Futures trading

Bitget UTA Coin-M Delivery Futures

2025-12-15 12:00135405

[Estimated reading time: 3 minutes]

Bitget unified trading account (UTA) Coin-M delivery futures are futures contracts that obligate the buyer and seller to trade the underlying asset at a predetermined price on a specific future date, known as the settlement date. Unlike Coin-M perpetual futures, delivery futures have a fixed expiry date. At expiry, both parties must settle the contract at the agreed price, regardless of the actual market price. Take Bitcoin as an example:

A buyer and seller agree to deliver 1 BTC at $100,000 on December 31, 2025. On the settlement date, the seller must sell 1 BTC at $100,000 regardless of the market price, while the buyer must buy 1 BTC at $100,000 regardless of the market price. Either party can close their position early, before the settlement date. Bitget's Coin-M delivery futures are quoted in USD, while the underlying asset is used as margin and for settlement.

Features

Bitget offers current-quarter and next-quarter delivery futures, with contract codes reflecting the underlying asset and expiry date. For example, "BTCUSD CM1225" refers to a next-quarter delivery futures contract, with margin and PnL denominated in BTC and the contract value calculated in USD. The margin currency is BTC. This delivery futures contract expires at 4:00 PM on December 25, 2026 (UTC+8), the last Friday of that quarter. Settlement is based on the difference between the delivery price and the average holding price, and delivery fees are charged at the taker rate.

Aspect	Description
Futures type	Coin-M delivery futures
Quote currency	USD (futures price)
Margin currency	Underlying asset (BTC, ETH, etc.)
Settlement currency	Underlying asset (BTC, ETH, etc.)
Expiry date	Fixed (e.g., current-quarter or next-quarter)
Funding rate	Not applicable, unlike perpetual futures
Leverage	Supports 1–125x leverage. See Position Tiers for details.
Trading mode	Supports both cross margin and isolated margin
Settlement method	Automatic delivery (settled in the underlying asset)

Trading rules

Like USDT-M and Coin-M perpetual futures, Coin-M delivery futures support limit orders, market orders, and advanced order types.

Coin-M delivery futures are also subject to standard futures trading rules. For more details, see Trading Rules.

Margin mechanism

Like Coin-M perpetual futures, Coin-M delivery futures support leveraged trading.

If the account margin is insufficient, delivery futures positions may be liquidated as a risk control measure.

Delivery mechanism

Settlement at expiry:

• Futures are settled automatically on the expiry date, typically at 4:00 PM (UTC+8) on the last Friday of the quarter.

• On the expiry date, the settlement price is calculated using the average index price of the underlying asset over the final 30 minutes before settlement.

Settlement schedule:

• New positions cannot be opened during the 10 minutes before delivery.

• Users can manually close positions at any time before expiry.

• Any open positions remaining at expiry are settled automatically.

• PnL is settled in the underlying asset (BTC or ETH).

• After settlement, the futures contract is automatically delisted.

New expiry date rules

Delivery futures have fixed expiry dates. When an existing futures contract expires, a new contract for the next period is launched.

Bitget offers current-quarter and next-quarter delivery futures. The current-quarter futures contract expires on the last Friday of the current quarter. After expiry, the next-quarter futures contract becomes the current-quarter contract, and a new next-quarter futures contract is launched with an expiry date six months later.

FAQ

1. What's the difference between Bitget inverse perpetual futures and Bitget delivery futures?

Bitget inverse perpetual futures have no expiry date, so users can hold positions indefinitely. Delivery futures, on the other hand, have a fixed settlement date, on which all open positions are settled.

Delivery futures also don't charge funding fees. Aside from these differences, the two futures types have similar features and trading mechanics.

2. What fees apply to delivery futures?

• Transaction fee: Charged when opening and closing positions.

• Delivery fees: Charged at the taker fee rate.

• The delivery fee applies when the system automatically settles a position on the settlement date.

3. Can I keep holding a position after the settlement date?

No. All open delivery futures positions are closed on the settlement date. If you want to hold a position indefinitely, consider trading perpetual futures instead.

4. Which cryptocurrency do I need to deposit to open an inverse delivery futures position?

To trade BTCUSD delivery futures, you need BTC as the initial margin. When you close your position, any resulting PnL is also settled in BTC.

5. Do inverse perpetual futures and delivery futures share the same insurance fund?

No. Inverse perpetual futures and delivery futures are separate products, each with its own independent insurance fund.

6. What does the delivery futures code mean?

Delivery futures codes follow this format: XXXUSD CMMMSS

• XXX = underlying cryptocurrency, e.g., Bitcoin (BTC)

• MM = settlement month

• SS = settlement day

For example, a BTCUSD CM delivery futures contract expiring on December 25, 2026, would be displayed as BTCUSD CM1225.

Disclaimer and risk warning

All trading tutorials provided by Bitget are for educational purposes only and should not be considered financial advice. The strategies and examples shared are for reference and may not reflect actual market conditions. Cryptocurrency trading involves significant risk and may result in the loss of your funds. Past performance doesn't guarantee future results. Always conduct your own thorough research and understand the risks involved. Bitget is not responsible for any trading decisions you make.

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