Updated Futures Contract Specifications on Digitex Futures Exchange — 1st August 2018
We have decided to change the contract specifications of our futures markets to have more traditional monthly expiry dates. Listed below are the contract specifications for Bitcoin Futures and Ether Futures.
The Digitex Futures Exchange will offer commission-free futures markets on Bitcoin/USD, Ether/USD and Litecoin/USD. By posting margins in DGTX tokens, traders can buy and sell futures contracts without paying any trading fees.
In the original whitepaper our futures contracts have very short duration (24 hour) expiry dates. The idea behind this was to create fast paced markets that closely followed the spot price and which attracted very active, short term traders who weren’t constrained by trading fees.
However, such short dated contracts will deter longer term traders and could also affect adoption rates amongst current futures traders who are used to much saner monthly and quarterly expiry dates. Therefore, we have decided to change the contract specifications of our futures markets to have more traditional monthly expiry dates.
When introducing a revolutionary new model such as zero-fee futures trading using our own token I think it’s good that we follow some conventions to ensure that while we may be different, we’re not too different.
The updated contract specifications for Bitcoin Futures:
Contract Name: Bitcoin Futures
Contract Code: BTCUSD
Price Quotation: USD per BTC
Tick Size: $5 minimum price fluctuation
Contract Unit: 1 DGTX x (Global Bitcoin Price Index (GBX) / $5)
Tick value: 1 DGTX
Settlement Method: Cash settled in DGTX tokens at Settlement Price
Expiry Date: Last Friday of the month at 4pm London time
Daily Settlement Price: Last traded price at 4pm New York time
Final Settlement Price: Global Bitcoin Price Index (GBX) at 4pm on last Friday of the month, rounded up or down to nearest $5 price increment
Listed Contracts: Monthly contracts listed for the nearest 2 serial months
Trading Hours: 24/7
Trading Fees: 0%
The updated contract specifications for Ether Futures:
Contract Name: Ether Futures
Contract Code: ETHUSD
Price Quotation: USD per ETH
Tick Size: $1 minimum price fluctuation
Contract Unit: 1 DGTX x Global Ethereum Price Index (GEX)
Tick value: 1 DGTX
Settlement Method: Cash settled in DGTX tokens at Settlement Price
Expiry Date: Last Friday of the month at 4pm London time
Daily Settlement Price: Last traded price at 4pm New York time
Final Settlement Price: Global Ethereum Price Index (GEX) at 4pm on last Friday of the month, rounded up or down to nearest $1 price increment
Listed Contracts: Monthly contracts listed for the nearest 2 serial months
Trading Hours: 24/7
Trading Fees: 0%
The updated contract specifications for Litecoin Futures:
Contract Name: Litecoin Futures
Contract Code: LTCUSD
Price Quotation: USD per LTC
Tick Size: $0.25 minimum price fluctuation
Contract Unit: 1 DGTX x (Litecoin Price / $0.25)
Tick value: 1 DGTX
Settlement Method: Cash settled in DGTX tokens at Settlement Price
Expiry Date: Last Friday of the month at 4pm London time
Daily Settlement Price: Last traded price at 4pm New York time
Final Settlement Price: Spot price of LTC/USD on Bitcoinaverage.com at 4pm on last Friday of the month, rounded up or down to nearest $0.25 price increment
Listed Contracts: Monthly contracts listed for the nearest 2 serial months
Trading Hours: 24/7
Trading Fees: 0%
We’ll continue to keep you informed as our development progresses. In the meantime, please join our waitlist to be the first to trade crypto futures with zero-fees.
