Futures contracts let traders go long or short on the future price of Bitcoin.

These types of contracts need to be settled upon expiry; either in cash or by delivery of the underlying asset. Futures Contracts, are also referred as outrights. These contracts on Bitfex will be cash-settled.

Quarterly Bitcoin Futures

Bitfex quarterly futures for Bitcoin will be cash-settled in BTC. This means, there will be only transfer of profit/loss at the time of settlement based on expiration price between the traders.

Bitfex quarterly futures for Bitcoin are settled every three months. Settlement will happen on the last Friday of the contract expiration month at 08:00:00 UTC and a settlement fee equal to the taker fees for the contract will be charged.

Each futures contract on Bitfex will be listed with a month code and year code, which denote its time of expiry. For instance, a contract expiring in December 2019, is listed as BTCZ19, where Z in the month code and 19 is the year code.*

*For a full list of all the month codes, refer to the section Month Codes for Futures.

Unrealised profits are always in real time added to the NAV. Unrealised PnL is calculated on the basis of Mark Price, not the Last Traded Price.

Contract Specifications

Underlying Index Bitfex BTC Index
Symbol BTC[Month Code][Year Code]
Example BTCU19
Contract Size 1 USD
Instrument Type Inverse Futures
Initial Margin IM%
Maintenance Margin MM%
Price Quotation US Dollars per 1 bitcoin
Tick Size 0.5 USD
P&L Settlement Cash Settled in BTC
Contract Expiration Last Friday of the contract expiration month at 08:00:00 UTC
Position Limit 2,000,000 contracts. To increase limit contact us at info@bitfex.com
Fees See Fee Structure for complete breakdown as per profile

Mark Price

The Mark Price for Futures Contract is the average of Best Bid Price and Best Ask Price.

If there are no bids or no offer or both bids and offers are missing then BTC Index price will be the Mark Price of the Futures contract.


         You want to take a 100000 position in BTCZ19, 
         when it is trading at $10000.

         Let IM = 5% and MM = 3%

         BTC Value of position in BTCZ19 = 10000/100000 = 0.1 BTC

         IM = 5% of 0.1 = 0.005 BTC
         MM = 3% of 0.1 = 0.003 BTC

         Suppose the price of BTCZ19 when you decide to exit 
         is $12000, then

         PnL = [1/Entry Price - 1/Exit Price] * No. of Contracts 
         = [1/10000 - 1/12000] * 100000 = 1.66666667

         Net Profit = PnL-IM = 1.66666667 - 0.005 = 1.66166667

         Net profit in USD = 1.66166667 * 12000 = $19940