USDBTC

USDBTC is a dated forward on the price of U.S. dollars in Bitcoin. It is not a perpetual contract. Sidepit quotes it as satoshis per USD, the inverse of the familiar USD-per-Bitcoin quote. See the current Contract Specifications before trading.

USD/BTC = 100,000,000 ÷ Sidepit price

At 1,000 sats per USD, Bitcoin is $100,000. At 1,250 sats per USD, Bitcoin is $80,000.

The honest unit

At Sidepit, the contract says exactly what the trade does: you buy and sell dollar exposure using Bitcoin. Each contract represents a fixed number of U.S. dollars. Its price is the number of satoshis represented by one dollar. Margin, fees, and P&L remain in satoshis.

Many Bitcoin derivatives display USD per BTC while settling gains and losses in Bitcoin. That familiar screen hides reciprocal math: an equal move in the displayed USD/BTC price does not represent an equal move in Bitcoin value at every price level.

Sidepit puts the Bitcoin settlement unit directly on the order book. In the native sats-per-USD quote, contract P&L is linear:

gross P&L sats = change in sats per USD × contract USD unit × contracts

Every one-sat-per-USD move has the same satoshi value for the same contract quantity, wherever it occurs in the price range. The familiar USD/BTC number is still available, but it is a view calculated from the native market—not the price being traded.

This is the direct way to hedge or leverage Bitcoin-to-dollar risk. A trader or agent may present the same market as sats per USD, forward USD/BTC, today's USD/BTC, or another currency. The interface can change; the signed order and its economic unit do not.

Direction

• BUY USDBTC adds USD exposure and reduces exposure to a rise in Bitcoin's USD price. A buyer benefits when the Sidepit sats-per-USD price rises, which corresponds to Bitcoin falling in familiar USD/BTC terms.

• SELL USDBTC removes USD exposure and increases Bitcoin-price exposure. A seller benefits when the Sidepit price falls, which corresponds to Bitcoin rising in familiar USD/BTC terms.

One-contract hedge example

Assume the active product's unit_size is $500:

1. Buy one contract at 1,000 sats per USD.

2. Later sell one contract at 1,250 sats per USD.

3. Gross P&L is (1,250 − 1,000) × $500 = 125,000 sats.

4. Two one-contract executions cost that trader 250 sats in execution fees.

5. Net of execution fees, before any other effect, the result is 124,750 sats.

The example demonstrates the inverse quote; it is not a forecast or trading recommendation.

Dated products

The ticker identifies an expiry month and year. Query the active product before every new workflow. Do not assume yesterday's ticker still accepts orders, and do not describe USDBTC as a perpetual product.

Open P&L is marked during the session. At daily settlement it folds into the Bitcoin balance and the average entry price resets for the carried position.