Traditional Asset Perpetual Futures Overview

[Estimated reading time: 3 minutes]

Bitget's traditional asset perpetual futures use USDT as both the quote and settlement currency. Since traditional financial markets do not operate on a 24/7 basis and have defined market closing hours, Bitget has made specific adjustments to the index price and mark price to ensure uninterrupted 24/7 trading. During traditional market closure hours, a special mechanism is used to keep the futures market running normally.

Price Index

Bitget connects to third‑party data providers to obtain prices for the underlying assets, which are then used for calculating the futures index price. Different calculation models are applied depending on the trading session:

1. Regular trading hours in the traditional market

• Similar to regular futures, the index price is derived from third‑party data sources using a weighted average calculation, and is updated every 500 ms.

2. Non‑trading hours in the traditional market

• During this period, the traditional market is closed, so no new market prices are generated. However, the last closing price is still considered the last reasonable market quote. As a result, the index price will remain equal to the value calculated from the last available market price.

Mark Price

During regular trading hours in the traditional market, the mark price is calculated using the standard method. During non-trading periods, such as weekends, non-fixed trading days, and daily maintenance windows, the mark price follows the most recent execution price to provide relatively fair price discovery while the traditional market is closed. There are two methods to calculate the mark price:

1. Regular trading hours in the traditional market

• Standard mode: mark price = median (Price 1, Price 2, Price 3). For more details, refer to the mark price calculation rules.

2. Non‑trading hours in the traditional market

• EWMA smoothing mode: During maintenance periods or weekends, the mark price is calculated by applying an exponentially weighted moving average (EWMA) to the most recent market price. This smooths out price fluctuations and ensures price continuity during non-trading hours.

Price Index and Market Price Deviation Constraints

Because the underlying assets are from traditional markets, we constrain the mark price in the futures market so that margin prices remain reasonable and do not deviate from traditional market prices. The constraint rules are as follows:

• Actual mark price = clamp (calculated mark price, index price × 0.97, index price × 1.03)

Bitget may, at its discretion, determine what is considered regular trading hours, and may adjust the time range or calculation method of any trading session at any time, including moving the start and/or end time earlier or later.

Impact on Other Mechanisms

FAQ

1. What are Bitget's traditional asset perpetual futures?

Bitget's traditional asset perpetual futures are perpetual futures products that use USDT as the quote and settlement currency. The underlying assets come from traditional financial markets, such as stock indices and commodities.

2. How is the index price calculated during regular trading hours of the traditional market?

During regular trading hours of the traditional market, Bitget obtains asset prices from third-party data providers and calculates the index price using a weighted average method, updated every 500 ms.

3. What is the mark price?

The mark price is used to calculate a user's unrealized PnL and liquidation price. Its main purpose is to mitigate the impact of abnormal price fluctuations on futures trading.

4. How is the mark price determined during regular trading hours in the traditional market?

During regular trading hours, the mark price is calculated using the standard method: mark price = median (Price 1, Price 2, Price 3).

5. What are the deviation constraint rules for the mark price?

Actual mark price = clamp (calculated mark price, index price × 0.97, index price × 1.03), meaning the mark price must remain within a range of ±3% of the index price.