Product Specifications

Bitnomial Products

Calendar Spreads

Each future listed above also has calendar spreads. Each calendar spread has a leg ratio of -1:+1. That is to say, when you buy a calendar spread you are selling the front month and buying the back month. This means that buying the spread is a roll from the long perspective. Leg 1 is always used as the anchor for pricing purposes. This means that when a calendar spread match occurs, we calculate the Leg 2 price by adding the match price to the last known price of Leg 1.

Symbology

Bitnomial trading systems use the Product ID to uniquely identify listed products. For convenience, Product Codes are also assigned but not used by the trading systems.

Product Code

Bitnomial Product Codes are composed of three alphanumeric characters:

  1. Base currency code
  2. Quotation currency code
  3. Contract size code

For example, the standard-Bitcoin-US Dollar futures contract breakdown is as follows:

  1. B for Bitcoin
  2. U for US Dollar
  3. S for Standard

Size Code

Bitnomial uses SI units for contract size codes when convenient.

For example, the 1⁄10 Bitcoin contract, the DeciBitcoin contract, is I not D to avoid confusion with “deca”.

The DeciBitcoin-US Dollar futures contract breakdown is as follows:

  1. B for Bitcoin
  2. U for US Dollar
  3. I for Deci

As stated on the Deci Bitcoin US Dollar Futures Page the contract size is 1⁄10 Bitcoin. This means that to get exposure to 1 BTC you’d have to buy 10 BUI contracts. Conversely, you could buy 1 BUS contract since it’s contract size is 1 Bitcoin.

Minimum Price Fluctuation (Tick Size)

Bitnomial quotes products in ticks in order to normalize the prices traders see across products. A tick is the minimum amount a price can move at once. For example, the minimum price fluctuation for BUS contracts is $1 per Bitcoin ($1 per contract). This means that if you have a position of 1 BUS and it ticks one tick higher, your PnL is $1. Conversely, the BUI minimum price fluctuation is $1 per Bitcoin ($0.10 per contract). So if you have a position of 1 BUI and it ticks 1 tick higher, your PnL is $0.10.

CQG Name

CQG attempts to maintain a uniquely identifiable symbol name across all exchanges. Bitnomial has been assigned the prefix B, making the BUS contract BBUS on CQG.