As a seasoned analyst with over two decades of experience in financial markets, I find the launch of SynFutures’ perpetual contracts for trading the 2024 U.S. election intriguing. While I’ve seen my fair share of derivatives and futures, this is a unique twist that merges politics with finance.
In simpler terms, SynFutures, a system for trading derivative contracts in a decentralized manner, has introduced long-term bets on the outcome of the 2024 U.S. presidential election that are available for users to trade.
On September 19th, SynFutures announced on their platform that they were offering two perpetual contracts related to the upcoming U.S. election. These contracts enable users to wager on the winning rate for candidates Vice President Kamala Harris and former U.S. President Donald Trump. The contracts are tied to USDC (USDC), meaning they can be traded using this digital currency.
What are perpetual futures contracts?
In simpler terms, continuous future contracts are a type of financial product based on cryptocurrencies. Traders can utilize these contracts to predict and bet on the potential price changes of digital assets such as Bitcoin (BTC), Ethereum (ETH), or other currencies in the crypto market.
Traders are able to make predictions about various contracts without having to personally own the underlying asset. Unlike traditional future contracts, perpetual futures do not come with a specific end date.
SynFutures offers Trump and Harris perpetuals
In my analysis, starting from September 19th, SynFutures has introduced two novel perpetual future contracts: TRUMP-USDC and HARRIS-USDC. These pairs enable traders like myself to speculate on the outcome of the U.S. presidential election in November 2024, based on the Polymarket rate.
SynFutures’ perpetual contracts, providing up to tenfold leverage, are linked to wagers on the 2024 Presidential Election outcome from Polymarket.
Currently, predictions indicate Harris has a 52% chance of winning, while Trump stands at 47%.
On SynFutures platform, the price for TRUMP-USDC stands at $0.47661, compared to $0.52453 for HARRIS-USDC. Over the past 24 hours, the TRUMP-USDC pair has seen a change of 0.72%, and the HARRIS-USDC pair, a smaller change of 0.24%. The trading volume over this period was approximately $366,000 for TRUMP and around $105,000 for HARRIS.
The two contracts have a settlement date of Nov. 4.
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2024-09-19 18:14