Moscow Exchange has launched a new set of crypto perpetual futures tied to five major digital assets: Bitcoin, Ether, Solana, XRP and Tron. The new contracts began trade on September 22, 2026, and are available only to qualified investors.
The move gives professional investors in Russia another way to gain exposure to crypto prices without buying or holding the actual coins. The contracts are cash-settled, so no Bitcoin, Ether, Solana, XRP or Tron changes hands when a trade closes.
The launch adds crypto products to the regulated derivatives market of Moscow Exchange. It also shows how crypto assets are becoming part of more traditional financial markets, where investors can use futures rather than hold digital coins directly.
Five Major Crypto Assets Are Covered
The new contracts track five separate Moscow Exchange crypto indexes. The Bitcoin contract has the code BTCUSDF and follows the Moscow Exchange Bitcoin Index.
The Ether contract is ETHUSDF and follows the Moscow Exchange Ether Index. The Solana contract is SOLUSDF, while the XRP contract is XRPUSDF. The fifth product is TRXUSDF, which follows the Moscow Exchange Tron Index.
Each contract gives investors exposure to the price movement of its related crypto asset. However, the investor does not receive the underlying cryptocurrency.
This structure is important because it keeps the product inside the normal financial system. An investor can trade a contract through a broker without the need to open a crypto wallet or arrange crypto custody.
What Are Perpetual Futures?
A perpetual future is different from a normal futures contract. A standard futures product has a fixed expiry date. A perpetual future does not have a final expiry in the same way.
The Moscow Exchange products are built as one-day futures with automatic rollover. At the end of each daily period, the contract rolls into the next period. This allows an investor to keep a position open without the need to close one contract and open another each month.
The exchange has used this structure for other types of financial products as well. The new crypto contracts bring the same model into the digital asset market.
The exchange has set the funding parameters for these contracts at K1 of 0% and K2 of 0.35%. The exact cost for a specific trade depends on the terms and formula set by the exchange.
No Crypto Changes Hands
One of the most important parts of the new products is the settlement method.
The contracts are quoted in U.S. dollars, based on the value of the related Moscow Exchange crypto index. However, all financial settlement takes place in Russian rubles.
This means an investor can trade a Bitcoin-linked contract without buying Bitcoin. If the price moves in the investor’s favor, the result is paid in rubles. If the price moves the other way, the loss is also settled in rubles.
There is no delivery of Bitcoin, Ether, Solana, XRP or Tron. This removes the need for the exchange and its brokers to transfer the actual digital assets as part of the contract.
For investors who already use traditional brokerage accounts, this can make crypto price exposure easier to access within the Russian financial system.
Only Qualified Investors Can Trade
The new futures are not open to all investors. Moscow Exchange has limited access to qualified investors under Russian rules.
This is an important difference from many overseas crypto platforms, where perpetual futures may be available to a much wider group of users.
The Russian approach places these products within a controlled market structure. Investors who meet the required qualification can use the contracts through the exchange and their broker.
The restriction also means the launch should not be seen as a move toward open retail crypto futures access in Russia. Instead, it gives professional and qualified market participants another regulated route to crypto price exposure.
Demand for Crypto Futures Has Already Grown
Moscow Exchange says demand for its existing crypto futures has been strong.
Since the launch of its first crypto-linked futures in the summer of 2025, more than 72,000 qualified investors have made trades in these contracts. The total value of operations has exceeded 600 billion rubles.
These figures come from Moscow Exchange itself. They show that there is already a sizeable market for crypto-linked derivatives among qualified investors in Russia.
The exchange’s own crypto futures page also reports that about 71,000 clients had traded crypto assets through its products as of August. It listed an average daily trading volume of 2.5 billion rubles and a record daily volume of 10.2 billion rubles on August 21, 2026.
The difference between these figures reflects different reporting dates and measures, so they should not be treated as identical data sets.
The New Products Expand an Existing Market
The September 22 launch is not Moscow Exchange’s first move into crypto derivatives.
The exchange already offered monthly futures linked to the same five crypto assets. Bitcoin and Ether futures began trade in November 2025. Futures tied to Solana, XRP and Tron followed on May 14, 2026.
The new perpetual contracts add another format to that existing product range.
This gives qualified investors more ways to manage crypto exposure. A trader who wants a short-term position can use the futures market, while another investor can use derivatives as part of a broader strategy.
The products can also provide a way to hedge against price changes. For example, an investor with exposure to a crypto asset may use a futures contract to reduce the effect of a price fall.
Why Ruble Settlement Matters
The decision to settle all trades in rubles is another key part of the launch.
The contracts use U.S. dollar values because major crypto markets are usually quoted against the dollar. Yet the final financial result stays within Russia’s domestic currency system.
An investor therefore does not need to receive dollars or crypto as part of the contract. The broker and exchange can handle the result through the ruble-based financial system.
This design also means that the product focuses on price exposure rather than ownership. Investors can take a position on the price of Bitcoin or another asset without taking control of the actual cryptocurrency.
A Wider Role for Regulated Crypto Markets
The launch comes as financial markets around the world continue to develop ways to offer crypto exposure through regulated products.
Crypto futures already exist on many major global trading venues. Moscow Exchange is now adding its own version to the Russian derivatives market.
The key difference is the local structure. The contracts use Moscow Exchange indexes, trade through the exchange’s derivatives system, and settle in Russian rubles.
This can give qualified Russian investors a domestic alternative to offshore crypto derivatives platforms. It also allows market participants to access price exposure without direct crypto custody.
For Moscow Exchange, the products add another group of assets to an already broad derivatives market. The exchange says its perpetual futures range includes 31 contracts across currencies, Moscow Exchange indexes, government bond indexes, precious metals, and Russian and foreign securities.
What Traders Need to Watch
The new contracts give investors more flexibility, but they also carry the risks that come with crypto derivatives.
Bitcoin, Ether, Solana, XRP and Tron can all see large price changes over short periods. Futures can also create losses faster than a simple purchase of an asset because traders may use margin.
The perpetual structure adds another factor. Funding payments can affect the cost of a position over time. Since the contracts roll from one daily period to the next, traders need to understand how the funding system affects their results.
The fact that the products are restricted to qualified investors does not remove market risk. It only sets the rules for who can access the contracts.
A New Step for Crypto in Russia
The launch of five perpetual crypto futures marks another step in the development of Russia’s regulated digital asset market.
Moscow Exchange now offers qualified investors contracts tied to Bitcoin, Ether, Solana, XRP and Tron. The products are quoted in U.S. dollars but settled in Russian rubles, and they do not involve delivery of the underlying cryptocurrencies.
The contracts also use automatic daily rollover, which allows investors to maintain exposure without the fixed expiry structure of standard futures.
With more than 72,000 qualified investors already active in Moscow Exchange crypto futures and total operations above 600 billion rubles, the exchange has reported clear demand for these products.
The September 22 launch builds on that market and gives qualified investors another tool for crypto price exposure. It also places Bitcoin and four other major digital assets deeper inside Russia’s traditional derivatives system.
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