2.2.3 Quarterly futures

Quarterly futures are a market which is attempting to predict the price of the underlying asset at a given time in the future. The expiry of our quarterlies is generally 12 (noon) UTC on the last Friday of the quarter. Any quarterly contracts held on the day before expiry convert to perpetual swaps automatically.

In the market selector dropdown in the trading UI, select Quarterly, a number of quarterly contracts will appear. Similarly to perpetual swaps, the contract names will start with the acronyms of the trading pair, this is followed by a series of numbers, these denote the date of expiry, for example BTC-USD-200925-LIN is a Bitcoin to USDC stablecoin future expiring year ‘20, month September (9th month), day 25th.

Once you select a contract you wish to trade, trading it is very similar to perpetual swap trading. One key difference is that there is no ‘deliver’ function. The equivalent to delivery is simply holding the futures contract to expiry, at which point it ‘settles’ into the perpetual swap market of the same underlying and can be delivered into spot balance from there if desired.

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