settlement or position adjustments for splits and reverse splits. More on the MEXC exchange page.

Risks

Leverage. Small stock moves become large gains or losses on your margin, and you can be liquidated.
Gaps at the open. Weekend and overnight news can move the price past your stop or liquidation level.
Thin off-hours liquidity. Wider spreads, more slippage, and orders that may not fill.
Index pauses. When the index freezes or barely moves, the contract can drift away from where the stock will reopen.
Exchange-set rules. Hours, leverage, reduce-only windows and API access can change by notice, sometimes at short notice.
Corporate actions. Dividend adjustments can cut a short's margin, and splits can force a contract to be settled and relisted. Bitunix did this with CRWDUSDT in July 2026.
Delisting. Contracts can be delisted and settled. See perpetual futures delisting.
Regional access. Partner exchanges restrict some countries, including the US. See can US traders use perpetual futures.

FAQ

Do I own the stock?

No. A stock perp is a USDT-settled derivative. BloFin, Bitunix and MEXC all say their stock perps give no ownership of the underlying shares.

Do stock perps pay dividends?

Not as a shareholder right. MEXC and Bitunix apply a one-off funding adjustment on the ex-dividend date: longs receive the dividend amount and shorts pay it. BloFin says its stock futures carry no dividend rights; whether it makes a dividend adjustment is not stated by the exchange. See stock perpetual futures dividends.

Can I trade them on weekends?

Often, yes, but with limits. MEXC and Bitunix run them 24/7, with low-liquidity rules when the market is closed. BloFin says trading may be reduce-only outside regular weekday hours and at weekends. Expect thin books and gaps at the Monday open.

What leverage is available?

It's set per contract and changes over time. Bitunix's November 2 listings are 1x-20x. MEXC says up to 200x depending on the contract. BloFin's current per-contract limits are in the fact box above. Check the contract page before you open a position.

Can US traders use them?

Our partner exchanges don't accept US residents for these products. Bitunix says users in restricted regions can't see stock perps. See US perpetual futures for the venues open to US traders.

This article is for education only and is not investment advice. Stock perps are leveraged derivatives and you can lose your entire margin.