Binance: Perps Capture 97% of Equity Gaps

Binance equity-linked perps absorbed $1.02B in volume after the FOMC decision and captured a median 97% of the subsequent opening gaps across 16 names, with every contract nailing the correct direction while cash markets remained shut. The SEC Innovation Exemption hit near the close, sending HOOD up 4.67%, CRCL 4.43%, MSTR 4.04% and COIN 3.24% by Friday open, versus SPY at -0.16%. Another $7.25B flowed through 198 TradFi perps during the S&P rebalance closure, and pre-IPO contracts showed Anthropic slipping just 0.89% on delay news while OpenAI rose 3.00%. September volume already stands at $643M, exceeding all of August.