Moscow Exchange Launches Ruble-Settled Crypto Perpetuals with $7B in Trading Volume

The Moscow Exchange is expanding its cryptocurrency offerings by launching five new perpetual futures contracts on September 22. These contracts will be linked to popular crypto indices, including BTCUSDF, ETHUSDF, SOLUSDF, XRPUSDF, and TRXUSDF.

Each contract will be quoted in US dollars, but collateral, variation margin, and final settlement will be handled in Russian rubles. This allows investors to take positions on cryptocurrency price movements without using a digital wallet or stablecoins.

The new contracts follow the Bank of Russia's policy introduced in May 2025, which allows financial institutions to offer derivatives linked to cryptocurrency prices, as long as they do not provide delivery of the underlying cryptocurrency.

Since launching its first crypto derivatives in summer 2022, the Moscow Exchange has seen over 72,000 qualified investors trade these instruments, generating a total turnover of more than RUB 600 billion (around $7 billion).