There are a number of key terms that are associated with MOVE contracts that traders should be aware of prior to trading.
The Strike Price is the starting price of the contract, measured as the 30 minute TWAP of the underlying asset - Bitcoin or Ethereum.
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.
The Last Price is the price of the most recent executed trade.
The Index Price is the spot price of the underlying asset - Bitcoin or Ethereum - useful for reference.
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.
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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