MOEX to launch five crypto perpetual futures on Sept. 22

Moscow Exchange (MOEX) announced that on September 22 it will introduce five new perpetual futures contracts linked to cryptocurrency indexes. The contracts will track Bitcoin, Ether, Solana, XRP and Tron, will be quoted in U.S. dollars and settled in Russian rubles, and are available only to qualified investors.

Contract specifications

Each perpetual future references a MOEX‑calculated index: BTCUSDF for Bitcoin, ETHUSDF for Ether, SOLUSDF for Solana, XRPUSDF for XRP and TRXUSDF for Tron. The contracts are cash‑settled, meaning no digital assets are delivered at expiration. Settlement is performed in rubles, and the USD/RUB exchange rate influences the final cash result.

The products operate as one‑day futures with automatic daily rollover. Funding rates are calculated according to MOEX specifications, with parameters K1 set at 0 % and K2 at 0.35 %.

Investor eligibility

Trading is restricted to qualified investors, both individuals and legal entities, as defined by the Bank of Russia. Access is granted by brokers after confirming the investor’s status. The restriction aligns with Russian regulations that prohibit physical delivery of cryptocurrency in derivative products.

Market background

MOEX already offers monthly futures on the same five cryptocurrency indexes. Bitcoin and Ether futures launched in November 2025, followed by Solana, XRP and Tron futures in May 2026. The exchange’s indexes, updated every 15 seconds using data from major crypto exchanges, have been used for settlement of existing contracts.

Since the introduction of crypto‑linked futures last summer, more than 72,000 qualified investors have traded on MOEX, generating cumulative turnover exceeding 600 billion rubles. Average daily turnover in August was reported at 2.5 billion rubles, with a record of 10.2 billion rubles on August 21.

Regulatory context

Russian rules introduced in May 2025 allow financial institutions to offer cryptocurrency‑linked derivatives to qualified investors, provided there is no physical delivery. A broader framework effective September 1, 2026 permits both qualified and non‑qualified investors to access regulated cryptocurrency trading, though non‑qualified participants face purchase limits and must pass a test.

MOEX’s new perpetual futures remain subject to the qualified‑investor restriction, separate from the expanded retail access rules.