Bitcoin perpetual futures debut at Moscow Exchange with a modest $1.3M in first-day volume

The Moscow Exchange, Russia’s largest securities marketplace, opened trading on Bitcoin perpetual futures on September 22, and the reception was… polite. The BTCUSDF contract recorded roughly $1.3 million in debut-day volume, a figure that wouldn’t move the needle at most global crypto venues but carries outsized significance for Russia’s regulated derivatives landscape. The new product is one of five perpetual-style futures MOEX rolled out simultaneously. Unlike standard monthly contracts that expire on a set date, these perpetuals are structured as one-day instruments with automatic daily rollover, giving traders continuous exposure without the hassle of manually rolling positions each month. How the contracts actually work The contracts are priced in US dollars but cash-settled in rubles, meaning no actual Bitcoin changes hands at any point. By avoiding physical delivery of tokens, MOEX stays cleanly within the regulatory guardrails set by the Bank of Russia. The perpetuals carry a first-tier margin requirement of 22% for Bitcoin. Funding parameters are set with K1 at 0% and K2 at 0.35%. Access is restricted to qualified investors only. In Russia’s regulatory framework, that gen...