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About Callable Bull/Bear Contract (CBBC)
The CBBC has two types of contracts, a callable bull contract, and a callable bear contract. If an investor anticipates an upward movement of the underlying asset, he/she can purchase a callable bull contract; if an investor anticipates a downward movement of the underlying asset, he/she can purchase a callable bear contract. Without considering other factors, if the underlying asset’s price rises, the bull contract will generally rise in value while the bear contract decrease in value; if the underlying asset’s price decreases, the bear contract will generally rise in value while the bull contract decrease in value. The strike price, call level and expiry date are fixed upon the issuing of a CBBC. When the underlying asset’s spot price hits the call level, the CBBC will be called and trading will be terminated immediately.


The CBBC is essentially a special kind of option. For a callable bull contract, the intrinsic value is the underlying asset’s spot price minus the strike price; for a callable bear contract, the intrinsic value is the strike price minus underlying asset’s spot price. At Gate.io, the CBBC expiration date uses Hong Kong Time. When a CBBC expires, it will be settled. The settlement is the difference between underlying asset price and the strike price, divided by the entitlement. The maximum loss is limited to the investor’s entire investment capital.


The characteristics of the CBBC:

1） Easy to trade. You can simply buy and sell a CBBC like you are buying or selling an asset in the spot market.
2） Highly leveraged: The CBBC leverage can be as high as 100x or 200X, in certain cases.
3） Lower trading fee: The CBBC trading fee is lower compared to a perpetual contract as it is charged based on the investment capital, irrespective of the leverage.
4） Callback: The CBBC can be called back. When it is called, the investor only receives a residual value if there is any. To calculate the residual value, the lowest price observed during an observation period for bull contract and the highest for a bear contract, instead of the call level, is used.


The CBBC VS Leveraged ETF
1) The CBBC, in general, has higher leverage;
2) The CBBC does not incur any management fee.
3) The CBBC doesn’t have a re-balancing mechanism, therefore would not incur frictions caused by rebalancing. But the CBBC has a callback mechanism. Once it is called, the investor may lose a significant part, even all of his/her investment capital.


Please note:the CBBC’s leverage may change all the time as the market price of the underlying asset changes. In the event of a mandatory call, CBBC will be called and the investor may lose a significant part, even all of his/her investment capital. Please beware of the risks involved.

Read the following articles to Learn more about the CBBCs at our help center.
https://www.gate.io/en/help/trade/cbbc/18349
https://www.gate.io/en/article/18283

Gate.io is an established exchange that holds integrity, transparency, and fairness to a very high standard. We charge zero listing fees and only choose quality and promising projects. Our exchange consists only of 100% real trading volume. Thanks to everyone who has joined us in our journey. We always intend to improve and innovate to reward our users for their continuous support.



Gate.io Team
December 4 , 2020


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