Like BitFinex's new futures, Binance uses USDT margin collateral and pays out linear PnL in a zero sum game between users.
Binance recently acquired JEX, a low-tier futures exchange, and has currently only launched the BTC:USDT futures on their platform.
In contrast to Bitfinex, Binance is doing healthy volumes. This is likely due to Binance's lax KYC/AML requirements whereas Bitfinex requires users to be fully verified to trade Derivatives.
Time will tell whether Binance expands their offering to inverse, deliverable, or other crypto outside of BTC.