Quote currency and settlement differ
An inverse Bitcoin future can be quoted in dollars while settling profit and loss in bitcoin. Deribit documents this structure for its inverse futures. Because the contract represents a fixed dollar amount, the corresponding coin exposure changes with price. This differs from simply holding a fixed number of bitcoin or trading a linear contract settled in a dollar-linked asset. Reading only the displayed quote currency can therefore conceal the account's actual cash-flow exposure.
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Illustrative payoff
For a simplified long position representing 1,000 dollars of notional, bought at 50,000 dollars per bitcoin and closed at 60,000, coin profit before fees is 1,000 multiplied by the difference between 1/50,000 and 1/60,000: approximately 0.003333 BTC. Converting that profit to dollars introduces the exchange rate at conversion. This example explains the inverse shape; exchange contract multipliers, rounding, settlement conventions, and fees must be applied to an actual position.
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Collateral adds another exposure
If collateral is bitcoin, a falling bitcoin price can reduce the collateral's dollar value while also hurting a long position. Margin checks use the venue's marking and risk rules, which may differ from the last traded price. Contract size, settlement asset, maintenance margin, and liquidation rules should be inspected together. Calling a position dollar-denominated does not establish that the trader has removed coin-price risk from the margin account or from realized proceeds.
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The source notesEvidence & further reading3 sources
- Inverse futures contract specifications Deribit · Primary source · accessed 2026-09-21
- Linear futures contract specifications Deribit · Primary source · accessed 2026-09-21
- Standard margin Deribit · Primary source · accessed 2026-09-21