In cryptocurrency derivatives, Futures trading enables investors to apply leverage to increase potential returns and to take positions in both rising and falling markets. MEXC offers two primaryIn cryptocurrency derivatives, Futures trading enables investors to apply leverage to increase potential returns and to take positions in both rising and falling markets. MEXC offers two primary

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The Complete Guide to Coin-M Perpetual Futures on MEXC

Oct 2, 2025MEXC

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#Basic #Futures #Beginners

In cryptocurrency derivatives, Futures trading enables investors to apply leverage to increase potential returns and to take positions in both rising and falling markets. MEXC offers two primary types of Futures: USDT-M Futures and Coin-M Futures. While most beginners start with the more straightforward USDT-M Futures, experienced traders who understand market cycles may choose Coin-M Futures in certain conditions to maximize returns.

*BTN-Start Your Futures Trading Journey&BTNURL=https://www.mexc.com/futures/BTC_USDT*

1. What are Coin-M Futures? Understanding the Core Mechanism

To fully grasp Coin-M Futures, it is essential to first understand their fundamental structure.

1.1 Core Definition: Futures trading that uses cryptocurrency as both margin and settlement currency

Unlike USDT-M Futures, which use USDT as margin, Coin-M Futures require non-stablecoin cryptocurrencies as margin. For example, if you want to trade BTC Perpetual Futures under Coin-M Futures, you must transfer BTC into your Coin-M Futures account as margin. When you open and close positions, all realized profits and losses are settled in BTC. If you earn 0.1 BTC in profit, your account balance will increase by 0.1 BTC.

1.2 Key Feature: "Nonlinear" or "Convex" Returns

This is the most fundamental difference between Coin-M Futures and USDT-M Futures, and the source of both their appeal and their risks. Because the margin itself (for example, BTC) is subject to price fluctuations, your final profit or loss, when measured in USDT or other fiat currency, is influenced by an additional variable. Specifically:

Amplified Gains in a Bull Market:

Suppose you use 1 BTC as margin and open a long position when BTC is priced at $50,000. If the price rises to $60,000:

1) Your Futures position generates profit, settled in BTC.

2) The value of your 1 BTC margin also increases from $50,000 to $60,000.

This creates a "double gain," where your total returns measured in stablecoin terms are significantly magnified.

Compounded Losses in a Bear Market:

Conversely, if you open a long position and the BTC price falls from $50,000 to $40,000:

1) Your Futures position incurs a loss, settled in BTC.

2) The value of your 1 BTC margin also declines from $50,000 to $40,000.

This creates a "double loss," where your total losses in Dollar terms are exacerbated.

2. Overview of MEXC Coin-M Futures

Coin-M Futures use USD as the quote currency, while profits and losses are settled in the underlying cryptocurrency. MEXC currently offers multiple Coin-M Futures pairs, including BTCUSD Perpetual Futures and ETHUSD Perpetual Futures. Each Coin-M Futures pair has a fixed USD value. For example, each BTCUSD Perpetual Futures pair is valued at $100, and each ETHUSD Perpetual Futures pair is valued at $10.

Unlike MEXC USDT-M Futures, which may have different leverage ranges depending on the pair, both BTCUSD Perpetual Futures and ETHUSD Perpetual Futures support leverage from 1x to 125x.

In terms of position mode and margin mode, MEXC Coin-M Futures operate in the same way as USDT-M Futures, supporting both Hedge Mode and One-Way Mode, as well as Cross Margin and Isolated Margin.

3. Trading Guide

3.1 Log in to your MEXC Account and Select Coin-M Futures

3.2 Select Your Trading Pair

MEXC currently offers Coin-M Futures pairs including BTCUSD, ETHUSD, SOLUSD, SUIUSD, LTCUSD, XRPUSD, ADAUSD, LINKUSD, AVAXUSD, and DOGEUSD. Additional pairs may be introduced or adjusted over time in response to user demand and market conditions, so please follow official MEXC announcements for updates.

3.3 Choose Margin Mode

3.4 Confirm Leverage

3.5 Select an Order Type

For an introduction to the five order types and their differences, please refer to the article MEXC USDT-M Perpetual Futures: Complete Trading Guide & Fee Calculator.

3.6 Choose Open Long or Open Short

3.7 Close Position

There are three ways to close a position. For details on the differences and specific operations, please refer to the article MEXC USDT-M Perpetual Futures: Complete Trading Guide & Fee Calculator.

Note: The above steps are illustrated using the MEXC website. The process is the same on the App.

*BTN-Start Your Futures Trading Journey&BTNURL=https://www.mexc.com/futures/BTC_USDT*

4. Frequently Asked Questions (FAQs)

4.1 How are profits and losses calculated in Coin-M Futures?

Profits and losses in Coin-M Futures depend on the user's entry price, closing price, and trading volume. For detailed calculations, please refer to the article Margins & PNL Calculations.

4.2 What is the difference between Coin-M Futures and USDT-M Futures? How should investors choose?

The main difference is that Coin-M Futures use cryptocurrency (such as BTC or ETH) as margin and for profit and loss settlement, while USDT-M Futures are margined and settled in USDT. For more details, please refer to the article The Differences Between USDT-M and Coin-M Futures.

Comparison	MEXC Coin-M Futures	MEXC USDT-M Futures
Margin Asset	Non-stablecoin cryptocurrencies (e.g., BTC, ETH)	Stablecoin (USDT)
Settlement Asset	The corresponding cryptocurrency (e.g., BTC, ETH)	Stablecoin (USDT)
PNL Calculation	Complex, non-linear (affected by margin asset price)	Simple, linear (straightforward PNL)
Best Use Cases	Bull markets with long-term upside outlook, hedging	All market conditions, especially short-term and range-bound trading
Key Advantage	Dual gains in bull markets from both holding the asset and Futures trading	Simple PNL calculation, easier risk management and position control
Main Risk	Dual losses in bear markets from both Futures positions and margin asset depreciation	Missed opportunity to benefit from margin asset appreciation in bull markets
Best Suited For	Long-term holders, miners, value investors	Beginners, short-term traders, those seeking stable USD-based valuation

4.3 Scenario Analysis: Bull Market Amplifier vs. Bear Market Double-Edged Sword

1) When to choose Coin-M Futures?

Clear bull markets: If you are confident in the long-term outlook of a major cryptocurrency (such as BTC or ETH), opening a long position with Coin-M Futures is an excellent way to maximize returns.
"Crypto accumulation" as the goal: If your ultimate objective is not to earn more USD but to accumulate a larger quantity of BTC or ETH, Coin-M Futures are the best option, since all profits are settled directly in the underlying cryptocurrency.
Hedging for miners: Miners who need to sell future mined BTC to cover costs such as electricity can hedge by opening short positions in Coin-M Futures when prices are high, locking in a future selling price and mitigating downside risk.

2) When to choose USDT-M Futures?

Bear or sideways markets: In uncertain or downward markets, using USDT-M Futures helps avoid the risk of margin depreciation, since the margin itself is denominated in USDT.
Beginner traders: USDT-M Futures offer more intuitive profit and loss calculations, making it easier for beginners to understand and manage risk.
Trading altcoins: When trading highly volatile new tokens, using USDT as margin provides a stable value reference.

4.4 What is the size of MEXC Coin-M Futures?

Each BTC Coin-M Future has a size of $100, while each ETH Coin-M Future has a size of $10. Sizes vary across different Coin-M Futures pairs. Please refer to the latest information on the MEXC Futures Trading Guide page for details.

*BTN-View Trading Rules&BTNURL=https://www.mexc.com/futures/information/trading_rule?symbol=BTC_USD*

4.5 Does MEXC Coin-M Futures have a minimum order size?

Yes. The minimum order size for BTCUSD Futures is 1 Cont ($100), and for ETHUSD Futures it is 1 Cont ($10).

4.6 Does MEXC Coin-M Futures have a maximum order size?

Yes. For BTCUSD Futures, both market and limit orders have a maximum order size of 3,000 cont. For ETHUSD Futures, both market and limit orders have a maximum order size of 20,000 cont.

4.7 What are the trading fees for Coin-M Futures?

As of August 30, 2025, the standard trading fee for Coin-M Futures is 0.01% for Maker orders and 0.04% for Taker orders. By holding at least 500 MX, users can receive a discount of up to 50% on fees. Note that fee rates may vary across different countries and regions, so always refer to the latest information on the MEXC Trading Fee Rules page.

*BTN-View Trading Fees&BTNURL=https://www.mexc.com/fee*

5. How to Maximize Returns with MEXC Coin-M Futures?

5.1 Strategy One: "Holding and Going Long" in a Bull Market

This is the core offensive strategy for Coin-M Futures. If you are already a long-term BTC holder, instead of leaving your BTC idle in a wallet, you can transfer it into your Coin-M Futures account and open a low-leverage long position. In a rising market, this allows you to benefit both from the appreciation of your BTC holdings and from the additional gains of the long position.

5.2 Strategy Two: Trading with the Goal of Accumulating Crypto

Shift your perspective from dollar valuation to "coin-denominated" thinking. The objective is to increase the amount of BTC you hold through trading. With this approach, even if the market declines, as long as your futures positions are profitable, you are still achieving the goal of "earning more BTC in a bear market," thereby building a larger reserve for the next bull cycle.

6. Conclusion

MEXC's Coin-M Futures are a powerful instrument designed for experienced and sophisticated investors. They are not a one-size-fits-all feature, but rather a tool that requires careful judgment to unlock their full potential. By understanding the non-linear profit and loss characteristics and applying them decisively in bull markets, investors can achieve returns that often exceed those of USDT-M Futures. At the same time, it is critical to recognize the double-edged risks during bear markets. Before engaging in Coin-M Futures trading, ensure you fully understand their mechanics and consistently place risk management at the forefront.

*BTN-Start Your Futures Trading Journey&BTNURL=https://www.mexc.com/futures/BTC_USDT*

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