Moscow Exchange launched perpetual futures contracts tied to five major cryptocurrencies on September 22, expanding its derivatives offerings for qualified investors. The new products—BTCUSDF, ETHUSDF, SOLUSDF, XRPUSDF, and TRXUSDF—provide continuous price exposure to Bitcoin, Ethereum, Solana, XRP, and Tron without requiring investors to own the underlying assets.
Each contract tracks a corresponding MOEX crypto index and automatically rolls over daily, eliminating the need for investors to manually switch to new contracts at expiration. Unlike spot crypto trading, the perpetual futures do not deliver cryptocurrency. Instead, they are quoted against US dollar-denominated indexes, with profits and losses settled in Russian rubles.
Access and Collateral Requirements
Trading access is limited to qualified investors. MOEX established tiered margin requirements for each contract, with Bitcoin requiring a 22% initial margin and XRP the highest at 43%. Ethereum requires 35%, Solana 38%, and Tron 30%.
The exchange also set concentration limits for each contract. XRPUSDF carries limits of 961 and 4,807 contracts, while ETHUSDF ranges from 124,490 to 622,450 contracts. Brokers will determine final trading conditions for individual qualified clients.
Expansion of Existing Derivatives Business
The perpetual contracts build on Moscow Exchange's existing crypto derivatives market. The exchange reported that more than 72,000 qualified investors have traded its digital-asset futures, with cumulative turnover exceeding 600 billion rubles.
MOEX set funding parameters K1 at 0% and K2 at 0.35% for the new perpetual contracts. Despite their perpetual structure, the products remain cash-settled derivatives, meaning investors gain exposure to crypto prices through regulated MOEX contracts without ever receiving or holding the actual cryptocurrencies.
