Binance Futures Will Convert SPCXUSDT Pre-IPO Perpetual Contract to Standard TradFi Perpetual

According to the announcement from Binance, Binance Futures will convert the USDⓈ-Margined SPCXUSDT Pre-IPO perpetual futures contract to a standard TradFi perpetual contract gradually at 2026-06-12 16:15 (UTC). The exchange said the mark price smoothing process, in which the mark price will gradually converge from the Pre-IPO trading mark price to the standard mark price calculation, may take up to 3 hours depending on price volatility and the availability of a stable index price. Binance stated that trading functions will not be affected during the transition period, and open orders and positions will not be cancelled. Mark Price and Transition Details: Binance said Pre-IPO perpetual contracts will be converted to standard TradFi perpetuals when an Exchange Notice is published by Binance RIE confirming the transition, described as the “Pre-IPO Transition Notice.” The transition is expected to occur on the day of the Official IPO Listing, when a stable Price Index can be derived from third-party data vendors as determined by Binance. Binance noted there may be particular price volatility immediately following official listing and that the share price may not ever reach the IPO price. During Pre-IPO trading and the transition period, Binance said a ±1% price cap will be imposed on the mark price, limiting changes to within a ±1% range every second interval. After the transition, and following the effective time specified in the Pre-IPO Transition Notice, Binance said the mark price will be calculated using the formula: Mark Price = Median (Price 1, Price 2, Contract Price). Funding Rates After Pre-IPO Trading: Binance said that after Pre-IPO trading ends, the premium index will be available and the funding rate will follow standard perpetual futures rules, with maximum and minimum funding rates up to +1.00% and -1.00%. Binance added that the capped funding rate will be revised from +2.00% and -2.00% to +1.00% and -1.00% after the transition process is complete, and the interest rate component of the funding rate will be changed to 0% after completion.