The Moscow Exchange has launched perpetual futures tied to five major cryptocurrencies, giving qualified Russian investors continuous price exposure to Bitcoin, Ethereum, Solana, XRP and Tron without requiring them to hold the underlying assets. The new contracts began trading on September 22 under the tickers BTCUSDF, ETHUSDF, SOLUSDF, XRPUSDF and TRXUSDF.
Each product tracks a corresponding MOEX crypto index and automatically rolls over daily, removing the need for traders to manually switch positions at expiration. The contracts are quoted against US dollar-denominated indexes, but profits and losses are settled in Russian rubles. Unlike spot trading, the futures are cash-settled and do not deliver any cryptocurrency.
Access is limited to qualified investors, and traders must post collateral. MOEX set first-tier minimum margin rates at 22% for Bitcoin, 35% for Ether, 38% for Solana, 43% for XRP and 30% for Tron. XRP carries the highest initial margin requirement among the five contracts. The exchange also introduced concentration limits, with LK1 and LK2 ranges varying by contract.
The launch builds on the Moscow Exchange's existing crypto derivatives business. The exchange already offered dated futures tied to crypto indexes and reported that more than 72,000 qualified investors had traded its digital-asset futures, with cumulative turnover exceeding 600 billion rubles. MOEX set funding parameters K1 at 0% and K2 at 0.35% for the new perpetual products, which remain regulated, cash-settled derivatives rather than direct cryptocurrency trading.
