Physically settled contracts means that the underlying asset (in this case Bitcoin) will be delivered upon expiration in exchange for USD. All LedgerX contracts are physically settled.
| Futures |
Buyers receive bitcoin Sellers receive US dollars |
| Options |
Call buyers that exercise receive bitcoin; and sellers on the other side receive the strike price in cash Put buyers that exercise receive cash equal to the strike price; and put sellers receive bitcoin |
| Swaps |
Selling BTC ; receive cash Buyers of BTC; receive BTC |