Bitnomial is a US derivatives and leveraged spot venue with separate exchange, clearinghouse and futures-broker entities. Its contracts do not all share the same hours, settlement method or customer-asset treatment. In particular, its spot rulebook says spot collateral is outside the futures customer-fund segregation regime.[11][4]
Markets & services
Sections ↑Reference table01
Product families
| Item | Published terms |
|---|---|
| Futures | Dated contracts, including physically deliverable BUCSource 1Source 3Source 14Source 15Source 11 |
| Perpetuals | Separate financial-settlement contracts, including PBTCUCSource 1Source 3Source 14Source 15Source 11 |
| Options | Product-specific options; BUC specifications identify European-style BUCOSource 1Source 3Source 14Source 15Source 11 |
| Spot | Cleared spot contracts, including leveraged retail commodity transactionsSource 1Source 3Source 14Source 15Source 11 |
Reference table02
Execution model
| Item | Published terms |
|---|---|
| Order book | Multiple bids and offers matched by price, then time, unless specifications provide otherwiseSource 9 |
| Order entry | API submissions; a valid order identifies contract, side, quantity, price and time in forceSource 9 |
| Risk controls | Price bands, position/message limits and self-match prevention applySource 9 |
Reference table03
Order instructions
| Item | Published terms |
|---|---|
| Limit | A buy cannot execute above its limit; a sell cannot execute below itSource 9 |
| Day | Unfilled quantity expires at the session endSource 9 |
| Immediate-or-cancel | Fills available quantity immediately and cancels the restSource 9 |
| Amend/cancel | Available before the order is fully filledSource 9 |
Reference table04
Trading sessions are contract-specific
| Item | Published terms |
|---|---|
| General Rule 501 | 19:00–16:00 Central Prevailing Time, Sunday–Friday, unless contract rules differSource 8Source 14Source 15 |
| BUC | Contract page labels its session 23/5Source 8Source 14Source 15 |
| PBTCUC | Contract page specifies 24/7Source 8Source 14Source 15 |
| Exceptional conditions | Exchange may change hours or suspend affected marketsSource 8Source 14Source 15 |
Reference table05
BUC deliverable Bitcoin futures
| Item | Published terms |
|---|---|
| Contract unit | 0.01 BTCSource 14 |
| Quotation and tick | USD per BTC; $10 price tick equals $0.10 per contractSource 14 |
| Margin | USDSource 14 |
| Settlement | Deliverable under Rule 813 and Chapter 11Source 14 |
| Related options | BUCO; European exercise; $1,000 strike intervalSource 14 |
Reference table06
PBTCUC Bitcoin perpetual futures
| Item | Published terms |
|---|---|
| Contract unit | 0.01 BTCSource 15 |
| Quotation and tick | USD per BTC; $5 price tick equals $0.05 per contractSource 15 |
| Margin | USDSource 15 |
| Settlement | Financial; specified reference is the CF Bitcoin Mid-Price Spot RateSource 15 |
| Contract identity | Different from BUC despite the same BTC unitSource 15 |
Fees & commercial terms
Sections ↑Reference table07
Published exchange and clearing fees
| Item | Published terms |
|---|---|
| Crypto/Bitcoin complex without a Minimum Contract Size | $0.07 per participant contract per side; $0.10 for nonparticipantsSource 1 |
| Contracts with a Minimum Contract Size | $0.0007 participant / $0.0010 nonparticipant per minimum contract per sideSource 1 |
| Spot complex | 2 basis points, or 0.02%, per sideSource 1 |
Reference table08
Fee arithmetic
| Item | Published terms |
|---|---|
| 10 standard participant contracts | $0.70 on entry; $1.40 for equal entry and exit quantitiesSource 1 |
| 10 standard nonparticipant contracts | $1 on entry; $2 for equal entry and exit quantitiesSource 1 |
| A $25,000 spot transaction | $5 on one side; $10 for a same-notional round tripSource 1 |
Reference table09
What the venue tariff does not determine
| Item | Published terms |
|---|---|
| Broker account | An FCM can have separate commissions and account chargesSource 1Source 11Source 9 |
| Financed spot | Written financing terms determine funding costsSource 1Source 11Source 9 |
| Execution | Bid/ask spread and available depth determine achievable pricesSource 1Source 11Source 9 |
| Contract sizing | Apply the correct schedule to the contract unit rather than treating every contract as one coinSource 1Source 11Source 9 |
Deposits, withdrawals & settlement
Sections ↑Reference table10
Margin responsibilities
| Item | Published terms |
|---|---|
| Clearinghouse | Sets minimum requirements and may change themSource 12 |
| Clearing member | Collects at least the applicable minimum; higher customer requirements may applySource 12 |
| Margin calls | Can occur at any time at the clearinghouse’s discretionSource 12 |
| Failure | Positions can be transferred or liquidated; Rule 820 permits direct action after an unmet one-hour instructionSource 12 |
Reference table11
Physical delivery sequence
| Item | Published terms |
|---|---|
| Final settlement | Open positions become binding delivery noticesSource 13 |
| Transfer | Settlement facility transfers assets between designated blockchain delivery addressesSource 13 |
| Completion | Blockchain consensus and facility confirmation establish the transferSource 13 |
| After delivery | Title, control and risk of loss pass to the receiving participantSource 13 |
Reference table12
Spot financing and settlement
| Item | Published terms |
|---|---|
| Financing | Must be contractual and documented in writingSource 11 |
| Clearing | Mandatory clearing under the exchange’s spot rulesSource 11 |
| Delivery | Chapter 11 procedures applySource 11 |
| Retail treatment | Exchange treats these spot contracts as retail commodity transactions even if an individual delivery could otherwise meet an exemptionSource 11 |
Custody & asset handling
Sections ↑Reference table13
Execution, clearing and delivery are separate
| Item | Published terms |
|---|---|
| Exchange | Runs the trading marketSource 4Source 9 |
| Clearinghouse | Registers and clears matched transactionsSource 4Source 9 |
| FCM | Provides the relevant futures customer accountSource 4Source 9 |
| Settlement facility | Effects digital-asset delivery; its own CFTC registration is not established by the exchange’s designationSource 4Source 9 |
Reference table14
Spot collateral limitation
| Item | Published terms |
|---|---|
| Express rule | Cleared spot collateral is not treated as segregated customer funds under CEA section 4dSource 11 |
| Practical consequence | Futures protections cannot be assumed for a spot balance solely because both appear on the same platformSource 11 |
| Residual exposure | Clearing, financing and delivery agreements remain material to the customer’s recovery rightsSource 11 |
The settlement distinction also changes what an exit means. Closing a financially settled perpetual removes a derivatives exposure; taking delivery of BUC produces a blockchain asset transfer. Those outcomes should be evaluated separately from the platform’s general crypto-collateral marketing.[14][15][13]
Client eligibility & restrictions
Sections ↑Reference table15
Participant admission
| Item | Published terms |
|---|---|
| Application | Participant agreement and exchange approvalSource 5 |
| Standing | Financial responsibility, good standing and required registrationsSource 5 |
| Non-US participant | US agent for service of process required under the cited ruleSource 5 |
| Clearing route | A participant that is not itself a clearing member needs a clearing-member arrangementSource 5 |
Reference table16
Customer and participant are different statuses
| Item | Published terms |
|---|---|
| Retail futures customer | Uses an eligible FCM account and completes its verificationSource 5Source 4Source 1 |
| Exchange participant | Meets Rule 303 admission requirementsSource 5Source 4Source 1 |
| Fee implication | A retail account does not automatically qualify for the lower participant rateSource 5Source 4Source 1 |
Support & contacts
Sections ↑Reference table17
Trade-review deadlines
| Item | Published terms |
|---|---|
| User request | Normally within five minutes of executionSource 10 |
| Illiquid contract review | Exchange may initiate review within one hour, with additional discretion for a seriously off-market tradeSource 10 |
| Possible result | Price adjustment or cancellation; a request does not guarantee either remedySource 10 |
Reference table18
Operational contacts and records
| Item | Published terms |
|---|---|
| General exchange help | [email protected]Source 1Source 9Source 4 |
| Trade query | Include contract, order ID, execution time, side, price and quantitySource 1Source 9Source 4 |
| Account/funding issue | Relevant FCM or clearing relationship must be identified separatelySource 1Source 9Source 4 |
Authorisations & registrations
Sections ↑Reference table19
Primary regulatory evidence
| Item | Published terms |
|---|---|
| Bitnomial Exchange, LLC | CFTC DCM designation effective 20 April 2020Source 6Source 7Source 4 |
| Bitnomial Clearinghouse, LLC | CFTC register lists registration from 15 December 2023; futures, options on futures and fully collateralised swapsSource 6Source 7Source 4 |
| Bitnomial Clearing, LLC | Affiliate disclosures identify a registered FCM and NFA memberSource 6Source 7Source 4 |
| Bitnomial Settlement, LLC | Affiliate disclosures explicitly say it is not licensed or registered with the CFTCSource 6Source 7Source 4 |
A filing in the regulatory archive is not, by itself, proof that a proposed rule is already effective. Product specifications and the applicable current rule are the basis for the contract details above.[2][14][15]
Operator & entity scope
Sections ↑Reference table20
Corporate scope
| Item | Published terms |
|---|---|
| Public brand | BitnomialSource 4Source 6 |
| Parent identified on the site | Bitnomial, LLC, headquartered in ChicagoSource 4Source 6 |
| Exchange operator | Bitnomial Exchange, LLCSource 4Source 6 |
| Other group functions | Clearinghouse, brokerage and settlement use distinct legal entitiesSource 4Source 6 |
- Operator
- Bitnomial Exchange, LLC
- Exchange model
- Centralised
- Service scope
- US CFTC-designated contract market for digital-asset complex and leveraged spot products, with separately registered clearinghouse and FCM affiliates.
- Client types
- Retail clients; Professional clients; Institutional clients
- Pricing publication
- Public pricing
- Other names
- Bitnomial
- Headquarters
- Chicago, United States
- Covered jurisdictions
- United States
- Pricing scope
- Exchange and clearing fees published jointly: standard crypto complex $0.07 participant / $0.10 nonparticipant per side; minimum contracts $0.0007 / $0.0010 per side per minimum contract; spot complex 2 bps per side.
- Funding scope
- Product-specific margin and settlement: BUC requires USD margin and delivers BTC; PBTCUC requires USD margin and financially settles. Other contracts and intermediaries have their own collateral terms.
- Custody and asset handling
- Clearinghouse and FCM functions are separate from execution and digital-asset delivery. Rule 514 expressly excludes spot-contract collateral from CEA section 4d customer-fund segregation.
- Client eligibility
- US access subject to market rules, identity verification, participant/clearing-member status and FCM verification for futures; other countries are not presumed eligible.
- Support
- Exchange enquiries: [email protected]. A Rule 508 trade-review request normally must reach the exchange within five minutes.
- Authorisation and registration scope
- CFTC sources identify Bitnomial Exchange, LLC as a DCM and Bitnomial Clearinghouse, LLC as a DCO. Company disclosures describe Bitnomial Clearing, LLC as a registered FCM; that affiliate’s current NFA record was not independently inspected.
Exchange metadata checked 27 Oct 2026Source 1Source 2Source 3Source 4Source 5Source 6Source 7Source 8Source 9Source 10Source 11Source 12Source 13Source 14Source 15
Covered contracting entities
Bitnomial Exchange, LLC
- Jurisdiction
- United States
- Covered services
- Designated contract market and trade execution
- Client and location scope
- Admission and product rules apply.
Bitnomial Clearinghouse, LLC
- Jurisdiction
- United States
- Covered services
- Registered derivatives clearing organisation
- Client and location scope
- Clears through admitted clearing members.
Bitnomial Clearing, LLC
- Jurisdiction
- United States
- Covered services
- FCM affiliate described in Bitnomial disclosures
- Client and location scope
- Separate FCM account verification for futures.
Additional Information
Sections ↑Reference table21
Data available to evaluate the venue
| Item | Published terms |
|---|---|
| Daily market information | Settlement prices, volume, open interest and opening/closing ranges for active contractsSource 9Source 2Source 14Source 15 |
| Contract terms | Separate specifications for contract size, tick, margin, hours and settlementSource 9Source 2Source 14Source 15 |
| Rule changes | Regulatory archive identifies filings; effective status requires reading the relevant filingSource 9Source 2Source 14Source 15 |
Sources & further reading
- Bitnomial Exchange fees and CFTC DCM status Bitnomial · Accessed 27 Oct 2026
- Bitnomial exchange and clearinghouse regulatory filings Bitnomial · Accessed 27 Oct 2026
- Bitnomial leveraged spot market design Bitnomial · Accessed 27 Oct 2026
- Bitnomial separate regulated and settlement-entity roles Bitnomial · Accessed 27 Oct 2026
- Bitnomial eligibility for exchange participants Bitnomial · Accessed 27 Oct 2026
- CFTC designation of Bitnomial Exchange, effective 20 April 2020 CFTC · Accessed 27 Oct 2026
- CFTC current registered derivatives clearing organisations CFTC · Accessed 27 Oct 2026
- Bitnomial Rule 501 Bitnomial · Accessed 27 Oct 2026
- Bitnomial Rule 504 Bitnomial · Accessed 27 Oct 2026
- Bitnomial Rule 508 Bitnomial · Accessed 27 Oct 2026
- Bitnomial Rule 514 Bitnomial · Accessed 27 Oct 2026
- Bitnomial Rule 820 Bitnomial · Accessed 27 Oct 2026
- Bitnomial Rule 1103 Bitnomial · Accessed 27 Oct 2026
- BUC Bitcoin US Dollar Centi Futures: current contract specifications Bitnomial · Accessed 27 Oct 2026
- PBTCUC Bitcoin US Dollar Centi Perpetual Futures: current specifications Bitnomial · Accessed 27 Oct 2026
This profile reports dated public information, including exchange-published services and terms. It does not independently test or guarantee trading, custody, pricing or withdrawals. Inclusion is not an endorsement. Permissions and protections apply only to the named legal entity, service and client category; check the current official records and your contract.