Binance shifts futures pricing to EWMA model

Binance said it will replace its fixed pricing method with an orderbook-based EWMA model for commodity perpetual futures during weekends and off-hours.

The update, effective Friday at 9:00 pm UTC, will impact how index prices are calculated for contracts tied to commodities such as gold, oil and natural gas, potentially affecting margin and liquidation levels.

A Binance spokesperson said the shift reflects “a natural progression” as deeper liquidity allows more dynamic price discovery during low-activity periods.

The new exponential weighted moving average model will use smoothed orderbook data instead of fixed reference pricing during maintenance windows, weekends and holidays.

The change applies to commodity-based TradFi perpetuals, while crypto perpetuals and equity-based contracts will continue using existing pricing frameworks.

Binance said margin requirements will not change, but liquidation behaviour may become more aligned with real-time liquidity conditions during off-hours.

Other exchanges, including Bybit, already use similar index pricing models that aggregate market data to reduce distortions during periods of volatility or low liquidity.