PrimeBit offers accounts in two deposit currencies, Bitcoin and Tether.
Contracts quoted in US Dollar (USD), settled in Bitcoin (BTC)
BTCUSD, ETHUSD, and LTCUSD are available on the Bitcoin denominated accounts.
BTCUSD, ETHUSD, and LTCUSD are perpetual contracts priced on the Bitcoin/Ethereum/Litecoin composite index called Fair Price (price is built from multiple external sources).
These contracts are settled in BTC, quoted in USD. Each contract has a fixed value of 0.1 mBTC per $1 price. It means that with every price change of $0.01 the contract value changes by 100 satoshis. The relation between the contract price and the contract value is linear and does not change with the contract price.
There is no expiration date for these contracts. Instead, funding payments are exchanged between contact parties. BTCUSD/ETHUSD/LTCUSD uses a premium index to calculate funding rates. The underlying interest rates are quoted in BTC.bon/ETH.bon/LTC.bon and USD.bon symbols, and the premium rate is quoted in the BTCUSD.premium/ ETHUSD.premium/ LTCUSD.premium. These are used to calculate the final Funding Rate.
Funding is paid and received every 8 hours. PrimeBit does not charge fees on funding payments.
Contracts quoted in Tether (USDT), settled in Tether (USDT)
You can trade BTCUSDT, ETHUSDT, and LTCUSDT with Tether accounts.
BTCUSDT, ETHUSDT, and LTCUSDT are perpetual contracts priced on the Bitcoin/Ethereum/Litecoin composite index called Fair Price (price is built from multiple external sources).
These contracts are settled in USDT, quoted in USDT. Each contract has a value of 1 unit of base currency (BTC, ETH or LTC). It means that with every price change of 1USDT the contract value changes by 1 USDT.
There is no expiration date for these contracts. Instead, funding payments are exchanged between contact parties. BTCUSDT/ETHUSDT/LTCUSDT uses a premium index to calculate funding rates. The underlying interest rates are quoted in BTC.bon/ETH.bon/LTC.bon and USDT.bon symbols, and the premium rate is quoted in the BTCUSDT.premium/ ETHUSDT.premium/ LTCUSDT.premium. These are used to calculate the final Funding Rate.
Funding is paid and received every 8 hours. PrimeBit does not charge fees on funding payments.