Since the launch of the Ether futures (ETH) contract in February 2021, its notional value has more than doubled. As a reference, see a chart of the ETH settlement prices since launch.

The ETH notional value has increased from $1.7K on the date that it launched to nearly $3.6K on October 11, 2021. The amount of capital needed to access the futures market has significantly increased. To make our market more accessible to risk managers and other traders, CME Group introduced the Micro Ether futures contract, which is 1/500 the size of the Ether futures contract (i.e. 1/10 of one ether versus fifty ether for Ether futures (ETH)).

  Back to Top

The multiplier for the Micro Ether futures contract is 1/10 of one ether while the multiplier for the Ether futures contract is fifty ether.

  Back to Top

CME Micro Ether futures are based on the CME CF Ether-Dollar Reference Rate (ETHUSD_RR), which aggregates ether trading activity across major ether spot exchanges between 3 p.m. and 4 p.m. London time.

  Back to Top

As with any other derivatives product, the accounting treatment of positions in Micro Ether futures, and the general local regulatory treatment of trading in derivatives, may differ by country and between competent jurisdictions. Market participants are responsible for complying with all applicable US and local requirements, as well as Exchange rules. Market participants should seek professional counsel as necessary and appropriate to their circumstances.

  Back to Top

No. You do not need a digital wallet because Micro Ether futures are financially settled, and therefore, do not involve the exchange of ether.

In order to trade futures, you must open an account with a registered futures broker who will maintain your account and guarantee your trades. In the futures business, brokerage firms are known as either a futures commission merchant (FCM) or an introducing broker (IB).

  Back to Top

  Back to Top

Yes, bilateral transactions such as block trades, pursuant to Rule 526, and EFRPs (Exchange for Related Position), pursuant to Rule 538, may be negotiated/executed 24/7 and must be submitted for clearing during the appropriate CME ClearPort session. The minimum block threshold level is 100 contracts.  CME Globex, our electronic central limit order book platform, is available 23 hours per day beginning Sunday evening at 6∶00 p.m. ET and ending at 5∶00 p.m. ET Friday afternoon.

  Back to Top

Yes, Micro Ether futures are EFP/EFRP-eligible.

  Back to Top

Daily settlement for Micro Ether futures will be the same as Ether futures. The daily settlement of the Ether futures contract is based on the volume-weighted average price (VWAP) of CME Globex trades between 3:59:00 p.m. and 4:00:00 p.m. ET.

  Back to Top

Micro Ether futures are subject to special price fluctuation limits (circuit breakers). At the commencement of each trading day, Micro Ether futures are assigned a dynamic price limit variant which equals a percentage of the prior day’s Exchange- determined settlement price, or a price deemed appropriate by CME Group. During the trading day, the dynamic variant is applied in rolling 60-minute look-back periods to establish dynamic lower and upper price fluctuation limits as follows:

• The dynamic variant is subtracted from the highest trade and/or bid price during a look-back period to establish the lower price fluctuation limit.
• The dynamic variant is added to the lowest trade and/or offer price during a look-back period to establish the upper price fluctuation limit.

  Back to Top

The final settlement value is based on the CME CF Ether-Dollar Reference Rate at 4:00 p.m. London time on the expiration day of the futures contract.

  Back to Top

The maximum order size is 8,000 contracts.

  Back to Top

CME Group will not initially list options but will reassess introducing options once the futures market develops and as customer demand evolves.

  Back to Top

Micro Ether futures real-time market data is available on MDP Channel 318, and Micro Ether futures historical data is available through CME DataMine.

Additionally, real-time market data for the underlying ETHUSD_RR Index is available through MDP Channel 213 during normal market hours, while also available 24/7 through CME DataMine’s Streaming Service. ETHUSD_RR and ETHUSD_RTI historical data is available through CME DataMine.

  Back to Top

Launched in 2018, the CME CF Ether-Dollar Reference Rate (ETHUSD_RR) is a daily reference rate of the US dollar price of one ether as of 4:00 p.m. London time.

Designed by CME Group and CF Benchmarks around the IOSCO Principles for Financial Benchmarks, ETHUSD_RR aggregates the trade flow of major ether spot exchanges during a specific calculation window into a once-a-day reference rate of the US dollar price of ether. Calculation rules are geared toward maximum transparency and real-time replicability in underlying spot markets.

  Back to Top

The ETHUSD_RR is calculated based on the relevant ether transactions on all constituent exchanges between 3:00 p.m. and 4:00 p.m. London time. The price and size of each relevant transaction is recorded and added to a list which is portioned into 12 equally weighted time intervals of five minutes each. For each partition, a volume-weighted median trade price is calculated from the trade prices and sizes of the relevant transactions across all the constituent exchanges. The ETHUSD_RR is then determined by taking an equally weighted average of the volume-weighted medians of all partitions.

  Back to Top

Fees can be found on the CME Fee Schedule.

  Back to Top

Micro Ether futures is listed on CME Exchange.

  Back to Top

Exchange margin requirements may be found at cmegroup.com.

Note: clearing firms may require a margin level beyond CME Clearing’s minimum requirement.

  Back to Top

Micro Ether futures fall into CME’s Base Guaranty Fund for futures and options on futures. For all other inquiries regarding margins or CME Clearing’s approach to risk management, please contact clearing.riskmanagement@cmegroup.com.

  Back to Top

Margin credits are indicative of their cryptocurrency counterparts and the below estimates are based on current market conditions and are subject to change.

  Back to Top

No, Micro Ether futures positions are not offset eligible versus Ether futures. However, Micro Ether futures are eligible for margin and risk offsets against the Ether futures contract at a 500:1 ratio (500 MET vs one ETH).

  Back to Top

CME Group will list all possible combinations of the listed months.

  Back to Top

Buying the spread is equivalent to buying the deferred contract month, for example:

METK2 – METM2 is the May22/Jun22 spread. Buying this spread means buying the Jun22 contract and selling the May22 contract.

If you are long the May22 contract, buying the May/Jun spread will extend your expiration into June.

  Back to Top

The price of the spread trade is the price of the deferred expiration less the price of the nearby expiration. After the spread trade is done, the price of the two contracts will be determined using the following convention: 

The nearby contract is priced at its daily settlement price on the previous day. The deferred contract is priced is nearby contract’s assigned price plus the spread price.

For example:

• Bought METK2-METM2 @-50
• Assuming METK2 prior settle = 3600
• Price of the two legs: sold METK2 @ 3600, bought METM2 @ 3600 + 50 = 3650

  Back to Top

Ethereum 2.0 is an update to the Ethereum blockchain which will not affect ether nor the CME Group Ether futures suite.

  Back to Top

To access CME Globex, you must have a relationship with a CME Clearing Member Firm.

  Back to Top

Visit cmegroup.com/microether for the latest information on Micro Ether futures.

  Back to Top

Delayed quotes will be available on cmegroup.com. You can also access quotes through major quote vendors.

  Back to Top

Open positions across our Ether product suite (Ether futures (ETH) and Micro Ether futures (MET)) will count toward an aggregate position limit which is established in terms of the larger, 50 Ether futures contract. An open position in ETH futures will count as one contract toward the limit while an open position in a MET contract will count as 1/500 of a contract.

For example, assume a client is long 1,000 ETH and long 1,000 MET, in this case, 1,002 contracts (1,000 ETH + 1,000 MET/500) will go toward the position limit test.

Position limits may be found here: http://www.cmegroup.com/rulebook/files/position-limits-cme.xlsx.

  Back to Top