Moscow Exchange launches five ruble-settled crypto perpetuals

Moscow Exchange began trading five perpetual futures tied to Bitcoin, Ethereum, Solana, XRP and Tron on Sept. 22. The contracts trade under the tickers BTCUSDF, ETHUSDF, SOLUSDF, XRPUSDF and TRXUSDF and follow Moscow Exchange’s crypto indexes. Each contract is quoted against a U.S. dollar–denominated index while profits and losses are settled in Russian rubles. The contracts are cash-settled and do not result in delivery of the underlying cryptocurrencies. Access is limited to qualified investors.

Each perpetual runs for one trading day and automatically rolls into the next trading period, eliminating the need for traders to manually shift positions to later-dated futures. Moscow Exchange set funding parameters for the products with K1 at 0% and K2 at 0.35%.

The exchange requires traders to post collateral. First-tier minimum initial margin rates are 22% for Bitcoin, 35% for Ethereum, 38% for Solana, 43% for XRP and 30% for Tron. Moscow Exchange also established concentration limits (LK1 and LK2) for each contract; for example, LK1 and LK2 for XRPUSDF are 961 and 4,807 contracts, while for ETHUSDF they are 124,490 and 622,450 contracts. Contract specifications differ across products, so those figures are not directly comparable measures of market exposure.

The launch adds perpetuals to Moscow Exchange’s existing dated crypto futures. On Sept. 16 the exchange reported that more than 72,000 qualified investors had traded its digital-asset futures and that cumulative turnover in those products exceeded 600 billion rubles.

Brokers can set additional requirements and limits for their clients. The products provide regulated exposure to major crypto prices while preventing custody or transfer of the underlying tokens.