TL;DR
- SynFutures launches perpetual futures contracts for the 2024 US presidential election.
- Contracts allow betting with up to 10x leverage on Donald Trump or Kamala Harris.
- Based on Polymarket prediction markets, contracts will settle on November 4, 2024.
SynFutures, a decentralized derivatives protocol, has taken a major step by entering the booming prediction market, specifically for the 2024 US presidential election.
On September 19, the platform launched perpetual futures contracts that allow users to speculate on the election outcome with up to 10x leverage.
🔮 Make your prediction via SynFutures! Trade the 2024 US Election Perpetuals on SynFutures with up to 10x leverage!
🎉 TRUMP-USDC-PERP & HARRIS-USDC-PERP are now live! These perpetuals let you bet on the chances of Trump or Harris winning the presidency, based on the… pic.twitter.com/JewroBHiIe
— SynFutures Protocol (@SynFuturesDefi) September 19, 2024
The TRUMP-USDC-PERP and HARRIS-USDC-PERP contracts offer the opportunity to bet on Donald Trump, the Republican candidate, or Kamala Harris, the Democratic nominee, and are based on the probabilities of the Polymarket prediction market.
Polymarket currently gives Harris a 51% chance of winning the election, while Trump has a 48% chance.
The contracts reflect these probabilities, with TRUMP-USDC-PERP trading at $0.47 and HARRIS-USDC-PERP at $0.52, paying $1 per winning contract at settlement.
These types of perpetual contracts allow users to speculate on price movements without owning the underlying asset, offering a flexible way to participate in highly volatile prediction markets.
The settlement date is scheduled for November 4, 2024, one day before the presidential election, with open interest currently standing at $25,711.
Furthermore, the launch of these contracts comes at a time when Polymarket is experiencing unprecedented adoption.
To date, users have placed over $963 million in bets on the next US president, along with $213 million in the popular vote market.
This boom has driven Polymarket to reach new records for volume and active users every month since May, highlighting the growing demand for this type of decentralized platforms.
Expansion of prediction markets and Polymarket
Polymarket’s growth is not limited to electoral markets alone.
According to recent data, 42% of users who started using the platform for election betting have also interacted with other markets, such as those related to Fed interest rate cuts, the Super Bowl champion, and the approval of Ethereum ETFs.
This surge in activity has helped Polymarket record daily volumes, peaking at $37.3 million on September 11 and 12,649 active users on September 18.
The platform has also reached a total value locked (TVL) of $117.62 million, far surpassing its competitors such as TG Casino and Azuro.
This increase in TVL, coupled with the growing popularity of prediction markets, reinforces Polymarket’s dominance in the space.
For SynFutures, partnering with Polymarket through these perpetual contracts could represent a strategic opportunity to capture a share of this growing market and diversify its derivatives offering.
With a wide range of emerging markets and growing user engagement, both SynFutures and Polymarket appear well positioned to benefit from interest in the 2024 election and other major events.
