Products you can Trade on LedgerX

LedgerX offers Bitcoin mini options, swaps and futures; and Ethereum deci options and swaps. Our exchange is open 24x7. See full details here.

BTC MINI CONTRACTS

LedgerX mini contracts are the standard contract size for all Bitcoin products listed on LedgerX and is equal to one hundredth (1/100) of a bitcoin, or 0.01 BTC.

1 contract = 0.01 BTC; 100 contracts = 1 BTC.

ETH DECI CONTRACTS

LedgerX Deci contracts are the standard contract size for all Ether products listed on LedgerX and is equal to one-tenth (1/10) of ethereum, or 0.1 ETH.

1 contract = 0.1 ETH; 10 contracts = 1 ETH.

Note: LedgerX is a derivatives exchange, not a spot exchange, so our product structure is based on our contract size, which is 0.01 BTC/ 0.1 ETH.

 

Trading

LedgerX offers mini options, futures and swaps on Bitcoin and; Deci options and swaps on Ethereum. Our exchange is open 24x7. 

Options

LedgerX options are European-style options that are only exercisable at expiration. The full contract specifications for LedgerX options are available here. LedgerX does not auto-exercise in-the-money options at expiration.

Option Collateral
Long (Buy) Call Pay premium in dollars (buy 100 BTC / 10 ETH contracts, pay USD premium)
Short (Sell) Call Post BTC/ETH (sell 100 contracts, post 1 BTC; sell 10 contracts, post 1 ETH)
Long Put Pay premium in dollars (buy 100 BTC/10 ETH contracts, pay USD premium)
Short Put Post Strike in USD (sell 100 BTC/10 ETH contracts, post cash equal to strike price)

Options Settlement

When you buy an option, you have two choices at expiration: exercise or sell your option.

There is no auto-exercise on LedgerX, meaning you must submit instructions to exercise. If you do not submit instructions, your options will expire worthless even if they are in-the-money (ITM).

The exercise window opens 72 hours before settlement on the expiration date. The exercise window closes at options settlement at 5pm ET on the expiration date. You can submit exercise instructions on the platform under Balances & History > Exercise Instructions

Read more on expiration and settlement here.

BTC Futures 
LedgerX mini futures enable you to enter into a contract to buy or sell BTC at an agreed-upon price at a future date - but the price is set when you enter into the contract.  The full contract specifications for LedgerX mini futures are available here

Long futures position: Post amount in USD (e.g. Long 100 contracts, post USD) 
Short futures position: Post BTC (e.g. Short 100 contracts, post 1 BTC)


Futures Settlement

LedgerX futures contracts are physically settled and expire at 5pm ET on the expiration date. The final settlement price is the original trade price. Account balances are updated at settlement.

Long futures position: Receives BTC
Short futures position: Receives US dollar

Swaps
You can buy and sell Bitcoin in increments of 0.01 BTC with the LedgerX bitcoin mini swaps.

Use U.S. dollars to buy BTC and the BTC will be available for trading or withdrawal at 4pm ET. Sell BTC and receive U.S. dollars immediately to your account when the trade executes.

Buy BTC: Post amount in USD (e.g. Long 100 contracts, buying 1 BTC with USD)
Sell BTC: Post BTC (e.g. Short 100 contracts, post 1 BTC)

You can buy and sell Ethereum in increments of 0.1 ETH with the LedgerX ETH deci swaps.

Use U.S. dollars to buy ETH and the ETH will be available for trading or withdrawal at 4pm ET. Sell ETH and receive U.S. dollars immediately to your account when the trade executes.

Buy ETH: Post amount in USD (e.g. Long 10 contracts, buying 1 ETH with USD)
Sell ETH: Post ETH (e.g. Short 10 contracts, post 1 ETH)

How can I trade via API?
You can connect and trade directly to our HTTP+ WebSockets API. Participants can view our API documentation here: https://docs.ledgerx.com/reference.

Generate API keys in Settings > API Keys: https://app.ledgerx.com/profile/api-keys 
Can I trade spreads on LedgerX?
We do not offer spread trading or margin on our retail platform (yet!). 

Portfolio netting is offered on our institutional platform. You can read more about portfolio netting here: Institutional Portfolio Netting

Can I trade on margin?
LedgerX does not currently support margin. Full collateralization is required for all trades. This means sellers post the whole amount of the contract size and product traded.  However, call option and put option buyers are only required to post the premium related to those contracts.
What are Physically Settled Contracts?
Physically settled contracts mean that the underlying asset (in this case BTC/ETH) will be delivered upon expiration in exchange for USD. All LedgerX contracts are physically settled.  

 Futures 

 Buyer receives BTC

 Seller receives US dollars

 Options 

 Call buyers that exercise receive BTC/ETH; and sellers on the other side receive the strike price in cash 

 Put buyers that exercise receive cash equal to the strike price; put sellers receive BTC/ETH

 Swaps 

 Buy BTC/ETH with USD, receive BTC/ETH

 Sell BTC/ETH, receive USD

 

Was this article helpful?
0 out of 0 found this helpful