Robinhood For Bitcoin Futures

Mushino currently only offers Bitcoin-margined futures contracts. We plan to add additional futures contracts and collateral assets in the future.

Mushino is currently a Bitcoin-only trading platform. Fiat currencies are not supported. This may change in the future.

A Mushino account can be funded with Bitcoin (BTC).

When you sign up on Mushino, you will receive your own personal Bitcoin deposit address. To fund your account, you may send Bitcoin to this address.

Your personal deposit address is fully reusable. You can use it as many times as you want. Every time you send Bitcoin to your personal deposit address, your deposit is automatically credited to your account.

Bitcoin deposits are credited to your account balance immediately after having received a single confirmation on the blockchain. On average, this takes about 10 minutes.

Mushino does not charge any fees on deposits.

There is no minimum deposit. The minimum order quantity is 1 USD, which means that you'll be able to trade with as little as 0.0067 USD (assuming a position leverage of 150x).

Mushino does not currently impose any limits on the amount that you can deposit.

Your deposited funds are kept at your own personal deposit address until you request a withdrawal. Your own personal deposit address is a cold wallet address - the private keys that access the address are kept in permanent cold storage, and are never exposed to the internet.

Mushino employs a multisignature digital signature scheme to ensure that no single, rogue Mushino employee can ever access your deposited funds. When you request a withdrawal, three senior-level Mushino executives must meet up physically, agree on the transaction, sign it with their corresponding private key, and publish the transaction to the blockchain. The senior-level executives that hold a private key also hold a significant amount of equity in Mushino, and are thus intrinsically motivated to never collude.

To withdraw your funds, your funds must not be in use for open orders or open positions. You can easily free up the entirety of your funds by cancelling your open orders and closing your open positions. For security reasons, you are also required to verify your withdrawal with Two-Factor Authentication.

We process withdrawals once every day, at 08:00 PST. If you submit your withdrawal before 07:45 PST, the withdrawal will be processed on the same day. If you submit it after 07:45 PST, the withdrawal will be processed at 8:00 PST, on the next day.

To process withdrawals instantly, the withdrawal process must be entirely automated. At Mushino, we have decided against this, as it would require us to keep private keys on our servers - thus making us vulnerable to hacks. Instead, we have chosen to keep all of the keys offline. The unfortunate result of this decision is that all withdrawals must be processed manually. Since security is our number one priority, we are happy to make this tradeoff.

0.001 BTC.

Mushino does not currently impose any limits on the amount that you can withdraw.

Your capital requirements are highly dependent on your own personal needs, risk aversity and trading experience. We recommend that you start out with a small amount of capital, and focus on percentage gains at first. Once you have nailed down your strategy, you can always add more capital.

Leveraged trading can be highly risky in markets that are as volatile as crypto. We always recommend that you start out with a very conservative amount of leverage. Once you know the approximate daily return, daily drawdown and maximum exposure of your trading strategy, you can slowly increase your leverage. The Kelly Criterion can sometimes prove useful in determining the optimal amount of leverage to use.

The most profitable traders on Mushino are predominantly daytraders and swing traders with many years of experience. They have their own proprietary trading strategies - which they do not like sharing. From what we know, from those of them that we have spoken with, their strategies do not share a common characteristic - some are based on mean reversion, others on trend following - some scalp very short timeframes, others swing trade daily charts.

For long positions, the profit/loss (P/L) is calculated as follows:

P/L (Long) = ((1/Entry Price) - (1/Exit Price)) * Position Size

For short positions, the profit/loss (P/L) is calculated as follows:

P/L (Short) = ((1/Exit Price) - (1/Entry Price)) * Position Size

The Entry Price of your position is calculated by taking the volume weighted average fill price (VWAP fill price) of the orders that increased the size of your position. The formula is as follows:

Entry Price = Position Size / ((Qty_1/Price_1)+(Qty_2/Price_2)...+(Qty_n/Price_n))

where Qty_n is the quantity of your n'th order and Price_n is the price of your n'th order.

If you are long, only buy orders contribute to your Average Entry Price. Sell orders can be ignored in this case.

If you are short, only sell orders contribute to your Average Entry Price. Buy orders can be ignored in this case.

Example:

You place an order to go long 20,000 contracts at a price of 10,000. Your order gets filled, and a new long position is opened.

The Average Entry Price of this position is now:

(Position Size / (Qty_1/Price_1)) = (20,000/(20,000/10,000)) = 10,000.

You then place another order to go long 40,000 contracts at a price of 12,000. The Average Entry Price is now:

(Position Size / (Qty_1/Price_1)+(Qty_2/Price_2)) = (60,000/(20,000/10,000)+(40,000/12,000)) = 11250.

The futures contracts available on Mushino are all perpetual. They never expire, and there is no settlement. You can keep your position for as long as you want. A mechanism called Funding keeps the price of the contract aligned to the spot price of the underlying asset.

Funding is an hourly exchange of money between longs and shorts. The purpose of this exchange is to keep the price of the contract aligned with the spot price of the underlying. The amount exchanged is determined by the Funding Rate. If the Funding Rate is positive, the contract is trading at a premium to spot, and longs pay shorts. If the Funding Rate is negative, the contract is trading at a discount to spot, and shorts pay longs.

The Funding Rate determines the amount to be exchanged between longs and shorts during each funding period. If the Funding Rate is 0.1% at the end of a funding period, longs pay 0.1% of their position size to shorts. If the Funding Rate is -0.1%, shorts pay 0.1% of their position size to longs.

Funding slightly changes the payoff matrix of market participants in the futures market. If the Funding Rate is significantly positive for a sustained amount of time (as seen during the peak of bull runs), shorts may end up being profitable in spite of the price of Bitcoin going up. The trading P&L on long positions would need to appreciate by an amount equal to the total amount of funding paid in order for longs to break even in this scenario. A funding rate that is far away from zero opens up unique arbitrage opportunities, such as Spot Futures Arbitrage and Cross Exchange Funding Arbitrage.

The Mark Price is a manipulation-resistant price that Mushino uses in order to minimize the impact of market manipulation and prevent unnecessary liquidations.

The pricing data used for the calculation of the Mushino Index Price, and the Mushino Mark Price, is derived from seven of the world's top spot exchanges. The data is fully transparent, and can be seen in real-time here.

The formulas used for the calculation of the Mushino Mark Price and Mushino Index Price can be found in our References.

Absolutely. There are no restrictions on VPN usage.

Click here to see the full specification for the BTC/USD contract.

You are only required to provide an email address. Your email address is AES-256 encrypted on Mushino's servers and will never be shared with third parties. You may also provide a throwaway email address - in this case, however, you will not be able to access your account again, once your browser session expires.

Your Mushino account can get temporarily restricted if you repeatedly connect to Mushino from a restricted jurisdiction. If your account is restricted, we may ask for proof that you are not a permanent resident of this jurisdiction.

Restricted accounts are put in reduce-only mode, which means that they cannot submit orders that would either open a new position, or increase the size of their current position. Accounts in reduce-only mode are always able to close their active positions, and can also withdraw their funds at any time.

Mushino accounts can be secured with Two Factor Authentication (2FA), withdrawal limits, IP pinning and device whitelisting. For the best security, we recommend that you enable TOTP-based Two Factor Authentication, add a withdrawal limit and only whitelist your own trusted devices.

Mushino does not charge any fees on liquidations. If your position is liquidated, it will be closed out incrementally, until your Maintenance Margin satisfies the Minimum Maintenance Margin requirements for the contract you are trading. In the vast majority of liquidations, only 10% of your position size will need to be closed out. Once this is done, your position exits liquidation. Note: Incremental liquidation is not available for positions that are below 20,000 USD in size. Positions that are below 20,000 USD in size are liquidated in full, at their bankrupcty price.

Yes. For the technically inclined, we offer a fully-fledged REST and websocket API. Through these API's, you can do almost everything that you could otherwise do through the Mushino website. For the non-technically inclined, we offer a way to create automated trading strategies directly from the trading interface. Check out how to do so here.