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 the exchange 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 the exchange 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.
LedgerX options are European-style options that are only exercisable at expiration. The full contract specifications for 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.
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
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)
Eligible Contract Participants (ECPs) 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)
Portfolio netting is offered on our institutional platform. You can read more about portfolio netting here: Institutional Portfolio Netting
| 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 |