80% of the week falls outside U.S. equity hours, yet July saw just 10.8% of volume there. Binance data shows perpetuals linked to TradFi assets now dominate its highest-volume contracts.
Alpha Score of 49 reflects weak overall profile with strong momentum, poor value, moderate quality. Based on 3 of 4 signals – score is capped at 90 until remaining data ingests.
Nasdaq and the New York Stock Exchange are pushing toward a 23×5 trading model. Extended sessions would add roughly 58 weekly hours of access to U.S. equities. Binance already runs a 24/7 operation. The gap between the two models reveals where demand actually lives.
Binance Research puts 80.7% of the weekly calendar outside regular U.S. equity trading hours. That window generated just 10.8% of July volume. The split is structural: institutional players dominate U.S. stock trading. They cluster activity during the window with the deepest liquidity and strongest regulatory protections. Retail and international demand, the data suggests, is what fills the remaining hours.
Shunyet Jan, Head of Exchange & Trading at Binance, said extending the session alone does not create a continuous market. "The demand has existed for a long time, for major exchanges to adapt they need to make deep changes," he said. Those changes implicate clearinghouses, banks and market makers, not just the exchanges themselves.
The crypto market was built for 24/7 competition from the start. Bitcoin created a structural incentive for every platform to stay open at all times. Traditional equities never faced that same pressure.
The volume figures back the contrast. Perpetuals linked to traditional financial assets accounted for 37% of total perpetuals volume on Binance in August. In one recent 24-hour window, those products occupied 10 of the 15 highest-volume contracts. SNDK perpetuals even surpassed the BTC-USDT pair during that period.
More than 90% of Direct Stocks and bStocks users come from emerging markets. Those users historically faced higher costs and greater complications accessing international exchanges. That profile also shapes what gets traded: semiconductors, AI names and chipmakers draw the bulk of attention, a mix far removed from the typical U.S. portfolio.
The 23×5 model still leaves roughly 53 weekly hours without trading on U.S. exchanges. Closing that gap requires the entire financial infrastructure, including the banking system, to operate continuously. In crypto, stablecoins and instant settlement already solve that dependency, Jan said.
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