KuCoin Futures has launched GIGADEVUSDT, a USDT-settled perpetual contract designed to track GigaDevice Semiconductor’s Hong Kong-listed H shares. The contract began trading on August 4 at 09:00 UTC with leverage ranging from 1x to 20x, expanding KuCoin’s equity-linked derivatives lineup beyond its initial stock-index products.
GigaDevice’s underlying shares trade on the Hong Kong Stock Exchange under code 3986. GIGADEVUSDT provides synthetic price exposure rather than ownership of the company, meaning contract holders receive no shares, voting rights, dividends or other shareholder entitlements.
Contract Trades Continuously With Eight-Hour Funding
KuCoin set the contract’s tick size at 0.01 and capped its funding rate at +2% or -2%, with payments exchanged between long and short positions every eight hours. Funding is intended to keep the perpetual contract aligned with its external equity reference, although the exchange may adjust leverage, margin requirements and other parameters as market conditions change.
The product remains open 24 hours a day, seven days a week, while GigaDevice’s shares trade only during Hong Kong exchange sessions. That difference creates additional pricing risk when the underlying market is closed, because fresh equity-market liquidity and price discovery are unavailable during overnight periods, weekends and public holidays.
KuCoin says its stock-index perpetuals use session-aware index and mark-price calculations during low-liquidity periods. Those controls are intended to reduce abnormal liquidations around market openings, but they cannot eliminate price gaps when the Hong Kong-listed shares resume trading after company announcements or wider market moves.
Stablecoin Settlement Adds Convenience and Platform Exposure
Profits, losses and margin obligations are calculated in USDT, allowing traders to obtain equity-linked exposure without funding a traditional securities account. The structure centralizes crypto and synthetic-equity positions inside KuCoin’s derivatives infrastructure, but users remain dependent on the exchange’s pricing, liquidation, custody and settlement systems.
The 20x leverage ceiling materially increases risk. A relatively small adverse move can consume posted margin and trigger liquidation, especially when liquidity thins outside the underlying exchange’s operating hours. Continuous access does not make the referenced equity continuously liquid, and leveraged positions may react sharply when new information reaches the market.
GigaDevice completed its Hong Kong listing on January 13, 2026, adding H shares under code 3986 alongside its Shanghai-listed A shares. KuCoin’s contract references the Hong Kong instrument but is neither issued nor endorsed by GigaDevice, and its availability may be restricted in certain jurisdictions.
The listing extends a wider exchange trend of packaging traditional-market exposure through crypto-native perpetual contracts. Its practical relevance will depend on liquidity, tracking accuracy and sustained demand, rather than the availability of round-the-clock trading or high leverage alone.