What changes are being made to One Trading’s trading products?
We are delisting all of our perpetual futures markets and replacing them with two new types of dated futures contracts. These new instruments are designed to offer a similar but expanded trading experience to the perpetual futures you are used to, while allowing us to continue offering up to 10x leverage.
What new products will be available?
We are introducing two types of dated futures:
- Dated futures: these are the direct replacement for our current perpetual futures. They work in almost exactly the same way: the contract price tracks the underlying spot price, adjusted by a funding rate, exactly as it does today. The difference is that these contracts have a fixed maturity date set 5 years in the future. For day-to-day trading purposes, the experience is virtually identical to trading perpetual futures.
- Traditional dated futures: these are shorter-dated contracts (quarterly or monthly) more familiar to institutional and professional traders. Unlike perpetual futures, they do not have a funding rate; instead, the contract price naturally converges toward the spot price as the expiry date approaches. These are suited to traders who use futures for predictable hedging cycles or basis trading strategies. This product will be introduced at a later date.
All contracts will remain USD denominated.
Why is One Trading delisting perpetual futures?
This change is a direct response to new guidance issued by the European Securities and Markets Authority (ESMA) on the treatment of perpetual futures. Following discussions with our regulator, the Autoriteit Financiële Markten (AFM), we are required to apply this guidance to our product offering.
Will the same trading pairs be available?
Yes.
Why can One Trading offer 10x leverage on dated futures but not perpetual futures?
The ESMA guidance specifically addresses perpetual futures as a product category. Dated futures contracts - which have a fixed expiry date - are a distinct instrument under European regulatory frameworks and are not subject to the same leverage restrictions.
By transitioning to dated futures, we can maintain the same leverage levels our clients currently enjoy, within the applicable regulatory framework.
How does One Trading’s risk model allow offering up to 10x leverage?
Our ability to offer higher leverage than many traditional venues is made possible by our proprietary risk and margining model, Mobius - Multi-Order Book Instantaneous Universal Settlement.
Traditional futures exchanges such as CME or EUREX typically re-margin positions once a day and cannot act on collateral over weekends or during market closures. This means that in fast-moving markets, losses can accumulate significantly before any risk action is taken - which is one reason why those venues set lower leverage limits.
Mobius operates fundamentally differently:
- Positions are re-margined five times per second
- Profit and loss is settled every minute
- We can take action on collateral at any time, including overnight and over weekends
This near real-time risk management means that exposure is continuously monitored and managed, significantly reducing the risk of large unrecoverable losses building up in a client's account. It is this infrastructure that allows us to offer 10x leverage responsibly, without increasing systemic risk to the platform or to other clients.
Will funding rates still apply on the new contracts?
It depends on the contract type:
- 5-Year Dated Futures: yes, funding rates apply in exactly the same way as on our current perpetual futures. The contract price is incentivised to remain in line with the spot price via a funding mechanism, and funding payments are exchanged between long and short positions at regular intervals, as today.
- Short-Term Dated Futures: no, these contracts do not have a funding rate. Instead, the contract price naturally converges toward the spot price as the expiry date approaches. Traders holding these contracts should be aware of the basis (the spread between the futures price and spot) and how it changes over the life of the contract.
Do I need to do anything as a customer of One Trading?
You must close all open perpetual futures positions before the delisting date. Any positions not closed by the de-listing time will be closed automatically.
Once the new markets are live, you will be able to open equivalent positions on the new dated futures contracts.
What happens if I don’t close my positions before the delisting date?
Any positions that remain open at the time of delisting will be force-closed at the mark price at that time. We strongly recommend closing positions yourself ahead of the deadline to ensure you have full control over your exit price and timing.
What happens to my margin when the perpetual futures are delisted?
When your positions are closed - either by you before the deadline or by us at the delisting date - your margin will be released back to your account. Any realised profit or loss from the close will be reflected in your balance at that point.
Will liquidation mechanics change?
The core liquidation mechanics, whereby positions are closed when margin falls below the required maintenance level remain in place. Mobius re-margins every account five times per second around the clock, meaning margin calls and liquidations are managed on a near real-time basis.
Do I need to complete a new appropriateness test to trade the new products?
No. The futures appropriateness test requirements remain the same. If you are already approved to trade our current perpetual futures, you will be eligible to trade the new dated futures contracts without any additional assessment.