This article sets out the Perpetual Contract Product Specifications that apply to the specific BTCUSD Perpetual Contract. You should read this in conjunction with these FAQs and the Addendum.

The BTCUSD Perpetual Contract is settled in USDC. In addition, USDC can be used for deposits and withdrawals. may permit other stablecoin Virtual Assets to settle the BTCUSD Perpetual Contract in the future.



Underlying BTCUSD Index

Product Type


Contract Size

1 BTC (1 USD per index point)

Min Order Qty

0.0001 BTC

Max Order Qty

100 BTC

Min Tick Size

0.5 USD

Max Price

1,000,000 USD

Max Position Size (or Position Size Limit)

6,000,000 USD

Margin Policy

Cross margin

Maximum Leverage


Session Settlement

Settlement will occur every 8 hours (3 sessions in a day), generally at the same time as the Funding Payment. This is known as the Session End Time. Realized and unrealized session profits gained at any point during the 8 hours prior to the Session End Time can only be withdrawn at or after settlement. At the end of each session, all positions’ Average Price will be reset to the Mark Price.

The Socialized Loss Mechanism may be applied if the Insurance Fund is depleted.

Index Price

The index of the BTCUSD Perpetual Contract is derived from the weighted average of the last prices of BTC/USD from the following constituent exchanges. Index constituents and their weights are subject to change at our discretion:

  • Coinbase: 40%

  • Bitstamp: 20%

  • Kraken: 20%

  • Gemini: 10%

  • itBit: 10%

As a fallback, these actions will be used to determine a fair, weighted price:

  1. If a constituent exchange is unresponsive, the most recent available price is used

  2. If a constituent exchange’s price is unresponsive for 15 minutes, the constituent is removed from the index until it is operational

  3. If a constituent exchange’s price differs from the median constituent price for that index by 5% or more, it is excluded from the index calculation. The constituent exchange returns to the index when its price differs from the median by less than 5%

Mark Price

Mark Price is used for calculating the margin requirement, and therefore also used to determine when margin-related notices are triggered and whether Forced Liquidation occurs. It is a means used to help prevent market manipulation and unnecessary liquidation.

Fair Price = (Fair Impact Bid + Fair Impact Ask) / 2

  • Fair Impact Bid is the average price of a 0.1 BTC size market sales order or the best bid price - 0.1% whichever has a greater value.

  • Fair Impact Ask is the average price of a 0.1 BTC size market purchase order or the best offer price + 0.1% whichever has a lower value.

Mark Price = Index Price + 30 seconds exponential moving average of (Fair Price - Index Price)

  • Mark Price Bandwidth: Index +/- 0.5%, so under no circumstances, the Mark Price can divert for more than 0.5% from the Index Price.

Session End Time

Every 8 hours at 00:00 UTC, 08:00 UTC, and at 16:00 UTC daily.

Funding Payments

Funding Payments are calculated at the Session End Time to encourage the alignment of prices traded on the Exchange to the underlying index price.

See the Funding and session settlement article for further details.

Notice period for to terminate open positions

In certain circumstances, may close out any and all positions if it considers such measures are required. The applicable notice period is at least 48 hours.

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