USDⓈ futures FAQ
What is the USDⓈ futures?
USDⓈ futures allow users in supported regions to choose USD, USDC, or USDG as the settlement currency, enjoying unified liquidity and stablecoin returns.
How do I use the USDⓈ futures?
Consistent with the existing futures transaction process:
Select Trade > USDⓈ-margined (eg. BTCUSD UM perpetual swap).
Enter the price and amount, select the order type and place order.
USDⓈ futures FAQ
1. What is the difference between the USDⓈ futures and the existing USDT and USDC futures?
Different settlement currency: USDⓈ futures support settlement in USD, USDC, and USDG, while USDC futures only support USDC.
Different applicable entities: USD is not applicable for futures settlement currency in certain regions (such as Seychelles、AU).
Unified liquidity: The USDⓈ futures aggregates multi-currency liquidity, enhancing trading depth.
2. Can I trade USDⓈ futures?
All entities that support futures trading, including: Bahamas, UAE, Seychelles, AU, etc. ; but the choice of settlement currency is subject to regional restrictions.
3. What should I prepared before using the USDⓈ futures?
Make sure your account has completed identity verification and supports futures trading.
Select USD-M settlement currency for USD futures settlement currency in USD, USDC, or USDG
Deposit the selected settlement currency or other supported assets as margin.
4. Can I change the settlement currency for USDⓈ futures?
Yes, but you must flatten all USD futures positions and cancel all USD futures orders before you make any changes.
5. Which cryptocurrencies can be used as settlement currencies in USDⓈ futures?
Bahamas, UAE: USD, USDC, USDG
Seychelles, AU: USDC, USDG (default USDC)
6. Does the USDⓈ futures support leveraged borrowing?
USD: Not supported. Negative equity caused by UPL will be transferred to USDC liabilities.
USDC/USDG: Supports cross margin borrow and futures UPL borrow
7. Does the USDs futures support cross-currency staking and PM transaction?
Yes, but both USD and USDC must be in staking simultaneously to avoid equity fluctuations during the liability conversion process.
8. How is P&L calculated for the USDⓈ futures?
All profits and losses (including unrealized P&L, RPL, funding fees, transaction fees, etc.) are calculated in the settlement currency you select.
9. How are USDⓈ futures funding fees charged and distributed?
Funding fees are calculated based on the futures' mark price and the funding rate formula, and are charged and paid in the settlement currency. If the settlement currencies for the long and short sides are different, the system will handle the conversion accordingly.
10. What if negative PnL (loss) handled in USDⓈ futures?
If your settlement currency in USD and your negative equity exceeds the interest-free amount (e.g., 20,000 USD), the system will automatically convert it into a USDC liability and start accruing interest.
If settlement currency using USDC or USDG, negative equity will be directly recorded as a liability in that currency.
11. How is forced liquidation handled in the USDⓈ futures?
The forced liquidation mechanism for USDⓈ futures is consistent with existing futures. When the margin level falls below the liquidation threshold, forced liquidation will be triggered. Forced liquidation P&L, penalties, etc., are all calculated in the settlement currency.
12. Will open orders be canceled during forced liquidation?
Yes, the system will cancel all USD futures orders under that settlement currency.
13. How is the position handled after forced liquidation?
The position is taken over by the system and enters the forced liquidation process. P&L are credited to the risk reserve fund (denominated in the settlement currency).
14. What should I do if a stablecoin loses its peg?
Q: How does the system respond if USDC experiences a de-peg?
The system will monitor the exchange rate fluctuations of stablecoins such as USDC.
If there is a risk of depegging, the function to convert USD liabilities to USDC liabilities will be suspended.
At the same time, the platform will activate emergency mechanisms, such as using the risk reserve fund to cover part of the risk.
Q: Is USDG exposed to de-peg risk as well?
USDG is a stablecoin pegged to the US dollar, with its value backed by underlying assets. The system ensures its peg through the PoR (Proof of Reserves) mechanism and real-time monitoring.
15. Is USD supported as a settlement currency in all regions?
No, for example, users from Seychelles and AU cannot choose USD as the settlement currency; they can only use USDC or USDG.
16. Will the USDⓈ futures generate negative equity interest in USD?
USD negative equity within the interest-free limit will not accrue interest.
The portion exceeding the interest-free limit will be converted into a USDC liability and start accruing interest.
17. What prompts are available on the front-end page?
The asset card will indicate negative equity situations.
If the liability exceeds the interest-free limit, you will be prompted with Converted to USDC liability and interest will be incurred.
New users will be guided to set the settlement currency when entering for the first time.
18. Does the USDⓈ futures support bots trading and copy trading?
Yes, the USDⓈ futures supports all existing order types and bots trading features.
19. Has there been any change in the name of the USDⓈ futures?
USDⓈ futures examples:
BTC-USD_UM-SWAP(perpetual swap),BTC-USD_UM-20250725(expiry)crypto-margined futures remain unchanged, such as
BTC-USD-SWAP
20. Does USDⓈ futures support API trading?
Yes, all USDⓈ futures support API interfaces, and the instrument_id is consistent with the frontend.