Why is there a price discrepancy between Spot and FNO on Delta Exchange?

Modified on Tue, 3 Feb at 4:48 PM

  1. The underlying price indices for futures are referenced to global prices which are quoted in $. These are converted to INR prices at the fixed (and not market) rate of ₹85.

  2. Spot prices are local Indian prices where crypto tends to be on a premium to global prices due to capital controls.

  3. The difference in local and global prices of crypto is driven by market forces (supply and demand) and it should not be assumed that these two will ever converge.

  4. Example for 3rd Feb 2026 16:09 PM IST

    For FNO (Fixed Rate):
    1. USD Settlement Rate: ₹85 (Fixed)

    2. Global BTC Price: $78,388

    3. Delta Futures Price: 78,388 × 85 = ₹66,62,980


    For SPOT (Market Rate):
    1. Spot BTC-INR Price: ₹76,54,000

    2. Implied Market USD Rate: 90.23 (Local Premium)
    Note: Spot trades higher because the market values 1 USD at ~₹90, whereas Futures are artificially pegged to ₹85.

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