SynFutures launches 2024 U.S. election perpetuals with 10x leverage

SynFutures, a decentralized derivatives protocol, has launched perpetual contracts that allow users to trade the 2024 U.S. election.

On Sept. 19, SynFutures posted on X that the two perpetual contracts on the upcoming U.S. election would allow users to bet on the winner’s rate. The USDC (USDC)-paired trading contracts focus on who will emerge victorious between Vice President Kamala Harris and former U.S. president Donald Trump.

What are perpetual futures contracts?

Perpetual futures contracts offer a crypto derivative instrument that traders use to speculate on the future price of an underlying digital asset. These contracts in the crypto space typically involve assets like Bitcoin (BTC), Ethereum (ETH) or other coins.

Traders can speculate on any supported contract without owning the asset directly. Perpetual futures, unlike traditional futures contracts, do not have an expiration date.

Read more: REX Shares and Tuttle Capital launch 2X leveraged and inverse MicroStrategy ETFs

SynFutures offers Trump and Harris perpetuals

As SynFutures announced on Sept. 19, the new TRUMP-USDC and HARRIS-USDC perpetual futures pairs allow traders to bet on the Polymarket rate regarding who will win the U.S. election in November 2024.

SynFutures’ perpetuals, which offer up to 10x leverage, track the Polymarket bet on the topic of the ‘Presidential Election Winner 2024’.

Currently, predictions indicate Harris has a 52% chance of winning, while Trump stands at 47%.

On SynFutures, the TRUMP-USDC pair trades at $0.47661, while the HARRIS-USDC pair is at $0.52453. The trades show a 24-hour change of 0.72% and 0.24%, respectively. The 24-hour trading volume for the two contracts is just over $366,000 for TRUMP and over $105,000 for HARRIS.

The two contracts have a settlement date of Nov. 4.

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