FAQ / Futures

FAQ GRAM/BTC Futures Trading

Last updated: October 7, 2019

Specification

Ticker - GRAM/BTC
Type - Futures
Expiration - Conditional * contract will be expired a day after the official launch of Gram on the exchange
Expiration Type - Cash Settlement
Base currency - GRAM
Quote currency - BTC
Contract value - 1 GRAM
Lot size - 1 contract
Inverted - No
Cost of carry - 0%
Minimal order size - 1
Maximal order size - 3000 * without advanced KYC authentication
Minimal price step - 0.00000001
Taker fees - 0.07%
Maker fees - 0.005%

Definitions

  • Cryptology Perpetual Futures Contract: Our Perpetual Futures Contract is a derivative contract bonded to the price of the BTC price index as the underlying.
  • Open interest: total number of contracts in the order book.
  • Total balance: overall valuation of clients assets.
  • Equity: is a sum of total balance and Unrealized PNL.
  • Available: available assets on balance that could be used for trading.
  • Initial Margin: the amount that is necessary to enter into a leveraged position.
  • Unrealized PNL: PNL that is calculated as a difference of the average price of a deal and the Mark Price.
  • Realized PNL: Realized PNL is calculated using the average price of opening position and the average price of the closing position.
  • Est. Liq. Price: it is an approximate price for liquidating the position. If the Mark price touches the Liquidation Price, the position will be liquidated.
  • Liquidation price: is the price which will be used to close the position in the case of liquidation.

There is no benchmark price for the GRAM/BTC contract. The market price is defined as equilibrium price of demand and supply of the contract.

How is my PNL calculated?

  • Assume that you bought 100 contracts (contract size: 1 GRAM) using limit order at 0.0006 BTC and then sold by market order 60 contracts at 0.0007 USD.
  • As your position was not completely closed part of your unrealized PNL was transformed to realized PLN and the remaining of the position will be maintained as unrealized PNL.
  • First you have made a limit order, so you have to pay maker’s fee = 100 * 0.0006(price) * 0.00005(makers fee rate) = 0.000003 BTC
  • You also made a market order, therefore, you have to pay taker's fee = 60 * 0.0007(price) * 0.0007(takers fee rate) = 0.00002945 BTC
  • Realized PNL = 60(closing position) * 1(contract size) * (0.0007- 0.0006) = 0.006 BTC
  • Unrealized PNL = (100 - 60) * 1 * (0.0007 - 0.0006) = 0.004 BTC

What is Cross-Margin?

  • When you open a position on Cross-Margin, the system will work to maintain your margin above liquidation level by taking funds from your available balance. If there are not enough funds on your account, the system checks if it is possible to cancel active orders that hold margin and cancel these. If both conditions take place, all the open positions are closed at Market Price.
  • Using Cross-Margin, Leverage is calculated as: Position size/Balance.
  • NOTE: Currently, Futures on the Android version only supports Cross-Margin. Isolated Margin will be available soon.

What is Isolated-Margin?

  • When you open a position on Isolated-Margin, the system will liquidate your position when it reaches liquidation level automatically. It will not take funds from your available balance, nor affect other open positions.
  • Using Isolated-Margin, you can fix the leverage you would like to use. The Margin will be calculated as: Position Size x Leverage.
  • NOTE: Currently, by default, the web version opens the position on Cross-Margin. If you wish to change this, you will need to drag the leverage forward towards x100, you will then see "Isolated" instead of "Cross".