> 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/usdbtc.md). # 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](/use-sidepit/beta/trading/contract-specifications.md) 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. --- # 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/usdbtc.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.