Next day bitcoin minis are day-ahead swaps. When you buy bitcoin, you receive the bitcoin when the swap settles at 4pm ET daily. When you sell bitcoin, you receive the USD immediately.
Some FAQs when purchasing BTC via next-day mini swaps:
- Bitcoin needs to be available for trading in your account to sell options. If you buy next-day BTC to sell calls, you need to wait until the contract settles at 4pm ET before you can sell calls on bitcoin you purchased.
- Put buyers who exercise on expiration are able to purchase bitcoin via our next-day BTC swap contract before 4pm ET that day. Once the contract settles at 4pm ET, put buyers can then use the bitcoin towards collateral when submitting exercise instructions before 5pm ET settlement.
- You can buy and sell a swap within the same day. If you buy the swap at say 10am, and then sell the swap at 11am, this will simply close your swap position (position = 0). So you will not be delivered BTC at 4pm ET because you have closed your position.