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Practical market worksheet

Spot and Linear-Futures Hedge Quantity Worksheet

Convert a chosen covered base quantity into a rounded linear short-contract amount.

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A hypothetical 0.35 BTC spot quantity with 80% chosen coverage has a 0.28 BTC target. At 0.001 BTC per linear contract and a one-contract step, that is 280 short contracts. They cover 0.28 BTC, leaving 0.07 BTC spot residual and zero uncovered target. A larger step can leave a visible rounding remainder.

What this helps you check

A chosen coverage percentage may not translate exactly into an allowed contract amount. This worksheet computes the target quantity for the same underlying, rounds down to your supplied contract step, and shows both residual spot quantity and any uncovered part of the chosen target.

Covered refers to matched base quantity under the supplied linear multiplier. Basis changes, price references, execution, fees and funding can still affect the combined position. Rounding down avoids exceeding the chosen target and does not prove that the resulting pair is risk free.

Your worksheet

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Unit: base. Use a decimal point; do not use thousands separators.
Unit: %. Use a decimal point; do not use thousands separators.
Unit: base per contract. Use a decimal point; do not use thousands separators.
Unit: contracts. Use a decimal point; do not use thousands separators.

Interactive calculation requires JavaScript. The method and hypothetical worked example below remain readable.

Hypothetical worked example

Check the example by hand

A hypothetical 0.35 BTC spot quantity with 80% chosen coverage has a 0.28 BTC target. At 0.001 BTC per linear contract and a one-contract step, that is 280 short contracts. They cover 0.28 BTC, leaving 0.07 BTC spot residual and zero uncovered target. A larger step can leave a visible rounding remainder.

Target covered quantity
0.28BTC
Short contract quantity
280contracts
Covered quantity
0.28BTC
Residual spot quantity
0.07BTC
Uncovered target quantity
0BTC
Exact example inputs
{
  "spot_quantity": "0.35",
  "coverage_pct": "80",
  "base_per_contract": "0.001",
  "contract_step": "1",
  "base_asset": "BTC"
}

The example is invented to demonstrate the method. It is not a current market quote, a provider's fee schedule or verified trading performance.

How the worksheet works

  1. target=spot_quantity*coverage_pct/100.
  2. raw_contracts=target/base_per_contract; contracts=floor(raw_contracts/contract_step)*contract_step using decimal-safe rounding.
  3. covered=contracts*base_per_contract; residual=spot_quantity-covered; uncovered_target=target-covered.

Covered refers to matched base quantity under the supplied linear multiplier. Basis changes, price references, execution, fees and funding can still affect the combined position. Rounding down avoids exceeding the chosen target and does not prove that the resulting pair is risk free.

Boundaries to keep in view

  • Same underlying and linear contract multiplier only.
  • Coverage is the user's choice, not an allocation recommendation.
  • Basis, funding, fees, collateral, execution and counterparty risks remain; not a guarantee of risk elimination.
  • No inverse, quanto or cross-asset beta hedge.

Compare resources for this task

Quantity matching starts with the underlying and contract specification. The resources here support checking units and mechanics; they do not rank hedging performance or recommend a coverage percentage.

10 Resources for Spot and Futures Hedge Planning

Official sources and scope

The sources document formats, mechanisms or record workflows. The arithmetic and editorial comparison on this page use the supplied worksheet definitions.

  • CME futures hedge quantity education

    Match quantities using contract size; educational example does not promise a risk-free crypto hedge.

    Reference checked 2026-10-01. Consult the source for current product rules.
  • CME contract notional value

    Contract units and multiplier concepts.

    Reference checked 2026-10-01. Consult the source for current product rules.
  • Kraken contract specifications

    Contract multiplier, expiry, tick value and settlement specification concepts; this document concerns US derivatives.

    Reference checked 2026-10-01. Consult the source for current product rules.