What are the futures?
FTX lists futures on BTC, ETH, EOS, XRP, and USDT. Each coin has three futures: a contract that expire this quarter, a contract that expires next quarter, and a perpetual future.
What makes them different from other futures?
The futures listed on FTX differ from other major cryptocurrency futures in the following ways:
- FTX futures are stablecoin settled: you deposit stablecoins as collateral for all of the futures, and your PNL is settled in stablecoins. This means that you get legitimate USD-based price exposure and settlement, without needing a bank account; you can also use the same base currency as collateral for all of the contracts, making it easy to shift your positions around.
- FTX futures have a unique backstop liquidity provider program which jumps in to provide to accounts in danger of bankruptcy, helping to avoid clawbacks.
- FTX futures have careful, measured margin calls to avoid large price dislocations.
How do I post collateral?
Collateral for the futures is in stablecoins. The current set of accepted stablecoins is TUSD and USDC.
To deposit or withdraw collateral, go to your wallet page and deposit either TUSD or USDC. Depositing either will credit your account with 'USD', which is automatically used as collateral for all of your futures trades.
How do the quarterly futures expire?
The quarterly futures expire to a TWAP of their associated index on the last Friday of every quarter between 2am and 3am UTC.
If you hold an expiring futures positon, you will be credited with USD PNL equal to the expiration price shortly after.
What is a perpetual future?
Perpetual futures don't expire. Instead, every hour, each perpetual contract has a funding payment where longs pay shorts equal to [1 hour TWAP of Premium] / 24. This helps to keep the price of the perpetual futures in line with the price of the underlying index without ever closing down positions for expiration.
Where can I find the details?
You can find detailed specs for all of the futures contracts on FTX here.
How much leverage can I use?
FTX supports up to 20x leverage. You can adjust your maximum leverage on the settings page. Note that the maximum allowable leverage on FTX is lower for large positions.