Crypto exchange Bitget launched what it describes as the industry's first quanto perpetual futures contracts tied to non-US-dollar stocks on July 21. The debut product, MINIMAXHKDUSDT, tracks Hong Kong-listed artificial intelligence company MiniMax and offers 24/7 trading with leverage up to 20x, settling entirely in USDT without requiring currency conversion. The launch expands Bitget's traditional finance offerings as monthly trading volume for TradFi perpetuals grew from approximately $52 billion in January to $268 billion in June, according to TokenInsight's Q2 2026 Crypto Exchange Report.
Bitget Launches MINIMAXHKDUSDT Quanto Perpetual Futures on July 21
The MINIMAXHKDUSDT contract became available on July 21 with 24/7 trading and leverage of up to 20x. The product allows users to gain exposure to an HKD-denominated equity while providing margin and settling profits or losses entirely in USDT. Traders do not need to convert stablecoins into Hong Kong dollars before opening a position.
According to Bitget CEO Gracy Chen, "Quanto contracts are not new in crypto derivatives, but no major exchange has applied the structure to traditional financial assets until now." Chen stated the product is designed to make international stocks easier to access for users who already hold stablecoins.
Quanto Structure Eliminates Direct Currency Conversion
A quanto derivative tracks an asset priced in one currency while settling the contract in another. In the case of MINIMAXHKDUSDT, the underlying MiniMax share price is quoted in Hong Kong dollars, while margin requirements, funding payments and realized profit or loss are handled in USDT.
Bitget's system treats the numerical value of the local-currency price as equivalent to the contract's USDT value. For example, a trader who opens 10 contracts at a price of 30 and closes them at 50 would record a profit of 200 USDT before fees and funding costs: (50 − 30) × 10 = 200 USDT. The trader does not directly buy MiniMax shares or convert USDT into HKD.
Buying foreign stocks through a traditional brokerage can involve several additional steps, including accessing the appropriate market and converting funds into HKD. That process can introduce conversion fees and exchange-rate risk alongside the risk associated with the stock itself. Bitget's quanto structure removes the direct currency-conversion stage, with users depositing USDT as collateral while the contract reflects movements in the locally denominated underlying asset.
TradFi Perpetual Volume Reached $268 Billion in June
According to figures cited by Bitget from TokenInsight's Q2 2026 Crypto Exchange Report, monthly trading volume for traditional finance perpetuals increased from approximately $52 billion in January to $268 billion in June. Equity-linked perpetual contracts reportedly became one of the main drivers of that growth, overtaking commodity-based products during the period.
Bitget Recorded $69 Billion TradFi Perpetual Volume in Q2
Bitget recorded approximately $69 billion in TradFi perpetual volume during the second quarter, according to the company. That represented an estimated market share of 11.01% and placed the platform second among the exchanges covered by the TokenInsight report. Bitget has separately reported TradFi perpetual volume of close to $70 billion for Q2 2026.
Founded in 2018, Bitget is a centralized cryptocurrency exchange that has positioned itself as a "Universal Exchange," or UEX. The platform combines conventional crypto services—including spot trading, perpetual futures and other digital-asset products—with access to tokenized stocks, exchange-traded funds, commodities, foreign exchange markets and precious metals.
Bitget says its platform serves more than 125 million users and provides access to over two million crypto tokens and more than 500 tokenized stocks. The exchange has introduced several TradFi-focused services over the past year, including tokenized stock perpetuals settled in USDT, contracts for difference covering equities, commodities and forex, and products intended to provide exposure to private or pre-IPO companies.
In April 2026, Bitget introduced IPO Prime in partnership with investment platform Republic. The service was presented as a way for eligible users to gain exposure to selected private companies before a potential public listing. The company has also expanded into US-listed equity products and stock options.
MINIMAXHKDUSDT Contract Specifications
The MINIMAXHKDUSDT quanto perpetual contract is now available through Bitget. The product supports USDT margin and settlement, up to 20x leverage, trading around the clock, funding-rate settlements every eight hours, and synthetic exposure to MiniMax's HKD-denominated shares.
Although the contract follows the underlying stock's price movements, it is not equivalent to owning MiniMax shares. Holders of the derivative do not receive shareholder rights, voting rights or direct ownership in the company. Perpetual futures carry additional risks, as leverage can amplify both gains and losses, while funding payments, liquidation thresholds and temporary deviations from the underlying market can affect a position's performance.
FAQ
What did Bitget launch on July 21?
Bitget launched what it describes as the industry's first quanto perpetual futures contracts tied to non-US-dollar stocks on July 21. The first contract, MINIMAXHKDUSDT, tracks Hong Kong-listed AI company MiniMax and offers 24/7 trading with up to 20x leverage, settling entirely in USDT without requiring currency conversion.
How much TradFi perpetual volume did Bitget record in Q2 2026?
Bitget recorded approximately $69 billion in TradFi perpetual volume during the second quarter, according to the company. That represented an estimated market share of 11.01% and placed the platform second among exchanges covered by TokenInsight's Q2 2026 Crypto Exchange Report.
How does the MINIMAXHKDUSDT quanto contract work?
The MINIMAXHKDUSDT contract tracks MiniMax shares quoted in Hong Kong dollars while handling margin requirements, funding payments and profit or loss entirely in USDT. Bitget's system treats the numerical value of the local-currency price as equivalent to the contract's USDT value, eliminating the need for direct currency conversion.
