Glossary
What are USD-M futures?
Also called: USDⓈ-M futures, USDT-margined futures, linear futures, stablecoin-margined futures
Updated Ninja Terminal team
Definition
USD-M futures are Binance futures contracts that are quoted and settled in a stablecoin, such as USDT or USDC, and are also margined in that stablecoin. Profit and loss are linear: a contract's value changes by a fixed amount of stablecoin per price move. Other venues call the same design linear or USDT-margined contracts.
In a USD-M contract, you post a stablecoin as margin and your profit or loss is paid in the same stablecoin. This makes the math simple: PnL = (exit price - entry price) x size for a long.
How do they compare with COIN-M futures?
| USD-M | COIN-M | |
|---|---|---|
| Margin and settlement | Stablecoin | The underlying coin |
| PnL behavior | Linear | Non-linear (inverse) |
| Collateral value | Stable in USD terms | Moves with the coin price |
Example: you buy 0.1 BTC of a USD-M perpetual at 60,000 and the price reaches 63,000. PnL is (63,000 - 60,000) x 0.1 = +300 USDT, regardless of the BTC price level.
What do the equivalents look like on other venues?
| Venue | Equivalent |
|---|---|
| Bybit | Linear perpetuals (USDT and USDC) |
| OKX | USDT-margined perpetual swaps |
| Hyperliquid | USDC-quoted perpetuals |
What features apply?
USD-M markets support perpetual futures, leverage, cross and isolated margin, and hedge mode. On Binance, the position mode is an account-wide setting that applies to every symbol, and it is shared with COIN-M.
Where does it appear in Ninja Terminal?
Ninja Terminal supports Binance Spot and USD-M futures, and connects them with other exchanges in one workspace. See Binance on Ninja Terminal.
Frequently asked questions
What does the USD in USD-M mean?
It means the contract is quoted and margined in a USD-pegged stablecoin, not in the underlying coin.
Are USD-M futures the same as linear perpetuals?
The design is the same: stablecoin-margined, linear PnL. Binance uses USD-M and Bybit uses linear for the product.