Key highlights:

  • Bitget has launched MINIMAXHKDUSDT, a quanto perpetual contract tracking Hong Kong-listed artificial intelligence company MiniMax
  • The product allows traders to gain exposure to a stock priced in Hong Kong dollars while using USDT for margin, fees and profit-and-loss settlement
  • The launch supports Bitget’s broader “universal exchange” strategy as users increasingly seek access to equities, commodities and other traditional assets alongside crypto

The Bitget exchange has launched what it describes as the cryptocurrency industry’s first TradFi quanto perpetual futures product, allowing users to trade non-US-dollar-denominated stocks while settling their positions entirely in USDT.

The first available contract, MINIMAXHKDUSDT, tracks shares of Hong Kong-listed artificial intelligence company MiniMax. It supports 24-hour trading, leverage of up to 20x and funding-rate settlements every eight hours.

The underlying MiniMax stock remains priced in Hong Kong dollars, but traders do not need to acquire or hold HKD. Margin requirements, funding fees and realized profits or losses are instead calculated and settled in USDT.

Bitget said the structure could eventually be applied to other markets where stocks are denominated in currencies such as the Hong Kong dollar or Japanese yen.

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Quanto structure removes currency conversion

Quanto contracts allow a derivative to reference an asset priced in one currency while using another asset for settlement. Although this structure is already established in cryptocurrency derivatives, Bitget claims that no major crypto exchange has previously applied it to traditional financial assets.

Under Bitget’s system, the numerical price of the underlying stock is treated as equivalent to USDT for settlement purposes. This means a movement in the stock’s local-currency price produces the same numerical change in the USDT-denominated perpetual contract.

For example, a trader who opens a long position of 10 MINIMAXHKDUSDT contracts at 30 and closes it at 50 would generate a profit of 200 USDT. The calculation is based on the 20-point price difference multiplied by 10 contracts, with no conversion between USDT and HKD.

The model is intended to reduce the additional complexity faced by traders seeking exposure to international equities. Under a conventional arrangement, a USDT holder wanting to trade a Hong Kong stock may first need to convert funds into HKD, potentially creating additional fees and foreign-exchange exposure.

“Quanto contracts are not new in crypto derivatives, but no major exchange has applied the structure to traditional financial assets until now,” Bitget CEO Gracy Chen said.

Chen added that removing the currency-conversion step could make international stocks more accessible to users already holding stablecoins.

The contract still carries the risks associated with leveraged derivatives, including liquidation and funding costs. It also provides synthetic price exposure rather than ownership of the underlying MiniMax shares.

TradFi perpetual volumes are increasing

Bitget’s product launch comes as crypto exchanges expand their selection of derivatives linked to equities, commodities and other traditional markets.

According to TokenInsight’s Crypto Exchange Report for the second quarter of 2026, TradFi perpetuals were the fastest-growing segment of the crypto exchange market during the period.

Monthly trading volume reportedly increased from approximately $52 billion in January to $268 billion in June. Equity perpetuals overtook commodities as the segment’s largest growth driver.

TokenInsight estimated that Bitget processed around $69 billion in TradFi perpetual volume during the second quarter, corresponding to an 11.01% market share and the second-highest total among the exchanges covered by the report.

The data suggests that stablecoin-settled products are becoming an increasingly important bridge between crypto trading infrastructure and traditional financial markets.

Bitget expands its universal exchange strategy

The quanto perpetual launch forms part of Bitget’s effort to move beyond its original role as a cryptocurrency exchange and become what it calls a “universal exchange.”

The company now offers access to more than two million crypto tokens, over 500 tokenized stocks and a selection of exchange-traded funds, commodities, foreign-exchange markets and precious metals.

Bitget has also introduced tokenized stock perpetuals with USDT settlement, contracts for difference covering equities, indices, commodities and forex, and spot exposure through tokenized stocks.

In April 2026, the exchange launched IPO Prime in partnership with Republic, enabling eligible users to gain exposure to private companies before a potential public listing. In July, it added long call and long put options linked to US-listed equities.

Bitget says it serves more than 125 million users across 150 regions, although these figures are provided by the company and have not been independently verified.

The exchange’s expansion appears to reflect demand from crypto users seeking to diversify across multiple asset classes without transferring funds between separate platforms.

Bitget’s 2026 User Asset Allocation Report, based on a survey of more than 6,000 users, found that 52% of respondents held equities alongside cryptocurrencies. Another 35% reported holding gold or other precious metals, with wealthier respondents more likely to maintain portfolios extending beyond digital assets.

Traditional assets accounted for between 20% and 40% of trading activity on Bitget between January and March, according to the report. Gold was the most actively traded traditional asset during the period.

Regional findings also highlighted several reasons users may prefer stablecoin-based access to conventional markets. In East Asia, 60% of respondents identified avoiding currency conversion as an important reason for settling trades in USDT, directly aligning with the intended use case of the new quanto contracts.

Meanwhile, 46% of surveyed users in Southeast Asia cited leverage as a key motivation for trading traditional assets. In Latin America, 78% said diversification and protection against inflation or currency depreciation were their main reasons for holding both crypto and traditional assets.

“Users are moving capital across asset classes based on liquidity, volatility, and market access, and they increasingly expect one platform to support that efficiently,” Chen said in response to the report.

The MINIMAXHKDUSDT contract gives Bitget another product connecting stablecoin liquidity with traditional markets. Its broader adoption will depend on whether traders see the convenience of USDT settlement as outweighing the risks and limitations associated with leveraged synthetic exposure.