qWTI Perp (WTI/USDT)
(24h)BTC price is locked on entry.Deposit via Lightning or on-chain
Deposit sats in seconds, keep them as sats.
Trade WTI crude oil without selling your bitcoin.
Long or Short WTI/USDT with up to 20x leverage. Margin and P/L in sats, at a BTC rate locked when you place your order.
- WTI/USDT
- Quanto perpetual
- 24/7
- Funding every 4h
- Up to 20x
- Payoff (Long)
- P/L (sats) = quantity x (exit - entry) / BTC rate at placement x 100,000,000
- Quantity unit
- Barrel (bbl)
- Leverage
- 1–20x
- Min order
- 0.01 bbl
- Max order
- 50 bbl
- Max per account
- 2,500 bbl
- Maintenance margin
- The worst-case open + close fees
- Funding
- Every 4h (00 / 04 / 08 / 12 / 16 / 20 UTC), paid or earned
- Quanto adjustment
- Every 4h (00 / 04 / 08 / 12 / 16 / 20 UTC), paid or earned
- Orders
- Market / Limit / Takeprofit / Stoploss / Trailing stop
- Price reference
- LNM WTI Perp Index
About qWTI Perp
What is qWTI Perp?
qWTI Perp is a perpetual on WTI crude oil, quoted in USDT, margined and settled in sats. It has no expiry date: you go long or short on the price of WTI crude oil with leverage, and a funding payment exchanged every 4 hours keeps the contract anchored to the LNM WTI Perp Index.
Trade WTI crude oil without selling your bitcoin
The BTC/USDT rate is locked when you place your order and never revisited. Your P/L is WTI crude oil’s move, converted at that one rate: bitcoin can double or halve while your position is open and the number of sats you make or lose does not change. You never hold dollars, a stablecoin or a token.
What is the quanto adjustment?
Locking the rate has a market price. Every 4 hours a small adjustment, derived from WTI crude oil’s correlation with bitcoin and both volatilities, is deducted from or added to your margin. The rate is set on the 1st of each month and fixed for the month, and the current value is shown in the app before you trade.
Automate your strategy with the LN Markets API.
Open, close and monitor positions programmatically. REST and WebSocket, with official SDKs and Lightning-native auth.
POST /v3/perp/isolated/trade
{
"instrument": "quanto_perp",
"pair": "wti_usdt",
"type": "market",
"side": "buy",
"leverage": 10,
"quantity": 1
}qWTI Perp price history
| Period | Price | Change |
|---|---|---|
| Today | ||
| 24 hours ago | ||
| 1 week ago | ||
| 1 month ago | ||
| 1 year ago |
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- 01Create your accountEmail address, Lightning wallet, Google or Apple auth.
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What is qWTI Perp?
qWTI Perp (WTI/USDT) is a perpetual on WTI crude oil, quoted in USDT, margined and settled in sats. You go long or short on WTI crude oil with up to 20x leverage, at a BTC/USDT rate locked when you place your order, so your P/L in sats depends only on WTI crude oil.
Does the bitcoin price affect my P/L?
No. The BTC/USDT rate is recorded when your order fills and never changes for the life of the trade. WTI crude oil up 1% gives the same number of sats whether bitcoin is at $60k or $120k. A bitcoin crash cannot liquidate you, and a bitcoin rally does not help you.
How is my profit and loss calculated?
P/L in sats = quantity × (exit price − entry price) ÷ locked BTC rate × 100,000,000. Example: long 1 bbl at $60, close at $63, BTC locked at $100,000: 1 × 3 ÷ 100,000 × 100,000,000 = 3,000 sats. For a short, swap entry and exit.
How much leverage can I use?
From 1x to 20x, set per trade. Quantity in barrels, minimum order 0.01 bbl, maximum order 50 bbl, maximum per account 2,500 bbl for the beta. Margin is in sats: quantity × entry price ÷ locked BTC rate ÷ leverage. Positions are isolated: each trade has its own margin, and a loss can never exceed it.
What happens if my position gets liquidated?
Liquidation is set on the price of WTI crude oil, not of bitcoin: entry × (1 − 1/leverage) for a long, entry × (1 + 1/leverage) for a short. When WTI crude oil trades through it, the trade closes at that price and the margin is lost. The closing fee is paid from the maintenance margin reserved at open, so the loss is capped at the margin. You can add margin to a running trade to move the liquidation price further away.
What is the funding rate and who pays it?
Funding keeps the perp price close to WTI crude oil’s price. Every 4 hours (00:00, 04:00, 08:00, 12:00, 16:00, and 20:00 UTC) longs pay shorts or shorts pay longs, depending on its sign. The rate is the reference market’s own rate, passed through 1:1 with nothing added. The current rate and the last settlements are shown on the Rates tab.
What is the quanto adjustment?
It is the cost of keeping your BTC rate locked while WTI crude oil moves. It is computed from the correlation between WTI crude oil and bitcoin and their volatilities, quoted per day and settled every 4 hours with funding. The rate is set on the 1st of each month and fixed for the month: higher correlation or higher volatility raises it, calmer markets lower it. The current rate is shown on the Rates tab. Like funding it is paid or earned depending on your side: when WTI crude oil and bitcoin move together, longs pay and shorts earn.
What are the trading fees?
Opening and closing fees are a percentage of the position’s value, 0.10% at tier 0 and lower with volume, charged in sats at your locked BTC rate. The closing fee is reserved at open as maintenance margin and refunded if your actual tier is lower. No fee on cancelled orders.
Can I set a stop loss and a take profit?
Yes. Market and limit orders, take profit, stop loss and trailing stop, all on the price of WTI crude oil. You can set them when you open the trade or later from the blotter. Triggers use the traded price of the reference market.
Does qWTI Perp trade on weekends?
Yes, 24/7. WTI futures trade from Sunday evening to Friday evening, US time. Outside those hours the price follows the reference perpetual and spreads are wider. Liquidations stay live at the traded price during those hours and are not adjusted at the reopen.
Do I own WTI crude oil when I buy qWTI Perp?
No. qWTI Perp is a derivative: you get WTI crude oil’s price performance in sats, without holding oil. No custody, no storage, no delivery.
Is there an API?
Yes. qWTI Perp is available through the same REST and WebSocket API as the Bitcoin perp, keyed by instrument and pair (quanto_perp, wti_usdt). Same order types, same keys, same scopes.
