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Key terms for MOVE contracts

There are a number of key terms that are associated with MOVE contracts that traders should be aware of prior to trading.
  • Strike Price
The Strike Price is the starting price of the contract, measured as the 30 minute TWAP of the underlying asset - Bitcoin or Ethereum.
  • Settlement Price
The Settlement Price, also known as the ending price, is the 30 minute TWAP of the underlying asset - Bitcoin or Ethereum - at time of settlement. The absolute movement of the underlying asset at settlement time is therefore settlement price - strike price.
  • Last Price
The Last Price is the price of the most recent executed trade.
  • Index Price
The Index Price is the spot price of the underlying asset - Bitcoin or Ethereum - useful for reference.
  • Mark Price
The Mark Price is the price used to mark open positions on Delta, for profit/loss calculations and to trigger liquidations. The Mark Price on Delta Exchange is calculated using Fair Price Marketing, which can be read about in more detail here.
  • Premium
The Premium is the cost of buying the MOVE contracts. This is calculated as the Number of Contracts * Entry Price. In the case of a MOVE contract, long traders pay the cost of the contracts (i.e. the premium) to the selling party. Upon entering a MOVE contract, the premium will be deducted from the balance of the long trader and will be added to the balance of the short trader.
  • Time to settlement
Settlement Time is the time until the expiration of the MOVE contract. The time to settlement is in the DD:HH:MM format.
  • 24h High / 24h Low
24h High and 24h Low show the highest and lowest USD values of the MOVE contract in the previous 24 hours.
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