A futures contract is a type of cryptocurrency derivatives. By definition, futures contract traders agree to transact a predetermined amount of a certain commodity at a preset price at a specific future time. Based on their judgment of the markets, investors can choose to long or short futures products to profit from up or down markets.
To help you better understand HTX’s futures trading products, we are providing a detailed overview of the two major ones: USDT-margined futures and coin-margined futures, along with their subtypes. You can choose the futures product that best suits your trading needs.
USDT-M Futures vs Coin-M Futures:
| Dimension |
USDT-M Futures |
Coin-M Futures |
| Collateral/Settlement currency |
USDT |
Underlying asset, (e.g. BTC, ETH) |
| Price impact |
Focuses solely on symbol price fluctuations |
Considers both crypto price and symbol price fluctuations |
| Risk |
Margin value remains stable |
Margin value fluctuates with crypto prices |
- USDT-M Futures: USDT-margined futures contracts are cryptocurrency derivatives where USDT can be used as collateral and for settlement and PnL calculation. Users can choose to open long or short futures and profit from up or down markets.
HTX offers two types of USDT-margined futures: USDT-Margined Perpetual Futures and USDT-Margined Delivery Futures. Here’s a comparison:
| Dimension |
USDT-Margined Perpetual Futures |
USDT-Margined Delivery Futures |
| Settlement currency |
USDT |
USDT |
| Expiration Date |
N/A (valid indefinitely unless delisted) |
Fixed date (weekly, bi-weekly, quarterly, etc.) |
| Funding rate |
Charged every 8 hours (subject to announcements) |
N/A |
| Position Close |
Positions can be held indefinitely |
Positions automatically closed at expiry and settled based on the settlement price |
| Margin Mode |
Cross margin and isolated margin modes |
Cross margin mode |
- Coin-M Futures: Coin-margined futures contracts are cryptocurrency derivatives where users can profit from price movements by going long or short. They function similarly to a collateralized spot market, with prices closely tracking the index prices of the underlying asset mainly through the funding rate mechanism. HTX offers two types of coin-margined futures: Coin-Margined Perpetual Futures and Coin-Margined Delivery Futures. Upon expiration of delivery contracts, all open positions are settled at the arithmetic average price of the index prices over the last hour before expiry. Here’s a comparison:
| Dimension |
Coin-Margined Perpetual Futures |
Coin-Margined Delivery Futures |
| Settlement currency |
Underlying asset, (e.g. BTC, ETH) |
Underlying asset, (e.g. BTC, ETH) |
| Expiration Date |
N/A (valid indefinitely unless delisted) |
Fixed date (weekly, bi-weekly, quarterly, etc.) |
| Funding rate |
Charged every 8 hours (subject to announcements) |
N/A |
| Position Close |
Positions can be held indefinitely |
Positions automatically settled and the underlying asset returned upon expiry. |
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