Moscow Exchange is launching five new perpetual-style cryptocurrency futures on September 22, extending Russia’s regulated digital-asset derivatives market.
The five contracts track Moscow Exchange indexes for Bitcoin, Ether, Solana, XRP and TRON.
The contracts provide price exposure without giving investors ownership or delivery of the underlying digital assets.
Five contract codes
| Contract | Underlying Index |
|---|---|
| BTCUSDF | MOEX Bitcoin Index (MOEXBTC) |
| ETHUSDF | MOEX Ether Index (MOEXETH) |
| SOLUSDF | MOEX Solana Index (MOEXSOL) |
| XRPUSDF | MOEX XRP Index (MOEXXRP) |
| TRXUSDF | MOEX TRON Index (MOEXTRX) |
Access is restricted to qualified investors.
“Perpetual” but legally one-day futures
The products differ structurally from offshore USDT-margined perpetual swaps.
MOEX describes them as cash-settled one-day futures contracts with automatic rollover.
That design creates an economically continuous position without requiring the investor to manually roll a conventional quarterly future.
Quoted in USD, settled in RUB
The crypto indexes and futures are quoted with U.S.-dollar reference values.
However collateral, variation margin and settlement operate in Russian rubles.
Investors therefore carry crypto-index exposure and ruble settlement/currency risk rather than holding the actual token.
No physical delivery
The contracts do not deliver BTC, ETH, SOL, XRP or TRX.
A trader cannot close a futures position and withdraw the underlying crypto to a blockchain wallet.
This is a major regulatory boundary: Russia is allowing price exposure inside regulated financial infrastructure while avoiding direct token custody in this product.
Funding parameters
MOEX says the funding formula uses:
- K1 = 0%
- K2 = 0.35%
Users familiar with offshore perpetuals should not assume identical funding calculations.
Risk/margin parameters
Moscow Exchange clearing infrastructure published substantial first-level risk rates for the new contracts:
- BTCUSDF: 22%
- ETHUSDF: 35%
- SOLUSDF: 38%
- XRPUSDF: 43%
- TRXUSDF: 30%
Higher stress tiers rise further.
The parameters reflect high volatility and concentration risk.
Existing demand
MOEX says more than 72,000 qualified investors have traded its existing digital-asset futures products, with aggregate turnover above RUB 600 billion.
Those figures refer to the prior crypto-derivatives franchise, not volume in the five new contracts before launch.
Why the launch is risk-relevant
The products demonstrate a policy path where governments can permit crypto exposure while containing custody, settlement, eligibility, clearing, margin and surveillance inside traditional financial-market infrastructure.
This may shift some activity from offshore crypto venues to regulated domestic derivatives.
Key investor risks
Leverage and liquidation
Futures can create losses faster than unleveraged spot.
Basis risk
The futures price can differ from the underlying index.
Funding/roll mechanics
Automatic rollover and funding can create cumulative carry costs.
Ruble settlement
Even though indexes are dollar-quoted, settlement is in RUB.
No on-chain rights
Futures holders cannot stake, vote, transfer or use the underlying crypto in DeFi.
Entity boundary
This is a Moscow Exchange derivatives product.
It is not spot listing, crypto custody, tokenized ownership or physical-delivery futures.
Evidence Status
Confirmed / Official Moscow Exchange
September 22 launch; five contract/index pairs; qualified-investor restriction; one-day auto-roll structure; cash settlement; USD quotation/RUB settlement; no delivery; funding parameters; clearing risk rates; existing 72K-investor/RUB600B historical figures.
Developing
Opening-day volume, open interest, funding, basis behaviour, broker distribution and future access.
Risk Assessment
Medium market-structure / leverage risk.
The launch does not create direct custody risk, but it expands regulated leveraged crypto exposure and introduces margin, funding and basis risk.
What to Watch Next
Opening volume, open interest, funding rates, clearing-margin changes, investor concentration, Bank of Russia policy and additional crypto indexes/contracts.
FAQ
Which assets are covered?
BTC, ETH, SOL, XRP and TRX indexes.
Do traders receive actual crypto?
No.
Who can trade?
Qualified investors.
What currency is settlement in?
Russian rubles.
Are these ordinary offshore perpetual swaps?
No. MOEX structures them as one-day cash-settled futures with automatic rollover.
Why are margin/risk rates high?
The underlying crypto indexes are volatile, requiring higher clearing protection.