Products you can Trade on MIAXdx

MIAXdx offers Bitcoin mini options, swaps and futures; and Ethereum deci options and swaps. See full details here. 

MIAXdx exchange is open daily from 9:30 am ET open to 4:00 p.m. ET close, excluding holidays and weekends, unless otherwise designated by the Exchange. The Exchange is closed daily between 4:00 p.m. ET and 9:30 am ET, and on all Saturdays, Sundays and Exchange holidays, as defined on the Exchange holiday schedule here.

BTC MINI CONTRACTS

MIAXdx 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

MIAXdx 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: MIAXdx 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

MIAXdx offers mini options, futures and swaps on Bitcoin and; Deci options and swaps on Ethereum.   

Options

MIAXdx options are European-style options that are only exercisable at expiration. The full contract specifications for options are available here. MIAXdx 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 MIAXdx, 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.

Swaps
You can buy and sell Bitcoin in increments of 0.01 BTC with the MIAXdx 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)

Eligible Contract Participants (ECPs) can buy and sell Ethereum in increments of 0.1 ETH with the MIAXdx 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.

Generate API keys in Settings > API Keys 
Can I trade spreads on MIAXdx?
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?
MIAXdx 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 MIAXdx contracts are physically settled.  

 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?
1 out of 1 found this helpful