Attention - Important Notice

In accordance with Section 1.4 of our Terms of Service:
  • Persons that are located in or a resident of the United States of America or Québec (Canada) are prohibited from holding positions or entering into contracts at BitMEX.
  • Persons that are located in or a resident of Cuba, Crimea and Sevastopol, Iran, Syria, North Korea and Sudan, or any other jurisdiction where the services offered by BitMEX are restricted, are prohibited from holding positions or entering into contracts at BitMEX.
  • BitMEX reserves the right to immediately close the accounts and to liquidate the open positions of persons determined to have breached our Terms of Service.
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Binary Series (B) Guide

All B-series contracts are prediction futures contracts. These contracts are binary, meaning they will either settle at 0 or 100.

Available Contracts

  • BLOCKS contracts settle on a > 1MB (excluding witness) block being mined and accepted by the majority on the main Bitcoin chain.
  • SEGWIT contracts settle on SegWit being activated on the main Bitcoin chain. (Settled at 100)

Please view the above pages for more details on each individual contract.

How Are Binary Futures Quoted?

Binary futures may trade between 0 and 100. Traders enter their quotes which represent their view on the probability of the event happening.

Contract Calculations
Contract Value 0.0001 XBT
XBT Contract Value Contract Value * Futures Price
PnL Calculation # Contracts * Contract Value * (Exit Price - Entry Price)

Traders who believe the condition will not happen will sell Binary contracts. Traders who believe the opposite will buy Binary contracts.

Margin and Leverage

No leverage is offered on Binary contracts.

Sellers of Binary contracts must post the difference between 100 and their entry price as margin. This ensures that it settle at 100, shorts have enough margin to cover their losses.

Buyers of Binary contracts must post the full Bitcoin contract value using their entry price as margin. This ensures that it settle at 0, longs have enough margin to cover their losses.

Trade Example

A trader goes short 100 Binary contracts at a price of 50. The trader’s margin requirement is 0.50 XBT: 100 * (100 - 50) * 0.0001 XBT.

A trader goes long 100 Binary contracts at a price of 50. The trader’s margin requirement is 0.50 XBT: 100 * 50 * 0.0001 XBT.

Settlement

Binaries settle at 0 or 100 on the settlement date pursuant to the Binary Payout Guidelines referenced in each individual Binary future’s guide contract page. See Available Contracts above for more.

Trade Example

A trader believes that big blocks will be activated. He goes long 100 Binary BLOCKS contracts at a price of 50.

By the settlement day big blocks has been activated, and the contract settles at 100.

The trader’s profit will be: 100 * 0.0001 XBT * (100 - 50) = 0.50 XBT

A trader believes that big blocks will not be activated. He goes short 100 Binary BLOCKS contracts at a price of 50.

By the settlement day big blocks has not been activated, and the contract settles at 0.

The trader’s profit will be: -100 * 0.0001 XBT * (0 - 50) = 0.50 XBT