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bitmex-recipe-futures-hedge-spot

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업데이트2026년 5월 15일 02:35

Hedge a long position with a short perpetual.

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Futures Hedge for Spot Position

If you hold spot BTC and want to neutralise downside risk without selling, open a short position on the XBTUSD perpetual sized to match your spot exposure.

Prerequisites

BITMEX_API_KEY and BITMEX_API_SECRET set.
jq and bc installed.
Know your spot BTC quantity (e.g. SPOT_BTC=0.5).

Steps

1. Assess the exposure to hedge

SPOT_BTC=0.5
MARK=$(bitmex market instrument --symbol XBTUSD -o json | jq '.[0].markPrice')
HEDGE_QTY=$(echo "scale=0; $SPOT_BTC * $MARK / 1" | bc)
echo "Need to short $HEDGE_QTY contracts of XBTUSD to hedge $SPOT_BTC BTC"

XBTUSD is inverse: 1 contract = 1 USD of BTC exposure at current price.

2. Check existing positions

bitmex position list -o json \
  | jq '[.[] | {symbol, currentQty, unrealisedPnl, liquidationPrice}]'

3. Open the short hedge (validate first)

bitmex order sell XBTUSD $HEDGE_QTY --order-type Limit \
  --price $(echo "$MARK * 0.9999" | bc | xargs printf "%.0f") \
  --validate -o json

If validate output is correct:

bitmex order sell XBTUSD $HEDGE_QTY --order-type Limit \
  --price $(echo "$MARK * 0.9999" | bc | xargs printf "%.0f") \
  --yes -o json | jq '{orderID, side, price, orderQty}'

4. Verify net delta

After the hedge fills, positions should offset your spot exposure:

bitmex position list -o json \
  | jq '[.[] | select(.symbol == "XBTUSD") | {currentQty, unrealisedPnl}]'

If spot = 0.5 BTC long and hedge = 50000 USD short at 100 000, the net delta is approximately zero.

5. Adjust hedge as spot moves

Recalculate HEDGE_QTY when BTC price moves more than 5%, then add or remove contracts:

# Add more short if price dropped (contract value fell)
bitmex order sell XBTUSD <adjustment_qty> --order-type Market --yes -o json

Notes

Use limit orders close to mark price to avoid taker fees where possible.
This hedge costs nothing in margin if cross-margin is enabled, but does consume initial margin in isolated mode.
Unwind the hedge before taking delivery of spot if funding rates become too costly.
This recipe targets XBTUSD (inverse perpetual) only. For linear instruments (e.g. XBTUSDT), the contract value formula and P&L denomination differ — check lotSize and multiplier from bitmex market instrument --symbol <SYMBOL> before sizing a linear hedge.

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name	bitmex-recipe-futures-hedge-spot
description	Hedge a long position with a short perpetual.

Futures Hedge for Spot Position

If you hold spot BTC and want to neutralise downside risk without selling, open a short position on the XBTUSD perpetual sized to match your spot exposure.

Prerequisites

BITMEX_API_KEY and BITMEX_API_SECRET set.
jq and bc installed.
Know your spot BTC quantity (e.g. SPOT_BTC=0.5).

Steps

1. Assess the exposure to hedge

SPOT_BTC=0.5
MARK=$(bitmex market instrument --symbol XBTUSD -o json | jq '.[0].markPrice')
HEDGE_QTY=$(echo "scale=0; $SPOT_BTC * $MARK / 1" | bc)
echo "Need to short $HEDGE_QTY contracts of XBTUSD to hedge $SPOT_BTC BTC"

XBTUSD is inverse: 1 contract = 1 USD of BTC exposure at current price.

2. Check existing positions

bitmex position list -o json \
  | jq '[.[] | {symbol, currentQty, unrealisedPnl, liquidationPrice}]'

3. Open the short hedge (validate first)

bitmex order sell XBTUSD $HEDGE_QTY --order-type Limit \
  --price $(echo "$MARK * 0.9999" | bc | xargs printf "%.0f") \
  --validate -o json

If validate output is correct:

bitmex order sell XBTUSD $HEDGE_QTY --order-type Limit \
  --price $(echo "$MARK * 0.9999" | bc | xargs printf "%.0f") \
  --yes -o json | jq '{orderID, side, price, orderQty}'

4. Verify net delta

After the hedge fills, positions should offset your spot exposure:

bitmex position list -o json \
  | jq '[.[] | select(.symbol == "XBTUSD") | {currentQty, unrealisedPnl}]'

If spot = 0.5 BTC long and hedge = 50000 USD short at 100 000, the net delta is approximately zero.

5. Adjust hedge as spot moves

Recalculate HEDGE_QTY when BTC price moves more than 5%, then add or remove contracts:

# Add more short if price dropped (contract value fell)
bitmex order sell XBTUSD <adjustment_qty> --order-type Market --yes -o json

Notes

Use limit orders close to mark price to avoid taker fees where possible.
This hedge costs nothing in margin if cross-margin is enabled, but does consume initial margin in isolated mode.
Unwind the hedge before taking delivery of spot if funding rates become too costly.
This recipe targets XBTUSD (inverse perpetual) only. For linear instruments (e.g. XBTUSDT), the contract value formula and P&L denomination differ — check lotSize and multiplier from bitmex market instrument --symbol <SYMBOL> before sizing a linear hedge.