MOEX Launches Bitcoin Perpetual Futures in Russia

The Moscow Exchange (MOEX) in Russia has introduced Bitcoin perpetual futures, marking a significant expansion of its regulated derivatives landscape. On September 22, trading opened on the BTCUSDF contract, which recorded approximately $1.3 million in debut-day volume.

This new product is part of five perpetual-style futures contracts launched simultaneously by MOEX. Unlike traditional monthly contracts that expire on a specific date, these perpetuals offer continuous exposure without the need for manual rollover each month.

The contracts are priced in US dollars but cash-settled in rubles, ensuring compliance with regulatory requirements set by the Bank of Russia. The perpetuals carry a first-tier margin requirement of 22% for Bitcoin, and funding parameters are set with K1 at 0% and K2 at 0.35%. Access is restricted to qualified investors only.

MOEX's introduction of perpetual futures aligns with its strategy to provide Russian investors and institutions with synthetic exposure to dollar-denominated Bitcoin price movements without needing to hold dollars directly. This consideration takes on extra weight given Russia's ongoing capital controls and the complexities of cross-border financial flows under international sanctions.