ETHUSD is a Xena Listed Perpetual intended to imitate the spot price of Ethereum to USD. The rules for trading Xena Listed 

Perpetuals are described here:


  • The price of the contract is defined in USD per 1 Ethereum 
  • The contract is settled in BTC, then the result is converted to the currency of the Client’s account 
  • The tick size for the contract is 0.01, each tick is worth 0.00000001 BTC 
  • The contract value is multiplication of the price of ETH in USD multiplied by 0.000001 BTC 
  • The contract is traded in lots, with the lot size set at 1 contract 
  • The initial and maintenance margin rates vary from 1.25% to 100%, depending on the total position volume 
  • The current floating P&L that clients see in the terminal is calculated using the best bid/ask. The margin level is calculated using the underlying index price 
  • The contract is protected from sudden price movements and undesired liquidation with the Price Range, Upper and Lower Limits, and Safe Liquidation 
  • The contract is cleared every hour. The .ETHUSD_TWAP index (the average price of Ethereum on three exchanges Kraken, Coinbase Pro and Bitstamp — additionally averaged by time) is used as the benchmark. During a clearing, the floating P&L calculated using the benchmark is deposited (withdrawn) to the Client’s accounts 
  • Open positions are subject to the following cash flows:

1) Premium, defined by the .ETHUSD_Premium_IR_Corrected index, which is calculated as the difference between the volume-weighted average bid and ask in the ETHUSD order book (“mid-price”) and the .ETHUSD_TWAP index.


If the average price of the perpetual is higher than that of the index, the holders of long positions will pay to the holders of short positions, and if the perpetual trades lower than the index, the holders of shorts will pay the holders of longs. The exact formula for the index is defined in its specifications; generally, the payment for every 1 ETH of the active position equals the difference between the mid-price and the price of the underlying index, capped by the defined value.


2) Risk adjustment, defined by the .RiskAdjustment_IR index, is payable by holders of both long and short positions.


3) There are no interest payments.