Current Products

  • Cash Settled Bounded Bitcoin
  • Cash Settled Bounded Ether

Cash Settled Bounded Futures

ErisX bounded futures contracts provide an innovative approach to fully funded contracts and efficiently enable short positions in crypto futures. Bounded futures are cash-collateralized and protect position holders against large price movements in the underlying markets.
Traded at and cleared through our CFTC regulated Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), our futures contracts trade alongside our spot market on an innovative and unified platform bringing price transparency and collateral efficiency.

  • The futures contract contains an upper boundary, against which short interest exposure is limited and therefore can be bounded and collateralized by fiat.
  • The contract also contains a lower boundary against which the long interest exposure is limited and therefore provides a lower capital threshold.
  • The contract is financially settled at contract expiry. See example below.

Contract Specifications

Description
Bounded Bitcoin Futures
Bounded Ether Futures
Bounded Ether/Bitcoin Futures
Contract Symbol
BB
BE
BEB
Contract Size
updated 0.01 BTC
1 ETH
$10,000
Price Quotation
USD per 1 Bitcoin
USD per 1 Ether
BTC equivalent of 1 ETH
Minimum Price Increment $ 1.00 per Bitcoin
($0.01 per contract)
$ 0.10 per Ether
($0.10 per contract)
0.00001
($0.10 per contract)
Upper and Lower Boundaries Upper and Lower boundaries determined and set by the clearing house at time of contract listing
Collateral Reserved Buyer: No. of Contracts * Contract Multiplier * (Trade Price - Lower)
Seller: No. of Contracts * Contract Multiplier * (Upper - Trade Price)
Listed Contracts
Weekly contracts listed for 2 consecutive weeks
Settlement
Financially Settled
Last Trading Day/Time
Current hours
Last Trading Day/Time
10:00 (CT) Friday* of the expiry Week
* Preceding business day if day falls on a non-business day
Block Trades
updated 100 Contracts
50 Contracts
50 Contracts
Please see the Eris Exchange Rulebook Section 11 for full details

Trade and Payout examples

We will use the example of a contract with the following parameters:
Bitcoin Bounded Future Parameters
Current Futures Price $ 10,000
Upper Boundary $ 14,000
Lower Boundary $ 7,000
Contract Size 0.01 BTC
If a trade was to be executed at $10,000 the amount of collateral withheld for each side would be calculated as:
Side
Collateral Withheld
Buyer + 100 @ 10,000
100 * 0.01 * ($10,000 - 7,000) = $ 3,000
Seller - 100 @ 10,000
100 * 0.01 * ($14,000 - 10,000) = $ 4,000
These positions for the Buyer and Seller who produce the following payouts based upon the settlement price at expiry.
Settlement Price
Buyer Theo P&L
Seller Theo P&L
$ 7,000
-$ 3,000
$ 3,000
$ 9,000
-$ 1,000
$ 1,000
$ 11,000
$ 1,000
-$ 1,000
$ 14,000
$ 4,000
-$ 4,000