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Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed on a blockchain without any possibility of downtime, censorship, fraud or third party interference. The project is developed by the Ethereum Foundation. The Ethereum currency is denominated by the currency code ETH and is commonly referred to as Ether. Further information about ETH and the Ethereum Project can be found here. BitMEX currently offers two types of ETH derivative products for traders. The first is in the form of an Ether / Bitcoin (ETH/XBT) Futures Contract and the second is in the form of an Ether / USD (ETH/USD) Perpetual Contract. Futures Contracts How Are ETHXBT Futures Quoted? Margin and Leverage Settlement ETHXBT Futures Contract Example Perpetual Contracts How Is The ETHUSD Perpetual Contract Quoted Margin and Leverage Settlement ETHUSD Perpetual Contract Example Trade Inception Trade Expiry Futures Contracts On BitMEX, the ETH Futures Contract allows traders to speculate on the future value of the Ether / Bitcoin (ETH/XBT) exchange rate. Traders need not have Ether to trade the futures contract as it only requires Bitcoin as margin. How Are ETHXBT Futures Quoted? The ETH futures’ underlying is the ETH/XBT exchange rate on Poloniex, Kraken and Binance as recorded in the .BETHXBT Index. The futures are quoted in Bitcoin and all margin and PNL calculations are denominated in Bitcoin. Contract Calculations Multiplier 1 XBT Contract Value Multiplier * Futures Price * 1 ETH USD Contract Value XBT Contract Value * XBTUSD PnL Calculation # Contracts * Multiplier * (Exit Price - Entry Price) Traders who think that the price of ETH will rise will buy the futures contract. Conversely, traders who believe the price will drop will sell the futures contract. Margin and Leverage All margin is posted in Bitcoin, that means traders can go long or short this contract using only Bitcoin. The ETH futures contracts feature a leverage of up to 50x. For example, to buy 50 Bitcoin worth of contracts, you will only require 1 Bitcoin of Initial Margin. Settlement The ETH futures contracts settle on the .BETHXBT30M Index Price. Settlement will occur on the last Friday of the Settlement Month. ETHXBT Futures Contract Example A trader wants to goes long 10 XBT of ETH futures contracts. ETHU18 (the ETH futures contract expiring in September 2018) trades at 0.0500 XBT. As the leverage is 50x, the trader only needs 0.2 XBT of margin for this trade. The trader must buy 200 contracts: 10 XBT / (0.0500 XBT * 1). A few days later, the price rises to 0.0550 XBT and the trader sells all their contracts. The trader’s profit will be: 200 * 1 * (0.0550 - 0.0500) = 1 XBT Perpetual Contracts Currently BitMEX only accepts Bitcoin as collateral. That that means margin, profit, and loss must be paid or received in Bitcoin. However, through the use of financial engineering, BitMEX can give users exposure to any underlying price using a derivative called a Quanto. A Bitcoin Quanto ETH/USD contract has a fixed Bitcoin multiplier regardless of the USD price of ETH. This allows the trader to go long or short the ETH/USD exchange rate without ever touching ETH or USD. The trader will post margin in Bitcoin, and make or lose Bitcoin as the ETH/USD exchange rate changes. How Is The ETHUSD Perpetual Contract Quoted Contract Calculations Bitcoin Multiplier per 1 USD 0.000001 XBT XBT Value ETHUSD Price * Bitcoin Multiplier USD Value XBT Value * .BXBT Spot Price ETH Value XBT Value / .ETHXBT Spot Price Bitcoin PNL Calculation (ETHUSD Exit Price - ETHUSD Entry Price) * Bitcoin Multiplier * # Contracts Margin and Leverage All margin is posted in Bitcoin, that means traders can go long or short this contract using only Bitcoin. The ETHUSD Perpetual Contract feature a leverage of up to 50x. For example, to buy 50 Bitcoin worth of contracts, you will only require 1 Bitcoin of Initial Margin. Settlement As the ETHUSD contract is perpetual, there is no settlement. Marking for Unrealised PNL and Liquidation purposes are done according to the Fair Price Marking system. Note also: since this product is a perpetual contract, funding occurs every 8 hours. Please see the Funding Section in the Perpetual Contracts Guide for information, and for the current rates please see Funding Calculation in the ETHUSD Contract Specifications. ETHUSD Perpetual Contract Example BitMEX Derivative: ETHUSD Perpetual Swap Contracts: 10,000 Bitcoin Multiplier per 1 USD: 0.000001 XBT .BXBT Spot Price: $10,000 ETHUSD Swap Price: $500 .ETHXBT Spot Price: 0.05 XBT Trade Inception Jaewon and Wang trade the ETHUSD Perpetual Swap against each other for 10,000 contracts. Jaewon goes long, and Wang goes short. For each 1 USD move, the contract pays out 0.000001 XBT; this is called the Bitcoin multiplier. They agree that each side can use 50x leverage, which means they post 2% initial margin to BitMEX to initiate the trade. To calculate the Bitcoin margin, they first calculate the Bitcoin value of their ETHUSD Quanto Swap. XBT Value = ETHUSD Price * Bitcoin Multiplier * # Contracts 5 XBT = $500 * 0.000001 XBT * 10,000 Initial Bitcoin Margin = 5 XBT * 2% = 0.1 XBT They both like to think in ETH terms at any given ETHUSD price. On the BitMEX Position Table, they are able to view the current value of their position in ETH terms. ETH Value = XBT Value / .ETHXBT Spot Price 100 ETH = 5 XBT / 0.05 XBT They notice that the ETH value can change either when the ETHUSD price changes, or when the .ETHXBT spot price changes. The only fixed number in a Quanto derivative is the multiplier. The ETH and USD value will change as the ETHUSD, .BXBT, and .ETHXBT prices change. Trade Expiry The ETHUSD swap price rises to $505, let’s compute Jaewon and Wang’s Bitcoin PNL. Bitcoin PNL = (ETHUSD Exit Price – ETHUSD Entry Price) * Bitcoin Multiplier * # Contracts Jaewon Bitcoin PNL = ($505 - $500) * 0.000001 XBT * +10,000 = 0.05 XBT Profit Wang Bitcoin PNL = ($505 - $500) * 0.000001 XBT * -10,000 = 0.05 XBT Loss Notice that the only variable that affects the PNL is the movement of the ETHUSD price. Neither the .BXBT, nor the .ETHXBT exchange rate affect either trader’s PNL.

You can trade Bitcoin (XBT) on BitMEX through a new, innovative type of contract called a Perpetual Contract which is aimed at replicating the underlying spot market but with enhanced leverage. This product does not have an expiry date and is able to closely track the underlying reference Price Index through various mechanisms, the main of which is known as the Funding Rate. To view the current rates and calculations to determine the current Funding, please see the Funding Calculations in the XBTUSD Contract Specifications and more generally in the Perpetual Contracts Guide. The product suits traders who prefer to hold positions for a long time and do not want their positions to fluctuate in value due to large swings in basis. How is the XBTUSD Perpetual Contract Quoted? Margin and Leverage Price Index Marking and Settlement How is the XBTUSD Perpetual Contract Quoted? The XBTUSD contract’s underlying price is the BitMEX Index. It is an equally weighted index using the Bitstamp, Kraken, and GDAX USD XBT/USD prices. Both the underlying and the swap contract are quoted in USD. Margin and PNL are denominated in Bitcoin. Contract Calculations Multiplier 1 USD XBT Contract Value Multiplier / XBTUSD Price USD Contract Value 1 USD PnL Calculation # Contracts * Multiplier * (1/Entry Price - 1/Exit Price) Traders who want to profit from an increase in the Bitcoin / USD price, will buy the XBTUSD contract. Conversely, if they believe the price will go down they will sell the contract. Margin and Leverage All margin is posted in Bitcoin, which means traders can go long or short this contract using only Bitcoin. The XBTUSD contract features a high leverage of up to 100x. For example, to buy 100 Bitcoin worth of contracts, you will only require 1 Bitcoin of Initial Margin. Price Index The BitMEX .BXBT Index is currently being used for the XBTUSD Perpetual Contract and XBT Futures Contracts. The constituents are as below: Exchange Weight Bitstamp 50% GDAX 50% At this time, weightings are equal weighted. In the future, we may adjust this index. Any adjustments will be made with ample notification. Marking and Settlement As the XBTUSD contract is perpetual, there is no settlement. Marking for Unrealised PNL and Liquidation purposes are done according to the Fair Price Marking system. Note also: since this product is a perpetual contract, funding occurs every 8 hours. Please see the Funding Section in the Perpetual Contracts Guide for information, and for the current rates please see Funding Calculation in the XBTUSD Contract Specifications. XBTUSD Trade Example A trader goes long 100 XBT of XBTUSD at a price of 600 USD. He is long 100 XBT * 600 USD = 60,000 contracts. A few days later the price of the contract increases to 700 USD. The trader’s profit will be: 60,000 * 1 * (1/600 - 1/700) = 14.286 XBT If the price had in fact dropped to 500 USD, the trader’s loss would have been: 60,000 * 1 * (1/600 - 1/500) = -20 XBT. The loss is greater because of the inverse and non-linear nature of the contract. Conversely, if the trader was short then the trader’s profit would be greater if the price moved down than the loss if it moved up.

Overview Calculation of Fair Price for Perpetual Contracts Calculation of Fair Price for Futures Contracts Impact Bid, Ask, and Mid Price Fair Price Derivation Exceptions Last Price Protected Marking Overview BitMEX employs a unique system called Fair Price Marking to avoid unnecessary liquidations in its highly leveraged products. Without this system, unnecessary liquidations may occur if the market is being manipulated, is illiquid, or the Mark Price swings unnecessarily relative to its Index Price. The system is able to achieve this by setting the Mark Price of the contract to the Fair Price instead of the Last Price. For Perpetual Contracts, the Fair Price is equal to the underlying Index Price plus a decaying Funding basis rate. For Futures Contracts, the Fair Price is equal to the underlying Index Price plus an annualised Fair Value basis rate, known as the % Fair Basis. All ADL contracts are subject to Fair Price Marking. Also note that Fair Price Marking only affects the Liquidation Price and Unrealised PNL, it does not affect Realised PNL. Note: This means that you may see a positive or negative Unrealised PNL immediately after an order executes. This happens when the Fair Price is slightly different from the Last Price. This is normal and does not mean you have lost money, but be sure to keep an eye on your Liquidation Price to avoid a premature liquidation. Calculation of Fair Price for Perpetual Contracts The Fair Price for a Perpetual Contract is calculated using only the Funding Basis rate: Funding Basis = Funding Rate * (Time Until Funding / Funding Interval) Fair Price = Index Price * (1 + Funding Basis) For further information on perpetual contract funding calculations and examples please see the Funding Section in the Perpetual Contracts Guide. Calculation of Fair Price for Futures Contracts The Fair Price marking calculation for Futures Contracts is slightly different to a Perpetual Contract, and is done by comparing the Impact Mid Price of a contract to its underlying Index Price. This is used to then calculate the % Fair Basis which is then used in the derivation of the Fair Price. Impact Bid, Ask, and Mid Price Impact Mid Price = Average (Impact Bid Price, Impact Ask Price) where; Impact Bid Price = The average fill price to execute the Impact Margin Notional on the Bid side Impact Ask Price = The average fill price to execute the Impact Margin Notional on the Ask side The Impact Margin Notional is the notional available to trade with 0.1 XBT worth of margin (i.e. 0.1 XBT / Initial Margin) and is used to determine how deep in the order book to measure either the Impact Bid or Ask Price. For Example: Contract Initial Margin Impact Margin Notional XBT Quarterly 1% 0.1 XBT / 0.01 = 10 XBT XBJ Quarterly 4% 0.1 XBT / 0.04 = 2.5 XBT ETC Weekly 10% 0.1 XBT / 0.10 = 1 XBT Fair Price Derivation Once BitMEX has calculated the Impact Mid Price, it can use this number to calculate the % Fair Basis. The % Fair Basis will then be used to calculate the Fair Value of the futures contract which is added to the Index Price to finally create the Fair Price which is used for marking purposes. % Fair Basis = (Impact Mid Price / Index Price - 1) / (Time To Expiry / 365) Fair Value = Index Price * % Fair Basis * (Time to Expiry / 365) Fair Price = Index Price + Fair Value For Example Impact Mid Price = $105 Underlying Index = $100 Time To Expiry = 30 Days % Fair Basis = ($105 / $100 - 1) / (30 / 365) = 60.8% Fair Value = $100 * 60.8% * (30/365) = $5 Fair Price = $100 + $5 = $105 Note on Calculation: The % Fair Basis is updated each minute but only if the difference between the Impact Ask Price and Impact Bid Price is less than the maintenance margin of the futures contract. After it has been updated the Fair Price will be equal to the Impact Mid Price, and then the Fair Price will float with regard to the Index Price and the time-to-expiry decay on the contract until the next update. Exceptions Occasionally, due to index instability, a contract may need to be moved to an alternative mode, LastPriceProtected. Historically this has happened on the XBJ contracts due to pricing anomalies. In the case of such anomalies, notice will be sent as the marking method is changed. Last Price Protected Marking Last Price Protected is a marking mode that functions similarly to simple Last Price marking, but with some protections for our users as not to cause unnecessary liquidations. A price band is created equal to 1 maintenance margin (0.5x each way) around the previously-calculated Mark Price (also known as the Fair Price, calculated above). The Mark Price is equal to the Last Price, but only within this band created by the Fair Price. If the band moves, the Mark Price will stay. It is allowed to move toward the band but not away from it. For API consumers, this field is available on the instrument feed as lastPriceProtected.