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- bitcoinpenguin : The Bitcoin Mercantile Exchange
- What is a Perpetual Contract?
- What is a Futures contract?
- What maturity does bitcoinpenguin offer on its contracts?
- What is the Mark Price?
- How are bitcoinpenguin indices calculated?
- How does bitcoinpenguin determine the price of a perpetual or futures contract?
- How is the Settlement Price calculated?
- How do I Buy or Sell a perpetual or future contract?
- What is Lot Size?
- What is a Bid and an Ask?
- Does bitcoinpenguin have any market makers?
- Deposits and Security
- How do I deposit funds?
- What is the Minimum Deposit to trade on bitcoinpenguin ?
- Does bitcoinpenguin use a Hot Wallet?
- What is a cold multi-signature wallet?
- Why does bitcoinpenguin use multi-signature addresses?
- When are Bitcoin withdrawals processed?
- When are Ether, Tether, and other ERC-20 withdrawals processed?
- If I have a problem, who do I contact?
bitcoinpenguin is a trading platform that offers investors access to the global financial markets using Bitcoin and other cryptocurrencies. bitcoinpenguin is built by finance professionals with over 40 years of combined experience and offers a comprehensive API and supporting tools. bitcoinpenguin is owned by HDR Global Trading Limited.
A Perpetual Contract is a product similar to a traditional Futures Contract in how it trades, but does not have an expiry, so you can hold a position for as long as you like. Perpetual Contracts trade like spot, tracking the underlying Index Price closely. It achieves this via the mechanics of a Funding component.
A Futures Contract is an agreement to buy or sell a commodity, currency or other instrument at a predetermined price at a specified time in the future.
bitcoinpenguin offers perpetual contracts and many different fixed-date expiries.
bitcoinpenguin indices are calculated using a weighted average of last Prices. See bitcoinpenguin indices.
bitcoinpenguin marks contracts according to the Fair Price Marking Method. This price determines your Unrealised PNL. Realised PNL will be determined according to your entry price and your exit or Settlement Price and any fees incurred.
The Settlement Price is the price at which a Futures contract settles. To avoid price manipulation, bitcoinpenguin employs an averaging over a period of time prior to settlement and this time frame may vary from instrument to instrument. Please reference each contracts’ specification that you wish to trade.
In the Trade tab, on the “Place Order” section you can specify the quantity, price and direction.
Lot Size (in number of contracts) is the minimum trading unit and minimum position unit of a contract. Order quantity and position size need to be exact multiples of the contract’s Lot Size. Order quantity not in multiples of Lot Size will be rejected. Please refer to individual contract specification page for each contract’s Lot Size.
For example, a contract with Lot Size of 100 would allow order quantities of 100, 200, 500, or 1000 contracts but would reject quantities of 1, 5, 10, 35, 125, or 250 contracts. Similarly, a user may have a position size of 100, 200, 500, or 1000 contracts but not 1, 5, 10, 35, 125, or 250 contracts.
From time to time it may be necessary to increase the Lot Size for a contract. In this situation orders and positions may be rounded down to the nearest Lot Size, meaning that the “odd lot” portion of the position will be closed out.
A Bid is a standing order where the trader wishes to buy a contract at a specified price and quantity. An Ask is a standing order where the trader wishes to sell a contract at a specified price and quantity.
bitcoinpenguin has an anchor market maker who continuously quotes large sizes on contracts that bitcoinpenguin offers. No special privileges are given to any of the market makers.
Yes, bitcoinpenguin offers leverage on all of its products.
The amount of leverage bitcoinpenguin offers varies from product to product. Leverage is determined by the Initial Margin and Maintenance Margin levels. These levels specify the minimum equity you must hold in your account to enter and maintain positions. Leverage is not a fixed multiplier but rather a minimum equity requirement. You can see the minimum Initial Margin and Maintenance Margin levels for all products here.
The highest leverage bitcoinpenguin offers is up to 100x leverage on its Perpetual Bitcoin / USD Perpetual Contract.
Initial Margin is the minimum amount of cryptocurrency you must have to open a position.
Maintenance Margin is the minimum amount of the relevant cryptocurrency you must hold to keep a position open. If your margin balance on bitcoinpenguin drops below this level your position will be taken over by the Liquidation Engine and be Liquidated.
When the Mark Price of a contract falls below your liquidation price for longs, or rises above your liquidation price for shorts, your Maintenance Margin level has been breached and the Liquidation Engine takes over your position. In your Trade History, the price the liquidated position was closed at is the Bankruptcy Price (equivalent to where your Maintenance Margin is equal to 0).
Upon liquidation, the Liquidation Engine attempts to close the position at the prevailing market price. If it is unable to do so then Auto-Deleveraging will occur.
No. We have a sophisticated margin and liquidation process that is designed to prevent any trader’s margin balance on bitcoinpenguin from ever going below 0.
No. bitcoinpenguin employs an Auto-Deleveraging System that does not need to socialise losses.
Auto-Deleveraging occurs when a liquidation remains unfilled in the market. Traders who hold opposing positions will be closed out according to leverage and profit priority.
No, bitcoinpenguin does not charge fees on Bitcoin deposits.
No, bitcoinpenguin does not charge fees on Ether, Tether and other ERC-20 deposits.
No, bitcoinpenguin does not charge fees on withdrawals of Bitcoin. When withdrawing Bitcoin, the minimum Bitcoin Network fee is set dynamically based on blockchain load and can be viewed on the Withdrawal Page.
Yes, bitcoinpenguin charges fees on withdrawals of Ether, Tether and ERC-20 coins. The withdrawal fees can be viewed on the Withdrawal Page.
Yes, bitcoinpenguin charges a trading fee on every completed trade. Please view the Fees page for more information.
Under the Account tab, click on the Deposit link where you will be provided addresses to deposit cryptocurrency. After required network confirmation(s), funds will be credited to your account.
The minimum amount to trade on bitcoinpenguin varies from product to product depending on the Initial Margin. For XBTUSD (for example) it is $1 USD * 1% (Initial Margin) = $0.01. At a XBT/USD price of $600 this equals 0.00001667 XBT.
bitcoinpenguin stores all Bitcoin in a Cold Multi-signature Wallet. bitcoinpenguin stores Tether in Hot and Cold Wallets. See our Security Page for more information.
It is a Bitcoin wallet, stored offline that requires m of n signatures in order to spend any funds. In the case of bitcoinpenguin , it requires 2 of 3 partners to sign any transaction before funds may be spent.
This is one of many theft prevention methods that bitcoinpenguin employs to ensure customer funds are kept secured.
The cutoff time for Bitcoin withdrawals is 13:00 UTC. Shortly after that, Bitcoin will be sent to the address you specified.
Withdrawals for Ether, Tether, and all other ERC-20 tokens are processed in real-time. This may involve a manual review of your withdrawal attempt to ensure that withdrawals are legitimate.
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