Key features of Xena Listed Perpetuals

Product Range

Xena Listed Perpetuals include contracts listed over:

  • Bitcoin to USD(T);

  • GRAM to USD(T) (coming soon);

  • Bitcoin volatility index (coming soon);

  • Bitcoin complexity of mining index (coming soon)

We will constantly expand the offering of underlyings. The full list of existing Perpetuals is always available on

Long and Short Positions

With a Xena Listed Perpetual it is possible to go both ‘long’ (to buy) and ‘short’ (to sell). If you take a long position, you are anticipating a rise in the value of the underlying instrument and would experience a loss if the value fell. If you take a short position, you are anticipating a fall in the value of the underlying instrument. If the value actually rose, you would experience a loss. In contrast to real underlying assets, where a trader usually buys first and then sells later, with a Xena Listed Perpetual it is possible to firstly go short (or sell) to exploit falling prices and buy back (or go long) later.

Profit and Loss Situations

The table below sets out profit and loss situations when trading Xena Listed Perpetuals:

Profitable trades

Unprofitable trades

Buy low – Sell high

Buy high – Sell low

Sell high – Buy low

Sell low – Buy high


Leverage allows traders to get exposure to the price of some asset paying only a fraction (usually 1% to 10%) of the total cost of that asset, increasing returns on the capital. Consider you had $10’000 and bought 2.5 Bitcoins at price 4000 USD per Bitcoin. If the price increased by $10, your gross profit would be equal to $25.

Using the leverage of 10 would have allowed you to open position of 25 Bitcoins having the same initial capital. You gross profit after the same change in price would have been $250.

Disclaimer: note that leverage increases not only potential profits, but potential losses as well.

Cryptocurrency-settled contracts

All Xena Listed Perpetuals are settled in Bitcoin. All margins related to contracts are also calculated in Bitcoin; the only accepted collateral now is also Bitcoin.

We are working on providing traders with ability to deposit collateral in any currency (including fiat), eliminating the FX risk of transferring your base currency into Bitcoin.

Hourly Clearing

Current cryptocurrency markets are highly volatile and include significant level of risk, especially when assets are traded on leverage. Since the price of a Xena Listed Perpetual is defined by the supply-demand balance in the order book, it may fluctuate around the actual underlying price, and involve attempts of different traders to earn on these fluctuations and not on the underlying asset price change.

Hourly settlement helps to fight these issues. Each hour the current floating profit or loss of each open position is calculated using the price of the underlying index (for instance, the XBTUSD Perpetual will be settled based on the value of the .BTC3_TWAP index, that is a combination of Bitcoin to USD prices from 3 major cryptocurrency exchanges — Bitstamp, CoinBase Pro, and Kraken, additionally averaged over time), and settled to the traders’ accounts. 

Traders can use the settled profits without any restrictions — withdraw them or use as margin for opening new positions.


Margin requirements for all open positions are calculated on the account level, and not on the position level. This allows to enable margin netting (that is used for the most existing Xena Listed Perpetuals).

Margin netting means that if you have two positions for the same instrument with different directions (longs and shorts), the margin will be taken only for positions of one side (the greater in volume). Margin netting helps to reduce margin requirements (and thus your initial capital) without increasing the risks.

Smart liquidation

If the equity of a trader’s account falls below the maintenance margin, Xena Exchange will automatically close his positions to avoid further losses. This process is called liquidation.

Along with other mechanics used to avoid unnecessary liquidations (that usually happen due to sudden change in the asset price, after which the price returns to its normal value), the liquidation process will wait for several consecutive prices confirming that a position must be liquidated.


Xena Listed Perpetuals do not expire. The only way to close a position is to trade the opposite side of your position. There are limited circumstances in which Xena Exchange may expire and delist contracts. This is only likely to occur where the contract has open positions in the following situations:

  • there is a lack of liquidity in the contract;

  • the underlying cease to exist; or

  • access to the data of the underlying instrument becomes permanently unavailable

If the above action were to be taken, Xena Exchange would provide as much notice to the market as possible to enable the closing out of open positions.

Trading Hours

All Xena Listed Perpetuals are traded 24x7x365. Due to the nature of the cryptocurrency market, there are no bank holidays or non-working hours.

The trading might be stopped during the maintenance windows. In such cases, Xena Exchange would provide as much notice to the market as possible to avoid negative effects on our clients.