Index perpetual futures explained

Index perpetual futures are a type of perpetual futures market that track an index value as the underlying, instead of tracking the price of a specific digital asset, as all Bullish’s spot based perpetual futures markets do. Currently, Bullish sources Index values from CoinDesk Indices, Inc., a provider of digital asset indices that is an affiliate of Bullish.

Broad-market Benchmark Indices

Broad-market benchmark indices are designed to measure the performance of an entire market or a specific market sector. By trading perpetual futures on such an index, customers can gain the advantage of long or short broad market exposure without the complexity of managing individual constituent assets.

CoinDesk 20 Index

The CoinDesk 20 Index is a broad-market index. It tracks the largest 20 digital assets by market capitalization, after removing stablecoins and exchange tokens. For a balanced representation, this index caps the weight of its largest constituent at 30% and any other constituents at 20%.

At Bullish, we currently quote and settle all perpetual futures in USDC. This is true of the  CoinDesk 20 Index perpetual future as well, which tracks the CoinDesk 20 Index value as if it were a number of US dollars but converts that value to USDC for trading. In scenarios where USDC experiences depegging, the Bullish perpetual future  is expected to diverge from the CoinDesk 20 Index value.

CoinDesk 20 Index Price = CD20 Index Value / USDC Index Value

  • CD20 Index Value is the CoinDesk 20 Index value, provided by CoinDesk Indices
  • USDC Index Value is the USDC price quoted in USD, computed by Bullish per this help center article.



COINDESK ® and the CoinDesk 20 Index (a “CDI Index”) are trade or service marks of CoinDesk Indices, Inc. (“CDI”), the administrator of CDI Indices, and/or its licensors. CDI or CDI's licensors own all proprietary rights in CDI Indices. CDI is not the issuer, sponsor or producer of any financial product, derivative, portfolio, separately managed account, or any other investment exposure that tracks, seeks to track, references, or settles against CDI Indices (collectively, “Products”) and CDI has no responsibilities, obligations, or duties to investors in or holders of Products. CDI Indices are licensed for use by Bullish. CDI does not approve, endorse, review, or recommend any Product. CDI does not guarantee the timeliness, accurateness, or completeness of any data or information relating to CDI Indices and shall not be liable in any way to investors in or holders of any Product or other third parties in respect of the use or accuracy, completeness, or timeliness of any CDI Indices or any data included therein.

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