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Trading Information

Contract Specifications: Futures

Futures

UnderlyingBitcoinEthereum
TickerBTC-DDMMMYYETH-DDMMMYY
IndexThalex BTCUSDThalex ETHUSD
Contract Size1 BTC valued at 1 USD per Index Point1 ETH valued at 1 USD per Index Point
QuotationUSDUSD
Minimum Order Size0.001 BTC0.01 ETH
Tick Size1 USD0.1 USD
CollateralBTC, ETH, USDt, USDCBTC, ETH, USDt, USDC
Settlement CoinUSDtUSDt
Daily SettlementAt 08:00 UTCAt 08:00 UTC
Daily Settlement ProcedureFutures-style settlement at the Mark PriceFutures-style settlement at the Mark Price
Final SettlementAt 08:00 UTC on the day of expirationAt 08:00 UTC on the day of expiration
Exchange Delivery Settlement Price ('EDSP')Time-weighted average BTC Index between 07:30 and 08:00 UTC on the day of expirationTime-weighted average ETH Index between 07:30 and 08:00 UTC on the day of expiration
Final Settlement ProcedureCash settlement in the Settlement Coin based on the EDSPCash settlement in the Settlement Coin based on the EDSP

Examples of tickers:

  • BTC-25MAR22 is a Bitcoin future that expires at 08:00 UTC on 25 March 2022
  • ETH-28OCT22 is an Ethereum future that expires at 08:00 UTC on 28 October 2022

Mark Price

The Mark Price consists of the Index and a 30 seconds exponential moving average of the Premium, which is updated approximately every second. The Premium is the difference between the Index and the constrained Mark Price.

The EMA30 is a smooth exponential time-based decay, where each additional second contributes 2/31​, so that the center of mass is equal to that of a standard moving average over 30 seconds.

Expiration Introduction

Futures are introduced at 08:00 UTC on the day of introduction.

MaturityLifetimeIntroduction
Daily48 hoursDaily
Weekly3 weeksFriday
Monthly2 monthsLast Friday of the month
Quarterly7 monthsLast Friday of February, May, August and November

Examples:

InstrumentMaturityIntroduced at 08:00 UTC onExpires at 08:00 UTC on
BTC-19MAY22DailyTuesday May 17th, 2022Thursday May 19th, 2022
BTC-20MAY22WeeklyFriday May 6th, 2022Friday May 20th, 2022
BTC-27MAY22MonthlyFriday March 25th, 2022Friday May 27th, 2022
BTC-30DEC22QuarterlyFriday May 27th, 2022Friday December 30th, 2022