Bitnomial Fine-Tunes Futures Rules for Smooth Sailing
Published Date: 9/23/2026
Notice
Summary
Bitnomial Exchange is updating the rules for trading security futures on individual stocks, making it easier and clearer for customers and traders. These changes set new standards for what securities can be listed, how contracts work, and how customer money is handled. The updates will take effect after approval from regulators, aiming to keep trading safe and smooth without extra costs for users.
Analyzed Economic Effects
9 provisions identified: 5 benefits, 3 costs, 1 mixed.
Customer margin floor: 15.25% of value
If you hold security-futures for customers, the Exchange requires a minimum initial and maintenance customer margin equal to 15.25% of the current market value of each unhedged long or short position. That 15.25% floor applies alongside any higher applicable rules and is recalculated as market value changes.
High listing thresholds for eligible stocks
The Exchange will only list single-stock security futures if the underlying common stock or qualifying ADR meets initial tests including at least 7,000,000 publicly held shares, 2,000 holders, deliverable supply over 20,000,000 shares, market capitalization of at least $100 billion, and average daily transaction value of at least $450 million over the prior six months; the underlying must have closed at or above $3 for five consecutive business days. Maintenance tests require at least 6,300,000 publicly held shares, 1,600 holders, market cap of at least $50 billion, and average daily transaction value of at least $200 million in the prior quarter.
Standard position limit: 200,000 contracts
The Exchange sets a standard position limit of 200,000 contracts for single-stock perpetual futures, with each contract equal to 100 shares. At that size, the limit corresponds to 20,000,000 shares. Limits are applied each trading date and must meet deliverable-supply requirements.
Funding payments and perpetual settlement mechanics
Perpetual contracts will have funding calculations and funding payments at 03:00, 11:00 and 19:00 CPT each day. Funding rates are computed from 15-second market samples during each interval; a positive Funding Rate makes longs pay shorts, a negative rate makes shorts pay longs, and an adjustment component is constrained between -0.001% and 0.001%. Funding payments are applied through Variation Margin in the next applicable cycle.
Customer fund segregation and account treatment
SFP customer funds must be held in futures accounts subject to Commodity Exchange Act Section 4d segregation unless the Clearinghouse permits securities-account treatment under SEC Rule 15c3-3; any securities-account exception does not waive applicable securities-account requirements. The Clearinghouse and intermediaries may apply higher requirements consistent with law.
Perpetual contract specs, tick and trading hours
Single-stock perpetual futures will trade as 1 Contract = 100 shares, with a minimum trading unit of 0.01 share and prices quoted in U.S. dollars per share. The minimum tick is $0.01 per share (equal to $1 per full Contract). The standard trading week is 24/5 from 19:00 Central Prevailing Time (CPT) Sunday through 17:00 CPT Friday.
Insider trading and material nonpublic information ban
The Exchange prohibits trading a security-futures product by an issuer officer or director (within the meaning of Section 16) and by anyone possessing material nonpublic information about the issuer or underlying security. The trading restriction is imposed by Rule 402.17.
Broker-dealer registration and statutory-disqualification checks
Participants and Clearing Members in SFPs must meet applicable broker-dealer registration requirements and pass Exchange Act statutory-disqualification screening under Section 3(a)(39). Clearing Members must satisfy customer SFP broker-dealer registration and statutory-disqualification conditions.
Affiliate conflict limits and unaffiliated clearing-members rule
The Exchange's conflict policy and rules require information barriers, equal access, public-director oversight, and provide that an affiliated futures commission merchant (FCM) shall not be the sole Clearing Member; at least two existing unaffiliated Clearing Members are required before the affiliate can become a Clearing Member. The National Futures Association (NFA) serves as the affiliate's designated self-regulatory organization.
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