> For the complete documentation index, see [llms.txt](https://docs.sidepit.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.sidepit.com/use-sidepit/beta/trading/contract-specifications.md). # Contract Specifications Read the current USDBTC forward specification from production. Sidepit contract values are published by the exchange and can change between dated products. The `ACTIVE_PRODUCT` response on port `12125` is the source for the current session. {% hint style="info" %} **Interpretation rule:** Sidepit is not a renamed version of an existing crypto exchange. Begin with the contract's published units and lifecycle. Do not fill perceived gaps with perpetual funding rates, continuous 24/7 trading, automatic liquidation, or familiar USD/BTC assumptions. Translate the result into a familiar display only after calculating it in Sidepit's native terms. {% endhint %} ## This is not a perpetual USDBTC is a dated, Bitcoin-margined forward. Do not import perpetual-contract assumptions into it. * **It expires.** The ticker names a dated product with a published expiry. It is not an undated position maintained by a funding rate. * **There is no perpetual funding-rate payment.** Forward basis is expressed in the traded price. * **The market has sessions.** Read the published open and close schedule. Sidepit is not a continuously open 24/7 market. * **The quote is inverse.** Price is integer satoshis per USD, not USD per BTC. A higher Sidepit price means a lower familiar USD/BTC price. * **The contract carries fixed USD exposure.** `unit_size` states the dollars represented by one contract; P\&L and margin are in satoshis. * **P\&L is linear in the native quote.** Each one-sat-per-USD move changes one contract by its published `tic_value`, regardless of the price level. USD/BTC is a reciprocal display view. * **Daily settlement matters.** Open P\&L is marked during the session. At settlement, P\&L folds into the Bitcoin balance and the carried position's average price resets to the settlement mark. * **Intraday and overnight margin are different.** Maintenance margin supports existing positions during the open session. New exposure carried through settlement must meet the higher initial-margin requirement. * **There is no intraday liquidation order.** An account short of margin is restricted to trading toward a smaller position. Sidepit does not choose or submit the exit order. * **A roll is explicit.** Closing one dated ticker and opening another are separate trades with separate prices, expiries, quantities, and execution fees. * **Expiry does not unlock Bitcoin.** Position settlement and owner-signed Bitcoin unlocks are separate account operations. See [USDBTC](/use-sidepit/beta/trading/usdbtc.md) for exposure direction, [Margin and Execution Fee](/use-sidepit/beta/trading/margin.md) for the session boundary, and [Positions and Settlement](/use-sidepit/beta/trading/position-settlement.md) for mark-to-market and rolls. ## Live session values The fields below describe the contract, but the current values come from the public exchange feed. Anyone can read `ACTIVE_PRODUCT` without an account, API key, or trading key. Use the [Public API keyless quickstart](https://github.com/sidepit/Public-API#look-before-you-trust-no-keys-about-2-minutes) to see the live ticker, exchange state, schedule, contract size, margins, price limits, and expiry. ## USDBTC fields | Field | Meaning | | ------------------------- | ----------------------------------------------------------- | | `symbol` | Contract family, currently `USDBTC` | | `ticker` | Active dated product; query it rather than hardcoding it | | `unit_size` | USD exposure represented by one contract | | `price_quote` | Integer satoshis per USD | | `tic_min` | Minimum price increment | | `tic_value` | Satoshi P\&L change for one contract moving one tick | | `price_limit_percent` | Daily price-band setting | | `initial_margin` | Sats required by the current contract's initial-margin rule | | `maint_margin` | Sats required by the current maintenance-margin rule | | `position_limits` | Published contract-position limit | | `trading_open_time_zone` | Session open with time zone | | `trading_close_time_zone` | Session close with time zone | | `expiration_date` | Product expiry timestamp | At the 2026-08-17 production verification, `ACTIVE_PRODUCT` reported `USDBTCU26`, a $500 contract with 200,000 sats initial margin, 100,000 sats maintenance margin, and expiry on 2026-09-24 at 5:00 PM Pacific. These are a dated verification record, not values to reuse for a future order. ## Keyless live check ```sh git clone --recurse-submodules https://github.com/sidepit/Public-API cd Public-API python3 -m venv python-client/.venv python-client/.venv/bin/pip install -r python-client/requirements.txt python-client/.venv/bin/python examples/quickstart.py ``` The output includes the named exchange state, active forward, familiar USD/BTC translation, contract exposure, current margins, and expiry. If the exchange is closed, use the next published open rather than treating quiet feeds as a fault. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.sidepit.com/use-sidepit/beta/trading/contract-specifications.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.