# What is a MOVE contract?

A **MOVE contract** is a derivative whose payoff at expiry is the **absolute change** in the underlying asset's price during a fixed window of time, called an **epoch**.

Formally:

```
settlement_price = | underlying_price_at_close − reference_price_at_open |
```

That's it. Whether the price went up or down is irrelevant. What matters is the **distance** it traveled.

#### A quick example

Say BTC opens a weekly epoch at **$60,000** (this is the *reference price*, locked at the start of the week).

* If BTC closes the week at **$65,000**, the MOVE settles at `|65000 − 60000| = $5,000`.
* If BTC closes the week at **$55,000**, the MOVE settles at `|55000 − 60000| = $5,000`.
* If BTC closes the week at **$60,500**, the MOVE settles at `|60500 − 60000| = $500`.

The settlement price is what you can buy or sell at the start of the epoch. As the week unfolds and BTC drifts further from $60,000 in either direction, the MOVE price climbs. The closer BTC stays to $60,000, the lower the MOVE.

{% hint style="info" %}
**Long MOVE = long volatility.** You profit when the underlying moves a lot, regardless of direction.

**Short MOVE = short volatility.** You profit when the underlying stays close to where it started.
{% endhint %}

#### Market naming

MoveX markets follow a simple naming convention:

```
{UNDERLYING}-MOVE-{DURATION}
```

For example: `BTC-MOVE-WEEKLY` is a MOVE contract on BTC that settles at the end of every week.

We support **hourly**, **daily**, **weekly**, **monthly**, and **quarterly** durations. All production expiries are aligned to **00:00 UTC** so there's no ambiguity about when the epoch closes.

***


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