WHAT'S NEW

1. What are the CME CF Bitcoin Reference Rate APAC (BRRAP) and CME CF Ether-Dollar Reference Rate APAC (ETHUSD_AP)?

CME Group and CF Benchmarks (CFB) now offer two new cryptocurrency reference rates designed to provide clients additional regional, reliable reference rates for the U.S. dollar price of bitcoin and ether. 


2. How do these reference rates differ from the existing Bitcoin and Ether Reference Rates?

The calculation window for the new reference rates will be from 3:00-4:00 p.m. Hong Kong/Singapore time and publish at 4:00 p.m. Hong Kong/Singapore time. See Question 3 below for other reference rate calculation windows and Questions 6-7 for more information on the publish time.  


OVERVIEW

3. What Cryptocurrency Reference Rates and Real-Time Indices are available?

Cryptocurrency** REFERENCE RATE TICKER SYMBOL CALCULATION WINDOW
Avalanche CME CF Avalanche-Dollar Reference Rate AVAXUSD_RR 3-4 p.m. London Time
CME CF Avalanche-Dollar Real-Time Index  AVAXUSD_RTI Every Second
Bitcoin CME CF Bitcoin Reference Rate* BRR 3-4 p.m. London Time
CME CF Bitcoin Real-Time Index BRTI Every Second
CME CF Bitcoin Reference Rate New York BRRNY 3-4 p.m. NY Time
CME CF Bitcoin Reference Rate APAC BRRAP 3-4 p.m. Hong Kong/Singapore Time
CME CF Bitcoin-Euro Reference Rate BTCEUR_RR 3-4 p.m. London Time
CME CF Bitcoin-Euro Real-Time Index BTCEUR_RTI Every Second
Ether CME CF Ether-Dollar Reference Rate* ETHUSD_RR 3-4 p.m. London Time
CME CF Ether-Dollar Real-Time Index ETHUSD_RTI Every Second
CME CF Ether-Dollar Reference Rate New York ETHUSD_NY 3-4 p.m. NY Time
CME CF Ether-Dollar Reference Rate APAC ETHUSD_AP 3-4 p.m. Hong Kong/Singapore Time
CME CF Ether-Euro Reference Rate ETHEUR_RR 3-4 p.m. London Time
CME CF Ether-Euro Real-Time Index ETHEUR_RTI Every Second
Algorand CME CF Algorand-Dollar Reference Rate ALGOUSD_RR 3-4 p.m. London Time
CME CF Algorand-Dollar Real-Time Index ALGOUSD_RTI Every Second
Bitcoin Cash CME CF Bitcoin Cash-Dollar Reference Rate BCHUSD_RR 3-4 p.m. London Time
CME CF Bitcoin Cash-Dollar Real-Time Index BCHUSD_RTI Every Second
Cardano CME CF Cardano-Dollar Reference Rate ADAUSD_RR 3-4 p.m. London Time
CME CF Cardano-Dollar Real-Time Index ADAUSD_RTI Every Second
Chainlink CME CF Chainlink-Dollar Reference Rate LINKUSD_RR 3-4 p.m. London Time
CME CF Chainlnk-Dollar Real-Time Index LINKUSD_RTI Every Second
Cosmos CME CF Cosmos-Dollar Reference Rate ATOMUSD_RR 3-4 p.m. London Time
CME CF Cosmos-Dollar Real-Time Index ATOMUSD_RTI Every Second
Filecoin CME CF Filecoin-Dollar Reference Rate FILUSD_RR 3-4 p.m. London Time
CME CF Filecoin-Dollar Real-Time Index  FILUSD_RTI Every Second
Litecoin CME CF Litecoin-Dollar Reference Rate LTCUSD_RR 3-4 p.m. London Time
CME CF Litecoin-Dollar Real-Time Index LTCUSD_RTI Every Second
Polkadot CME CF Polkadot-Dollar Reference Rate DOTUSD_RR 3-4 p.m. London Time
CME CF Polkadot-Dollar Real-Time Index DOTUSD_RTI Every Second
Polygon CME CF Polygon-Dollar Reference Rate MATICUSD_RR 3-4 p.m. London Time
CME CF Polygon-Dollar Real-Time Index MATICUSD_RTI Every Second
Solana CME CF Solana-Dollar Reference Rate SOLUSD_RR 3-4 p.m. London Time
CME CF Solana-Dollar Real-Time Index SOLUSD_RTI Every Second
Stellar Lumens CME CF Stellar Lumens-Dollar Reference Rate XLMUSD_RR 3-4 p.m. London Time
CME CF Stellar Lumens-Dollar Real-Time Index XLMUSD_RTI Every Second
Tezos CME CF Tezos-Dollar Reference Rate XTZUSD_RR 3-4 p.m. London Time
CME CF Tezos-Dollar Real-Time Index  XTZUSD_RTI Every Second

*Used to settle CME Cryptocurrency futures

DeFi Tokens

CRYPTOCURRENCY BENCHMARK TICKER SYMBOL  CALCULATION WINDOW
Aave CME CF Aave-Dollar Reference Rate AAVEUSD_RR 3-4 p.m. London Time
CME CF Aave-Dollar Real-Time Index  AAVEUSD_RTI Every Second
Curve CME CF Curve-Dollar Reference Rate CRVUSD_RR 3-4 p.m. London Time
CME CF Curve-Dollar Real-Time Index  CRVUSD_RTI Every Second
Synthetix CME CF Synthetix-Dollar Reference Rate SNXUSD_RR 3-4 p.m. London Time
CME CF Synthetix-Dollar Real-Time Index  SNXUSD_RTI Every Second

Uniswap

CME CF Uniswap-Dollar Reference Rate

UNIUSD_RR

3-4 p.m. London Time

CME CF Uniswap-Dollar Real-Time Index

UNIUSD_RTI

Every Second

**These are non-tradable reference rates and indices.

Metaverse Tokens

Cryptocurrency BENCHMARK TICKER SYMBOL CALCULATION WINDOW
Axie Infinity CME CF Axie Infinity-Dollar Reference Rate AXSUSD_RR 3-4 p.m. London Time
CME CF Axie Infinity-Dollar Real-Time Index  AXSUSD_RTI Every Second
Decentraland CME CF Decentraland-Dollar Reference Rate MANAUSD_RR 3-4 p.m. London Time
CME CF Decentraland-Dollar Real-Time Index  MANAUSD_RTI Every Second
Chiliz CME CF Chiliz-Dollar Reference Rate CHZUSD_RR 3-4 p.m. London Time
CME CF Chiliz-Dollar Real-Time Index  CHZUSD_RTI Every Second

CME CF Reference Rates and Real-Time Indices are not tradable futures products.


REFERENCE RATES

4. What are CME CF Reference Rates?

CME CF Reference Rates aggregate trade flow of major cryptocurrency spot exchanges during specific calculation windows into a once-a-day reference rate of the U.S. dollar price of the respective cryptocurrency. Calculation rules are geared toward maximum transparency and real-time replicability in underlying spot markets.


5. Why were these reference rates created?

CME Group is committed to fostering open standards, diverse participation, and cultivating the highest standards and protocols as the crypto currency space and digital asset technology evolves. These products are designed to allow crypto traders, companies and other users to rely on a credible reference rate price source.


6. Why are multiple reference rates with different calculation times available?

Different calculation windows are used to calculate the different reference rates. This allows traders to assess their cryptocurrency price risk more accurately and precisely with timing aligned to their portfolio and region. The BRR and ETHUSD_RR calculate during 3:00 p.m. to 4:00 p.m. London time and publish at 4:00 p.m. London time. BRRNY and ETHUSD_NY calculate 3:00 p.m. to 4:00 p.m. New York time and publish at 4:00 p.m. New York time. BRRAP and ETHUSD_AP calculate 3:00 p.m. to 4:00 p.m. Hong Kong/Singapore time and publish at 4:00 p.m. Hong Kong/Singapore time.   


7. What are the differences between BRR & BRRNY and ETHUSD_RR & ETHUSD_NY?

The CME CF Bitcoin Reference Rate (BRR) and the CME CF Ether-Dollar Reference Rate (ETHUSD_RR) are calculated from 3:00 p.m. to 4:00 p.m. London time and are used to settle CME Group Bitcoin, Micro Bitcoin, Ether, and Micro Ether futures contracts.

The CME CF Bitcoin Reference Rate (BRRNY) and the CME CF Ether-Dollar (ETHUSD_NY) are calculated from 3:00 p.m. to 4:00 p.m. New York time and are not used to settle futures contracts. Both rates utilize the same exact methodology with data from the same Constituent Exchanges.

The CME CF Bitcoin Reference Rate (BRRAP) and the CME CF Ether-Dollar (ETHUSD_AP) are calculated from 3:00 p.m. to 4:00 p.m. Hong Kong/Singapore time and are not used to settle futures contracts. Both rates utilize the same exact methodology with data from the same Constituent Exchanges.


8. Are the Euro denominated rates converted from the existing USD Rates?

The Euro Reference Rates and Real Time indices are not converted from USD rates. Euro-denominated rates follow the same methodology as the existing rates. See Question 10 below for more on the methodology.


9. When were CME CF Cryptocurrency Reference Rates and Real Time Indices first made available?

Cryptocurrency BENCHMARK TICKER SYMBOL PUBLISH DATE
Bitcoin CME CF Bitcoin Reference Rate* BRR November 2016
CME CF Bitcoin Real-Time Index BRTI November 2016
CME CF Bitcoin Reference Rate New York BRRNY February 2022
CME CF Bitcoin-Euro Reference Rate* BTCEUR_RR June 2022
CME CF Bitcoin-Euro Real-Time Index BTCEUR_RTI June 2022
CME CF Bitcoin Reference Rate APAC BRRAP September 2023
Ether CME CF Ether-Dollar Reference Rate* ETHUSD_RR May 2018
CME CF Ether-Dollar Real-Time Index ETHUSD_RTI May 2018
CME CF Ether-Dollar Reference Rate New York ETHUSD_NY February 2022
CME CF Ether-Euro Reference Rate* ETHEUR_RR June 2022
CME CF Ether-Euro Real-Time Index ETHEUR_RTI June 2022
CME CF Ether-Dollar Reference Rate APAC ETHUSD_AP September 2023
Algorand CME CF Algorand-Dollar Reference Rate ALGOUSD_RR April 2022
CME CF Algorand Dollar Real-Time Index ALGOUSD_RTI April 2022
Avalanche CME CF Avalanche-Dollar Reference Rate AVAUSD_RR October 2022
CME CF Avalanche-Dollar Real-Time Index AVAUSD_RTI October 2022
Bitcoin Cash CME CF Bitcoin Cash-Dollar Reference Rate BCHUSD_RR April 2022
CME CF Bitcoin Cash-Dollar Real-Time Index BCHUSD_RTI April 2022
Cardano CME CF Cardano-Dollar Reference Rate ADAUSD_RR April 2022
CME CF Cardano-Dollar Real-Time Index ADAUSD_RTI April 2022
Chainlink CME CF Chainlink-Dollar Reference Rate LINKUSD_RR April 2022
CME CF Chainlnk-Dollar Real-Time Index LINKUSD_RTI April 2022
Cosmos CME CF Cosmos-Dollar Reference Rate ATOMUSD_RR April 2022
CME CF Cosmos - Dollar Real-Time Index ATOMUSD_RTI April 2022
Filecoin CME CF Filecoin-Dollar Reference Rate FILUSD_RR October 2022
CME CF Filecoin-Dollar Real-Time Index FILUSD_RTI October 2022
Litecoin CME CF Litecoin-Dollar Reference Rate LTCUSD_RR April 2022
CME CF Litecoin-Dollar Real-Time Index LTCUSD_RTI April 2022
Polkadot CME CF Polkadot-Dollar Reference Rate DOTUSD_RR April 2022
CME CF Polkadot-Dollar Real-Time Index DOTUSD_RTI April 2022
Polygon CME CF Polygon-Dollar Reference Rate MATICUSD_RR April 2022
CME CF Polygon - Dollar Real-Time Index MATICUSD_RTI April 2022
Stellar Lumens CME CF Stellar Lumens-Dollar Reference Rate XLMUSD_RR April 2022
CME CF Stellar Lumens-Dollar Real-Time Index XLMUSD_RTI April 2022
Solana CME CF Solana-Dollar Reference Rate SOLUSD_RR April 2022
CME CF Solana-Dollar Real-Time Index SOLUSD_RTI April 2022
Tezos CME CF Tezos-Dollar Reference Rate TEZUSD_RR October 2022
CME CF Tezos-Dollar Real-Time Index TEZUSD_RTI October 2022

*Used to settle CME Cryptocurrency futures.

DeFi Tokens

CRYPTOCURRENCY BENCHMARK TICKER SYMBOL PUBLISH DATE
Aave CME CF Aave-Dollar Reference Rate AAVEUSD_RR December 2022
CME CF Aave-Dollar Real-Time Index  AAVEUSD_RTI December 2022
Curve CME CF Curve-Dollar Reference Rate CRVUSD_RR December 2022
CME CF Curve-Dollar Real-Time Index  CRVUSD_RTI December 2022
Synthetix CME CF Synthetix-Dollar Reference Rate SNXUSD_RR December 2022
CME CF Synthetix-Dollar Real-Time Index  SNXUSD_RTI December 2022

Uniswap

CME CF Uniswap-Dollar Reference Rate

UNIUSD_RR

April 2022

CME CF Uniswap-Dollar Real-Time Index

UNIUSD_RTI

April 2022

Metaverse Tokens

Cryptocurrency** BENCHMARK TICKER SYMBOL PUBLISH DATE
Axie Infinity CME CF Axie Infinity-Dollar Reference Rate AXSUSD_RR January 2023
CME CF Axie Infinity-Dollar Real-Time Index  AXSUSD_RTI January 2023
Decentraland CME CF Decentraland-Dollar Reference Rate MANAUSD_RR January 2023
CME CF Decentraland-Dollar Real-Time Index  MANAUSD_RTI January 2023
Chiliz CME CF Chiliz-Dollar Reference Rate CHZUSD_RR January 2023
CME CF Chiliz-Dollar Real-Time Index  CHZUSD_RTI January 2023

**These are non-tradable reference rates and indices.


10. What methodology is used to calculate the reference rates?

CME CF Reference Rates are a daily reference rate of the U.S. dollar or Euro price of the associated cryptocurrency. The rates represent the aggregated, executed trade flow of the particular cryptocurrency pair on major spot exchanges. All relevant transactions during a specific one-hour calculation window are added to a joint list, recording the trade price and size for each transaction. This one-hour window is then partitioned into 12 five-minute intervals. For each partition, the volume-weighted median trade price is calculated from the trade prices and sizes of all relevant transactions (i.e., across all constituent exchanges). The reference rate is then given by the equally weighted average of the volume weighted medians of all partitions.

Details of the methodology can be found in the CME CF Cryptocurrency Reference Rates Methodology Guide


11. What reference rate do CME Group Cryptocurrency futures settle to?

CME Group Cryptocurrency futures settle to the CME CF Reference Rates that are published at 4:00 p.m. London time – specifically:

Bitcoin futures and Micro Bitcoin futures settle to CME CF Bitcoin Reference Rate (BRR)

Ether futures and Micro Ether futures settle to CME CF Ether-dollar Reference Rate (ETHUSD_RR).


REAL-TIME INDICES

12. What are CME CF Cryptocurrency Real-Time Indices?

CME CF Cryptocurrency Real-Time Indices aggregate global demand to buy and sell specific cryptocurrencies into a separate consolidated order book that reflects the fair, instantaneous U.S. dollar price of the respective cryptocurrency. The real-time indices are geared toward low latency and timeliness and are based on forward looking input data.


13. How often are CME CF Cryptocurrency Real-Time Indices published?

The rates are published approximately every second of every day, including weekends and holidays.

Note, the publication via MDP may be interrupted during weekend maintenance. Real-time and historical data can also be accessed through the CME Group website and Datamine.


14. What methodology is used to calculate the real-time indices?

CME CF Cryptocurrency Real-Time Indices are calculated in real-time based on the relevant order books of all constituent exchanges. CME CF Cryptocurrency Real-Time Indices are then determined by the sum of the weighted mid-price volume data. For more information, review the CME CF Cryptocurrency Real-Time Indices Methodology Guide.


DATA AND LICENSING

15. What exchanges contribute market data for CME CF Cryptocurrency benchmarks?

Cryptocurrency CME CF Bitcoin Reference Rate* Bitstamp Coinbase Gemini Itbit Kraken LMAX
Bitcoin  CME CF Bitcoin Reference Rate* X


X


X X X


X


CME CF Bitcoin Real-Time Index
CME CF Bitcoin Reference Rate New York
CME CF Bitcoin Reference Rate APAC
CME CF Bitcoin-Euro Reference Rate* X

X

    X

X

CME CF Bitcoin-Euro Real-Time Index 
Ether CME CF Ether-Dollar Reference Rate* X


X


X X X


X


CME CF Ether-Dollar Real-Time Index
CME CF Ether-Dollar Reference Rate New York
CME CF Ether-Dollar Reference Rate APAC
CME CF Ether-Euro Reference Rate* X

X

    X

X

CME CF Ether-Euro Real-Time Index 
Algorand CME CF Algorand-Dollar Reference Rate   X     X  
CME CF Algorand Dollar Real-Time Index 
Avalanche CME CF Avalanche-Dollar Reference Rate   X     X  
CME CF Avalanche-Dollar Real-Time Index 
Bitcoin Cash CME CF Bitcoin Cash-Dollar Reference Rate X X X   X X
CME CF Bitcoin Cash - Dollar Real-Time Index 
Cardano CME CF Cardano-Dollar Reference Rate   X     X  
CME CF Cardano-Dollar Real-Time Index 
Chainlink CME CF Chainlink-Dollar Reference Rate X X X   X  
CME CF Chainlnk - Dollar Real-Time Index 
Cosmos CME CF Cosmos-Dollar Reference Rate   X     X  
CME CF Cosmos-Dollar Real-Time Index 
Filecoin CME CF Filecoin-Dollar Reference Rate   X X   X  
CME CF Filecoin-Dollar Real-Time Index 
Litecoin CME CF Litecoin-Dollar Reference Rate X X X   X X
CME CF Litecoin-Dollar Real-Time Index 
Polkadot CME CF Polkadot-Dollar Reference Rate   X     X  
CME CF Polkadot-Dollar Real-Time Index
Polygon CME CF Polygon-Dollar Reference Rate   X X   X  
CME CF Polygon-Dollar Real-Time Index 
Solana CME CF Solana-Dollar Reference Rate   X X   X  
CME CF Solana-Dollar Real-Time Index 
Stellar Lumens CME CF Stellar Lumens-Dollar Reference Rate   X X   X  
CME CF Stellar Lumens - Dollar Real-Time Index 
Tezos CME CF Tezos-Dollar Reference Rate   X     X  
CME CF Tezos-Dollar Real-Time Index 

*Used to settle CME Cryptocurrency futures.
**These are non-tradable reference rates and indices.

DeFi Tokens

Cryptocurrency CME CF Reference Rate Launch Date Bitstamp Coinbase Gemini Itbit Kraken LMAX
Aave CME CF Aave-Dollar Reference Rate   X X   X  
CME CF Aave Dollar Real-Time Index
Curve CME CF Curve-Dollar Reference Rate   X X   X  
CME CF Curve Dollar Real-Time Index
Synthetix CME CF Synthetix-Dollar Reference Rate   X X   X  
CME CF Synthetix Dollar Real-Time Index
Uniswap CME CF Uniswap-Dollar Reference Rate   X     X  
CME CF Uniswap-Dollar Real-Time Index 

**These are non-tradable reference rates and indices.

Metaverse Tokens

Cryptocurrency** CME CF Reference Rate Launch Date Bitstamp Coinbase Gemini Itbit Kraken LMAX
Axie Infinity CME CF Axie Infinity-Dollar Reference Rate   X X   X  
CME CF Axie Infinity-Dollar Real-Time Index 
Decentraland CME CF Decentraland-Dollar Reference Rate   X X   X  
CME CF Decentraland-Dollar Real-Time Index 
Chiliz CME CF Chiliz-Dollar Reference Rate   X     X  
CME CF Chiliz-Dollar Real-Time Index 

**These are non-tradable reference rates and indices.

Details of the Constituent Exchange Criteria and a list of Constituent Exchanges can be found on the CME Group Cryptocurrency Benchmarks webpage

Read more about the Constituent Exchange Criteria
See a list of Constituent Exchanges


16. How can I access the cryptocurrency benchmarks data?

There are three ways to access real-time and historical data:

  • CME Group website
  • MDP (Market Data Platform)
    • Futures through channel 326
    • Options through 327
    • Pricing data through 213
  • DataMine

Historical data goes back to the inception of the rates.


17. What licensing is required to use these cryptocurrency benchmarks?

All customers are required to sign a Market Data License Agreement (MDLA) to license CME CF Cryptocurrency Reference Rates and CME CF Cryptocurrency Real-Time Index products.

Please note that the creation and distribution of derived works using the Reference Rates and Real Time Indices will require a separate Derived Data License Agreement.

For more information, visit the CME Group Derived Data Services page.


18. Can I receive this data through a third party or do I need to get it from CME Group directly?

Customers can take the data directly from CME Group or they can subscribe to the data through a licensed third-party data provider.


ADDITIONAL INFORMATION

19. What kind of oversight is there for the CME CF Cryptocurrency benchmarks?

An Oversight Committee, consisting of CME Group, CF Benchmarks, and leading industry experts, regularly review the methodology and practice standards followed in the reference rate and index determination process to protect the integrity of the rates and ensure all CME CF Cryptocurrency Indices continue to be representative of the underlying markets.

CME Cryptocurrency products

Expand your choices for managing cryptocurrency exposure with our market-leading suite of Bitcoin, Micro Bitcoin, Ether, and Micro Ether futures and options.


All examples in this report are hypothetical interpretations of situations and are used for explanation purposes only. The views in this report reflect solely those of the author and not necessarily those of CME Group or its affiliated institutions. This report and the information herein should not be considered investment advice or the results of actual market experience.

CME Group is the world’s leading derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). 
Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX.

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