quanto

For Hong Kong stocks, Binance describes two types of TradFi Perpetuals: USDT-priced and quanto. Both are calculated in USDT, but the currency exchange rate is included differently in each.
In USDT-priced contracts, the index takes the stock price in HKD and applies the HKD-to-USD exchange rate. Therefore, the result in USDT reflects both the stock movement and the currency conversion. In a quanto contract, the underlying stock remains valued in HKD, but for margin and calculations, one unit of HKD is effectively treated as one USDT. Unrealized PnL depends on the stock’s movement on HKEX, and changes in HKD to USD do not enter the formula.