How Do the Margin Requirements for Bitcoin Futures Affect the Capital Efficiency Needed to Trade Them Compared to Spot Altcoins?

Bitcoin futures are highly capital efficient because they are leveraged derivatives, requiring only a small fraction of the contract's total value (initial margin) to control a large position. Spot altcoin trading, conversely, requires 100% of the asset value.

This leverage in futures allows traders to achieve a much higher return on capital, despite the asset's volatility, making them significantly more capital efficient for directional bets.