BTC/USDC Dated Futures Specifications

BTC Dated Future

Product Specification

Instrument Type

Dated Future

Ticker

BTC/USDC[YYMMDD]

Description

BTC/USDC [Futures Contract]

Underlying

1 BTC

Settlement

Physically settled into BTC

Minimum Order Size

0.0001 BTC

Tick Size

0.01 USDC

Expiry

08:00 UTC on the Final Friday of the expiry month

Last Trade Time

07:58 UTC on the Final Friday of the expiry month

Settlement Price

The Settlement Price will be determined by the Auction feature on the expiry day. If the Auction feature is not available or an auction price could not be determined, then the Settlement Price will be the Spot Exchange Index.

Market Price

Median (Bid, Last, Ask)

Mark Price

3-second TWAP of the Market Price or, under certain conditions, Spot Exchange Index * (1 + Futures Premium) at last valid calculation time.

The TWAP is based on the average of the open, high, low, and close of each 1-second bar.

Conditions under which Mark Price uses Spot Exchange Index * (1 + Futures Premium) are any of the following:

1. There is no bid price

2. There is no ask price

3. The bid offer spread is greater than 5%

Futures Premium = ( A - B ) / B
Where:
A = The last valid Futures Mark Price coming from Market Price TWAP.
B = The most recently available Mark Price of the Spot underlying the Dated Future at the time when the condition required to use the Futures Premium was met.

Max Leverage

125x

Margin requirements

See Margin & Maximum Leverage and Delivery Margin for Dated Futures Contracts

Fees

Fees are charged based on the customer fee tier (Derivatives Fees)

Liquidation Fee

0.375%

Settlement Fee

0.02%

Position Limit

There is no maximum position limit for this product.