Futures

Futures contracts allow traders to bet on the future price of Bitcoin. On Alpha5, these are ‘inverse futures’, and settle in Bitcoin (not Dollars) upon expiration.

2-3 quarterly futures will be continuously available for trading on Alpha5.

These futures will settle on the last Friday of the expiration month at 08:00 UTC. Settlement price will be determined by a 30-minute TWAP from 07:30 to 08:00, with observations taken every minute.

Contract Specification

Underlying Index A5XBT Index
Symbol Month Code (Mar, Jun, Sep, Dec). Other TBD
Contract Size 1 USD
Instrument Type Inverse
Initial Margin 4%
Maintenance Margin 2%
Price Quotation US Dollars per 1 BTC
Tick Size 0.5
P&L Settlement BTC
Expiration Last Friday of the expiration month at 08:00 UTC.
Position-Limit 5,000,000 contracts.
Fees 0bps Maker. 5bps Taker.