Moscow Exchange lists perpetual futures on five crypto indices from 22 September: what the exchange notice says, and what it does not

An exchange notice is a short document, and its value is in what it fixes: names, dates, settlement, who may trade. On 16 September 2026, at 10:00 Moscow time, Moscow Exchange (MOEX) published a notice announcing five perpetual futures contracts on cryptocurrency indices, with trading to start on 22 September 2026. This article records what the notice states, in the order it states it, and separates that from what has to be inferred or is simply not there.

According to the notice, the contracts and the indices behind them are: BTCUSDF on the Moscow Exchange Bitcoin Index (MOEXBTC), ETHUSDF on the Moscow Exchange Ether Index (MOEXETH), SOLUSDF on the Moscow Exchange Solana Index (MOEXSOL), XRPUSDF on the Moscow Exchange Ripple Index (MOEXXRP), and TRXUSDF on the Moscow Exchange Tron Index (MOEXTRX). The index names are the exchange's own; the notice does not describe the index methodology, and this article does not either.

Three design points are stated explicitly. First, the contracts are perpetual with daily automatic rollover: a one-day futures that rolls into the next day without the holder having to close and reopen. Second, they are cash-settled, quoted in US dollars and settled in Russian roubles; there is no delivery of any cryptocurrency. Third, access is restricted to qualified investors under Russian rules. The notice gives the funding parameters as K1 = 0 percent and K2 = 0.35 percent. It does not spell out the formula in which K1 and K2 sit, so the practical funding cost per day is not something this article can compute from the notice alone.

The notice quotes Maria Patrikeeva, Managing Director of the Derivatives Market at Moscow Exchange: "Launch of perpetual futures on digital currencies is an important stage of Russian derivatives market development." In the same passage the exchange says that since it launched its first crypto-linked futures in the summer of 2025, more than 72,000 qualified investors have completed transactions with a cumulative turnover of 600 billion roubles.

Two remarks on those figures. They are the exchange's own numbers, published in its own notice, and we have not seen an independent breakdown by contract or by month. And 600 billion roubles of cumulative turnover across roughly fifteen months is a gross figure; it says nothing about open interest, average position size or the share of the 72,000 accounts that traded more than once. The notice does not claim otherwise.

A perpetual on an exchange-maintained index, settled in fiat, is a derivative on a price feed rather than on the asset. The holder never owns Bitcoin or XRP; the exchange never has to custody any. That is the structure that lets a regulated Russian venue offer crypto price exposure without a licensed crypto custody layer, and it is why the launch is worth documenting even for readers who will never be qualified investors in Russia: it is the same design logic as cash-settled crypto futures elsewhere, applied to a market that is largely cut off from the dollar-based crypto infrastructure.

The XRP contract sits on an index the exchange calls "Ripple Index (MOEXXRP)". The naming conflates the company and the token, which is common in exchange product names and not a statement about the asset. Readers who want the distinction between Ripple Labs and the XRP Ledger set out in one place can find it in our documentary study of the RIPPLE book, which treats the company, the ledger and the token as three separate objects. Readers who want the daily XRP price series alongside the other assets in this notice can watch them on Market Observation, where the data is sourced live from Kraken and Yahoo and is the same for every visitor.

It does not give trading hours for the new contracts, contract size, margin requirements, or position limits. It does not name the index constituents or the reference venues from which the five indices are built. It does not say whether the products will be available to non-resident qualified investors. It does not mention the sanctions context in which Russian market infrastructure operates. Each of these is a real question, and each is outside the four corners of the document; a later exchange specification may answer them, and we will document that if and when it appears.

For the mechanics of a perpetual funding rate and why a cash-settled index contract differs from a spot holding, the Kripto Akadémia covers the vocabulary; for readers who prefer a longer-form treatment of how derivatives venues shape spot markets, The Analyst Room is where we keep that material. This article stays at the level of the notice.

• Moscow Exchange, notice n104244, "Moscow Exchange launches perpetual futures on cryptocurrency indices", published 16 September 2026, 10:00 Moscow time — https://www.moex.com/n104244?nt=106 (the quote from Maria Patrikeeva and the 72,000 / 600 billion rouble figures are taken from this notice).
• crypto.news, "MOEX to launch 5 crypto perpetual futures on Sept. 22", 17 September 2026, 06:57 UTC — https://crypto.news/moex-to-launch-5-crypto-perpetual-futures-on-sept-22/ (secondary report, used to locate the primary notice).

The index methodology, contract specifications and margin rules are [NOT VERIFIED] in this article; they are not in the notice.

Educational content. Not investment advice. This article describes a third party's product; it does not contain any instruction to buy or sell.