Moscow Exchange is launching perpetual futures contracts on five major cryptocurrency indexes on Sept. 22, offering qualified investors continuous price exposure to Bitcoin, Ethereum, Solana, XRP, and Tron without requiring ownership of the underlying assets.
The five contracts, BTCUSDF, ETHUSDF, SOLUSDF, XRPUSDF, and TRXUSDF, track corresponding MOEX crypto indexes. Futures are quoted against US dollar-denominated indexes while profits and losses settle in Russian rubles. The products do not deliver cryptocurrency.
Each contract lasts one day and automatically rolls into the next trading period, eliminating the need for investors to manually switch positions at expiration. The perpetual structure allows traders to maintain exposure continuously without manually rolling into later-dated futures.
Margin Requirements and Position Limits
MOEX has set minimum margin requirements that vary by asset. Bitcoin requires 22% initial margin, Ethereum 35%, Solana 38%, XRP 43%, and Tron 30%. XRP carries the highest initial margin requirement among the five.
Position concentration limits differ by contract. XRPUSDF has an LK1 concentration limit of 961 contracts and an LK2 limit of 4,807. ETHUSDF has an LK1 limit of 124,490 and an LK2 limit of 622,450. The K1 funding parameter is set at 0%, while the K2 funding parameter is 0.35%.
Qualified Investor Base
Access to the perpetual futures is limited to qualified investors only. As of Sept. 16, MOEX reported that more than 72,000 qualified investors had traded its digital-asset futures. The exchange’s crypto derivatives products have generated 600 billion rubles in cumulative turnover.
MOEX already offers dated futures tied to crypto indexes prior to this perpetual launch. The perpetual contracts represent an expansion of the exchange’s crypto derivatives offerings, providing continuous exposure without the operational friction of dated contracts.
