Users can purchase Warrants with USDC at the Warrant Price quoted on Exchange.

Each Warrant listed on the Exchange will have specific contract details. These details can be found on the Trading page of the Warrant Instrument in question, outlined in the “Warrant” box located below the order form. ​​You should also refer to the applicable Product Specifications:

Key transaction terms explained with examples

Warrant Contract Details


Available (USDC)

USDC balance available in your Derivative Wallet to purchase Warrants


Warrant Instrument Symbol

[Underlying]-[Expiry Date]-[Call / Put Warrant]-[Strike Price]


Underlying asset of the Warrant (e.g. BTCUSD Index)

Expiry Date

Expiry Date of the Warrant


Right of the Warrant (Call = Right to Buy, Put = Right to Sell)

Strike (USD)

Price at which the Warrant Purchaser can Buy or Sell the underlying at Expiry Date

Conversion Ratio

10,000 (Contract Size = 1/10,000)


The ratio of the Underlying Price to the Warrant Price and represents the leverage that the warrant offers:

Gearing = Underlying Asset Price / (Warrant Price x Conversion Ratio)

Please note for Warrants trading Users can only have long positions. Users are not able to:

  • Create a short position – meaning Users are not able to sell Warrants if they do not already hold the contracts; and/or

  • Use leverage in a Warrant trade

Users who have bought Warrants can place Sell orders to reduce or close their existing Long position for USDC, following the Warrant Price quoted on exchange for USDC.

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