Futures on MPEx

I've been trying to get future contracts with physical delivery on MPEx for close to a year now. Fact of the matter is, BTC isn't quite there yet.

So, as a halfway step and in an effort to get it there, MPEx now offers BTC-settled futures contracts on the followingⁱ :

• Eurodollar on CME (X.IEDG)
• Nasdaq 100 index on CME (X.INDQ)
• Nikkei 225 index on CME (X.INKG)
• S&P 500 index on CME (X.ISP5)
• WTI on NYMEX (X.EWTI)
• Natural Gas on NYMEX (X.ENGG)
• Heating Oil on NYMEX (X.EHOG)
• Corn on CBOT (X.ACOG)
• Soybeans on CBOT (X.ASBG)
• Wheat on CBOT (X.AWHG)
• Cocoa on ICE (X.ACCA)
• Live Cattle on CME (X.ALCG)
• Gold on COMEX (X.MGCG)
• Silver on COMEX (X.MSIG)
• Copper on COMEX (X.MHGG)
• Platinum on NYMEX (X.MPTG)

All contracts will settle during the last Friday of each month (up until midnight GMT) on the reference of the close price of the respective contract on the previous dayⁱⁱ and the BTC/USD 24 hour volume-weighted average then current.

Anyone can create new contracts by depositing BTC as collateral. Currently collateral requirements are 180% of the last MPEx settlement of that contract (so a contract that settled for 50 will need 90 in collateral to create). There's a 2% non refundable fee levied on all newly created contracts, this pays for insurance (users are not liable outside of their deposited collateral). Once contracts settle the collateral is returned minus the value of the contracts created. Both the collateral requirements and the fee are subject to change as we collect more data and are able to make more precise estimates in more confidence.

Be warned that buying any future contract is in effect divesting BTC. You may wish to insure yourself against currency risk for this reason.

More futures may be added in the future (heh), express your preference. Also, MPEx is looking for more marketmakers on pretty much all these, so if you know a lot about futures and have a decent chunk of BTC to back you up we want to hear from you.

Have fun.

1. Obviously there's no relationship between the respective exchanges and MPEx - they're not quite cool enough yet. [↩]
2. So for instance this month contracts will settle on the 28th on the basis of the close on December the 27th. [↩]