Delivery Futures Settlement Rules

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Expiration and settlement time

Delivery futures are automatically settled on the expiration date, typically at 16:00 (UTC+8) on the last Friday of each quarter. The futures code format is XXXUSD CMMMSS (XXX = underlying cryptocurrency, MM = settlement month, and SS = settlement day). For example, BTCUSD CM1225 represents BTCUSD delivery futures expiring on December 25, 2026.

 

How the settlement price is determined

The settlement price is calculated using the weighted average index price of the underlying asset over the final 30 minutes before expiration to prevent market manipulation.

 

Settlement process

• Opening positions is prohibited during the final 10 minutes before delivery;

• Users may manually close their positions at any time before expiration;

• Any positions still open at expiration will be automatically closed and settled by the system at the settlement price;

• Once settlement is complete, the delivery futures will be automatically delisted;

• Profits and losses are settled in the underlying asset, such as BTC or ETH (Coin-M delivery futures).

 

FAQs

1. When are delivery futures automatically settled?

Delivery futures are automatically settled on the expiration date, typically at 16:00 (UTC+8) on the last Friday of each quarter.

2. How is the settlement price for delivery futures determined?

The settlement price is calculated using the weighted average index price of the underlying asset over the final 30 minutes before expiration to prevent market manipulation.

3. Can I still open positions before expiration?

No. Opening positions is prohibited during the final 10 minutes before the delivery futures expire. However, users may still manually close their positions at any time before expiration.

4. What happens to positions that remain open at expiration?

If any positions remain open when the delivery futures expire, the system will automatically close them at the settlement price and complete the settlement.