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

Decentralized derivatives protocol SynFutures has launched perpetual contracts that allow users to trade on the 2024 US elections.

On September 19, SynFutures announced that two perpetual contracts for the upcoming US elections on X will allow users to bet on the winning odds. The USDC (USDC)-paired trading contracts focus on who will emerge victorious between Vice President Kamala Harris and former US 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. In the crypto space, these contracts typically involve assets such as Bitcoin (BTC), Ethereum (ETH), or other coins.

Traders can speculate on any backed contract without directly owning the asset. Unlike traditional futures contracts, perpetual futures do not have an expiration date.

SynFutures offers perpetual bonds to Trump and Harris

The new TRUMP-USDC and HARRIS-USDC perpetual futures pairs allow traders to bet on the Polymarket odds on who will win the November 2024 U.S. elections, SynFutures announced on September 19.

Offering up to 10x leverage, SynFutures’ perpetual options are tracking Polymarket’s bet on ‘2024 Presidential Election Winner’.

Current estimates put Harris at a 52% chance of winning, while Trump has a 47% chance.

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

The payment date for both contracts was set as November 4.