Introduction to Coin-M Futures in the Bitget Unified Trading Account

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Ang Coin-M Futures ay mga produktong derivative na gumagamit ng pinagbabatayang cryptocurrency (tulad ng BTC o ETH) bilang parehong margin at settlement currency. They typically adopt an inverse futures structure: ang notional value ay naka-quote sa USD, habang ang PnL, transaction fees, at mga funding fee ay naka-settle sa pinagbabatayang coin.

Key features:

• Pricing unit: USD (notional value and quotes are typically denominated in USD)

• Common trading pairs: BTCUSD CM (settled in BTC), ETHUSD CM (settled in ETH)

• Settlement: All profits and losses are settled in the underlying currency (e.g., profits from a long BTCUSD position are settled in BTC).

• Futures types: Perpetual futures (no expiry) and delivery futures (with a fixed delivery date)

Coin-M Futures vs USDT-M Futures

	Coin-M Futures	‌USDT-M Futures
Account mode	i. Advanced na mode	i. Basic modeii. Advanced na mode
Margin mode	i. Cross marginii. Isolated margin	i. Cross marginii. Isolated margin
Position mode	i. One-way modeii. Hedging mode (long and short positions can use different leverage settings)	i. One-way modeii. Hedging mode (long and short positions must use the same leverage setting)
Settlement currency	Underlying cryptocurrency (e.g., BTC, ETH)	In USDT
Margin	Underlying cryptocurrency (e.g., BTC, ETH)	In USDT
PnL denomination	Underlying cryptocurrency (e.g., BTC, ETH)	In USDT
Typical users	Long-term crypto holders, miners, institutions, and users hedging spot positions	Most retail traders, quantitative traders, and users who prefer stable PnL accounting

Futures structure and PnL calculation (key differences)

1) USDT-M Futures: Linear futures

• Position value = quantity × price

• PnL (USDT) = (exit price − entry price) × quantity × (+ for long positions, − for short positions)

• Transaction fees (USDT) = filled quantity × filled price × transaction fee rate

• Funding fee (USDT) = position size × mark price × funding rate

Characteristic: PnL moves linearly with price, making it intuitive and easy to understand.

2) Coin-M Futures: Inverse futures

• The futures notional value is usually fixed in USD (or calculated based on a fixed USD face value per futures)

• PnL (coin) = futures notional value (USD) × (1/entry price − 1/exit price) × (+ for long positions, − for short positions)

• Transaction fees (coin) = futures notional value (USD) ÷ filled price × transaction fee rate

• Funding fee (coin) = position notional value (USD) ÷ mark price × funding rate

Characteristic: PnL is non-linear. Habang tumataas ang mga presyo, ang parehong notional value ng USD ay nako-convert sa mas kaunting yunit ng pinagbabatayang coin. Nagreresulta ito sa pagbaba ng coin gains sa bawat karagdagang pagtaas ng presyo, at pagtaas ng pagkalugi ng barya sa bawat karagdagang pagbaba ng presyo.

Examples:

1) USDT-M Futures: A long position of 1 BTC is opened on BTCUSDT at an entry price of 100,000 and an exit price of 100,100.

• PnL = 1 × (100,100 − 100,000) = 100 USDT

2) Coin-M Futures: Assume a long position on BTCUSD CM with a notional value of 100,000 USD, an entry price of 100,000, and an exit price of 100,100.

• PnL (BTC) = 100,000 × (1/100,000 − 1/100,100) ≈ 0.0009999 BTC

FAQ

1. Ano ang Coin-M Futures?

Ang Coin-M Futures ay mga produktong derivative na gumagamit ng pinagbabatayang cryptocurrency, tulad ng BTC o ETH, bilang parehong margin at settlement currency.

2. Ano ang pangunahing pagkakaiba sa pagitan ng Coin-M Futures at USDT-M Futures?

Ginagamit ng Coin-M Futures ang pinagbabatayang cryptocurrency para sa margin at settlement, habang ang USDT-M Futures ay gumagamit ng USDT para sa margin, settlement, at PnL denomination.

3. Anong mga margin mode ang magagamit para sa bawat uri ng futures?

Parehong sinusuportahan ng Coin-M Futures at USDT-M Futures ang cross margin at isolated margin.

4. Paano kinakalkula ang PnL sa Coin-M Futures?

Gumagamit ang Coin-M Futures ng inverse futures structure, kung saan ang PnL ay kinakalkula sa pinagbabatayang coin batay sa isang nakapirming USD notional value at hindi linear.