Futures
| Underlying | Bitcoin | Ethereum |
|---|---|---|
| Ticker | BTC-DDMMMYY | ETH-DDMMMYY |
| Index | Thalex BTCUSD | Thalex ETHUSD |
| Contract Size | 1 BTC valued at 1 USD per Index Point | 1 ETH valued at 1 USD per Index Point |
| Quotation | USD | USD |
| Minimum Order Size | 0.001 BTC | 0.01 ETH |
| Volume Tick Size | 0.001 BTC | 0.01 ETH |
| Price Tick Size | 1 USD | 0.1 USD |
| Collateral | BTC, ETH, USDt, USDC | BTC, ETH, USDt, USDC |
| Settlement Coin | USDt | USDt |
| Daily Settlement | At 08:00 UTC | At 08:00 UTC |
| Daily Settlement Procedure | Futures-style settlement at the Mark Price | Futures-style settlement at the Mark Price |
| Final Settlement | At 08:00 UTC on the day of expiration | At 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 expiration | Time-weighted average ETH Index between 07:30 and 08:00 UTC on the day of expiration |
| Final Settlement Procedure | Cash settlement in the Settlement Coin based on the EDSP | Cash 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.
| Maturity | Lifetime | Introduction |
|---|---|---|
| Daily | 48 hours | Daily |
| Weekly | 3 weeks | Friday |
| Monthly | 2 months | Last Friday of the month |
| Quarterly | 7 months | Last Friday of February, May, August and November |
Examples:
| Instrument | Maturity | Introduced at 08:00 UTC on | Expires at 08:00 UTC on |
|---|---|---|---|
| BTC-19MAY22 | Daily | Tuesday May 17th, 2022 | Thursday May 19th, 2022 |
| BTC-20MAY22 | Weekly | Friday May 6th, 2022 | Friday May 27th, 2022 |
| BTC-27MAY22 | Monthly | Friday March 25th, 2022 | Friday May 27th, 2022 |
| BTC-30DEC22 | Quarterly | Friday May 27th, 2022 | Friday December 30th, 2022 |