Product Notation

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 buying a calendar spread, the front month is sold and the back month is bought. 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, the Leg 2 price is calculated 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 Bitcoin US Dollar Deci Futures Page the contract size is ¹⁄₁₀ Bitcoin. This means that to get exposure to 1 BTC requires buying 10 BUI contracts. Conversely, 1 BUS contract may be purchased since its contract size is 1 Bitcoin.

Additionally, the Hashrate US Dollar Petahash futures contract breakdown is as follows:

1. H for Hashrate
2. U for US Dollar
3. P for Peta

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 a position of 1 BUS that ticks one tick higher results in a $1 PnL change. Conversely, the BUI minimum price fluctuation is $1 per Bitcoin ($0.10 per contract). A position of 1 BUI that ticks 1 tick higher results in a $0.10 PnL change.

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.