What makes FTX futures different from other futures?

What makes FTX futures different from other futures?

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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 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 position, you will be credited with USD PNL equal to the expiration price shortly after.

What is a perpetual future?

Perpetual futures dont 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.

How do I post collateral?

Collateral for the futures is in stablecoins. The current set of accepted stablecoins is USDC, TUSD, USDP, BUSD, and HUSD.

To deposit or withdraw collateral, go to your wallet page and deposit either USDC, TUSD, USDP, BUSD, and HUSD. Depositing either will credit your account with USD, which is automatically used as collateral for all of your futures trades.

By default all margin is posted in USD in your wallet. USD can be funded by depositing USDC, TUSD, USDP, BUSD, and HUSD.

Balances of the following coins also count towards collateral:

CoinWeight (total)Weight (initial)
Non-USD fiat0.990.98
USDT0.9750.95
BTC0.9750.95
ETH0.950.9
BNB0.950.9
PAXG0.950.9
XAUT0.950.9
KNC0.950.9
BCH0.90.85
LTC0.90.85
TRYB0.90.85
LINK0.90.85
TRX0.90.85
CUSDT0.90.85
XRP0.90.85
SOL0.90.85
BVOL0.850.8
IBVOL0.850.8
OKB0.850.8
HT0.850.8
MKR0.80.8
SUSHI0.80.8
SNX0.80.8
YFI0.80.8
SXP0.80.8
BTMX0.80.8
OMG0.80.8
TOMO0.80.8
AAVE0.80.8
OKB0.850.8
HT0.850.8
MATIC0.80.8
LEO0.850.8
Tokenized Stocks (e.g. AAPL, TSLA, etc.)0.850.8

SRM

0.90.85

FTT (optional)

0.950.95

By default all positions use the same collateral pool, and all USD, non-USD fiat, and above cryptocurrencies in your wallet count as collateral. Each subaccount has one central collateral wallet and uses cross margining for the account. Each subaccount has separate margin and collateral from other subaccounts.

If you want to use isolated margin create a subaccount for that position and move in collateral.