Moscow Exchange Launches Perpetual Futures for Bitcoin and Ethereum

The Moscow Exchange is preparing to launch perpetual futures for Bitcoin and Ethereum, with the first two perpetual crypto contracts expected to be available for trading as early as September. This was announced by Maria Patrikeeva, the managing director of the exchange's derivatives market.

• The Moscow Exchange plans to launch two perpetual futures on crypto indices.
• The contracts will be based on the Bitcoin and Ethereum indices.
• In the future, the crypto lineup is expected to expand to ten coins.

Cryptocurrency derivatives appeared on the Moscow Exchange's futures market in the summer of 2025. Currently, qualified investors can already work with monthly and quarterly contracts linked to Bitcoin, Ethereum, Solana, Ripple, and Tron.

The next step will be to introduce perpetual contracts for the same underlying assets. The first instruments based on the Bitcoin and Ethereum indices will be launched in September. According to Maria Patrikeeva, the exchange intends to gradually expand the list of digital coins to ten.

A perpetual future differs from a classic one in that it does not have a fixed expiration date. Formally, it is a one-day derivative financial instrument that is automatically rolled over to the next trading day. The investor does not have to manually close one contract and open a new one to maintain their position.

The price of such a contract is based on the index of the underlying asset. To prevent the perpetual future from deviating too far from the index, a funding mechanism is typically used: payments periodically transfer between holders of long and short positions. Unlike a regular future, where the key date is expiration, here the daily rollover, margin, and current position calculations are more important.

Importantly, this instrument does not imply the purchase of the cryptocurrency itself. Bitcoin or Ethereum serve as the basis for price calculation, but the client works specifically with the derivative. Therefore, it is not an asset (accounting) on the balance sheet in the usual sense, but an exchange contract whose value depends on the movement of the chosen index.

Profits can be made on a perpetual future from both the rise and fall of the underlying index, provided the position direction is chosen correctly. However, returns are not fixed in advance: the result is influenced by price movement, leverage size, margin, fees, potential funding payments, and the duration of the position.

Holding a position for a long time does not inherently reduce risk through automatic rollover. In the case of high volatility, losses can accumulate quickly, and if there is insufficient collateral, the investor will need to top up the margin or close the position. Additional costs may arise from funding and transaction fees.

The fee for a perpetual future consists not only of the transaction fee. The total costs may include brokerage fees, exchange fees, collateral requirements, and, if stipulated by the contract rules, funding payments between long and short positions.

At the Moscow Exchange, such crypto derivatives are available to qualified investors through the futures market. Before the first transaction, it is logical to take several steps:

• Open a brokerage account with access to the futures market.
• Ensure that the investor's status allows trading in cryptocurrency derivatives.
• Check the contract specifications, broker and exchange fees, and the size of initial and maintenance margins.
• Pre-determine the position size and risk level at which the position will be closed.

Approaching such instruments should be done as active trading rather than passive investment. The decision depends on the horizon, readiness for volatility, experience with derivatives, and the ability to meet margin requirements.

The Moscow Exchange is expanding its futures market in several directions:

• Asset type: crypto indices. Examples of underlying assets: Bitcoin and Ethereum. Status: the first perpetual futures are planned for launch in September.
• Asset type: foreign stocks. Examples of underlying assets: Amazon, AMD, Tesla, Netflix, and other companies. Status: the exchange is preparing about 20 perpetual futures.

Eternal futures can be based not only on crypto indices but also on various underlying assets. Depending on the exchange's offerings, the underlying assets can include currencies, precious metals, stock indices, shares, and digital assets.

Maria Patrikeeva reminded that by 2026, 34 new instruments had already appeared in the futures market. By the end of the year, the exchange plans to add about 30 more contracts. For market participants, this means a broader selection of strategies, ranging from hedging to short-term speculation on volatility.

Cryptocurrency remains one of the most sensitive segments. Therefore, it is important to consider several factors before making a trade:

• High volatility: the price of such assets can change sharply even within a single day.
• Understanding risk: futures can quickly increase both profits and losses.
• Margin requirements: unfavorable price movements may require additional collateral.
• Settlement features: the final result depends on the asset price, fees, position rollover, and potential financing.
• Regulatory influence: investors need to consider the Central Bank of Russia's approach to complex and high-risk instruments.

Eternal futures are convenient in that positions do not need to be manually rolled over, but this also means that risk can accumulate unnoticed.

The launch of new products coincides with changes in trading schedules. Starting September 14, the main session on the Moscow Exchange will begin at 9:00 AM instead of 10:00 AM and will last for 10 hours. The new schedule will affect the stock, futures, currency markets, and the precious metals market.

The exchange explains this change is in response to client demand. The additional hour is particularly important for institutional participants, as the majority of orders are concentrated in the daytime session, and the ability to start earlier makes the market more convenient. Investors from Siberia and the Far East will also benefit, as trades will become more accessible in terms of timing.

This is a significant change for the futures market. The more instruments available to participants and the longer trading continues, the higher the load on infrastructure, risk management, and operational control. This is especially relevant for contracts on crypto indices, where volatility can be higher than that of many traditional assets.

At the same time, the Moscow Exchange is strengthening its control over trading. Previously, the exchange implemented an artificial intelligence-based system that helps identify trades with signs of market manipulation and insider trading. Algorithms handle the preliminary processing of signals, allowing compliance specialists to analyze large volumes of operations more quickly.

The expansion of the derivatives lineup makes such automation more significant. At the same time, cryptocurrency contracts, foreign stock instruments, and longer trading sessions are appearing in the market. When external factors are added, including stock market dynamics, cryptocurrency movements, and the exchange rate against the US dollar, the supervisory infrastructure becomes a key part of the stable operation of the exchange.

The launch of eternal futures on crypto indices fits into the overall strategy of the Moscow Exchange: the exchange is expanding the selection of instruments, increasing the available time for trades, and enhancing control over trading integrity. For the derivatives market, this is a step towards more active and transparent trading.