Moscow Exchange will launch ruble-settled perpetual-style futures linked to five crypto indices on 22 September, giving qualified investors price exposure without delivery of the underlying assets.
London's trading industry is coming home!
The exchange first introduced crypto derivatives in summer 2025. Since then, more than 72,000 qualified investors have traded these instruments, generating over RUB 600 billion (about $7 billion) in total turnover.
Those figures cover the previously launched crypto-derivatives range as a whole. They do not represent trading in the five new perpetual futures, which have yet to launch.
One-Day Futures with Automatic Rollover
The structure differs from the perpetual contracts commonly offered by offshore cryptocurrency exchanges.
Legally, the Moscow Exchange instruments are one-day cash-settled futures whose positions automatically roll into the following trading day. The exchange will apply a daily funding adjustment to help keep the futures price aligned with the relevant crypto index.
The five contracts are BTCUSDF, ETHUSDF, SOLUSDF, XRPUSDF and TRXUSDF. Each index and futures contract will be quoted in US dollars. However, collateral, variation margin and final settlement will be handled in Russian rubles.
Consequently, investors can take positions on crypto price movements without using a digital wallet, stablecoins or a cryptocurrency exchange.
The contracts do not involve the delivery of Bitcoin, Ether or other tokens.
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Direct Crypto Ownership Remains Outside the Model
The design follows the Bank of Russia’s policy, introduced in May 2025, allowing financial institutions to offer qualified investors derivatives, securities and digital financial assets linked to cryptocurrency prices.
One of the regulator’s central conditions is that such products must not provide delivery of the underlying cryptocurrency. The central bank has continued to warn financial institutions and investors against direct exposure to crypto assets.
Russia is therefore expanding access to their price movements through licensed exchanges, brokers and ruble settlement, rather than opening conventional spot cryptocurrency trading.
The new contracts will join Moscow Exchange’s existing range of 31 perpetual futures covering currencies, equity and bond indices, precious metals, and Russian and foreign securities.
