Cryptocurrency futures from CME Group are based on and settle to their corresponding CME CF Reference Rate, which aggregates trading activity across major cryptocurrency spot exchanges between 3:00 p.m. and 4:00 p.m. London time.

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To trade Cryptocurrency futures offered by CME Group, you need an account with a futures broker that is licensed to execute futures trades. In the derivatives business, brokerage firms are known as either a futures commission merchant (FCM) or an introducing broker (IB). A list of brokers that offer clients access to trade Cryptocurrency futures can be found here. Once the account is set up for cryptocurrencies and funded, you are ready to trade.

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If you have an existing relationship with a futures broker and do not see CME Group cryptocurrency tickers on your trading platform, reach out to your broker to enable trading. If you do not have a futures brokerage account, please see the previous question.

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See the full list of Independent Software Vendors (“ISVs”) here.

Additionally, Cryptocurrency futures trading is supported via the CME Globex platform (central limit order book) and block trade submission for clearing via CME ClearPort and CME Direct.

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No. You do not need a digital wallet, because Cryptocurrency futures are financially settled and therefore do not involve the exchange of the underlying coin/token.

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Yes, eligible contract participants can trade blocks and EFRPs (Exchange for Related Positions) bilaterally or through a broker/ECN. Blocks can be negotiated pursuant to CME Rule 526 while EFRP transactions are covered by CME Rule 538.

On-screen trading is available through CME Globex, our electronic platform, 23 hours per day beginning Sunday evening at 6∶00 p.m. Eastern Time and ending at 5∶00 p.m. ET Friday afternoon, with a one-hour maintenance break Monday through Thursday between 5:00 p.m. and 6:00 p.m. Eastern Time.

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Yes, block transactions are allowed for Cryptocurrency futures, subject to reporting requirements per CME Rule 526.  The minimum block thresholds may be found here.

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Yes, except for the Euro-denominated contracts, our Cryptocurrency futures are BTIC eligible. Learn more about Basis Trade at Index Close (BTIC) eligible Cryptocurrency futures here.

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Yes, Cryptocurrency futures are EFP/EFRP-eligible pursuant to CME Rule 538.

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Daily settlement for our standard USD- and EUR-denominated contracts are based on their respective volume-weighted average price (VWAP) of CME Globex trades between 2:59:00 p.m. and 3:00:00 p.m. Central Time rounded to the nearest tradable tick. Settlement for our available Micro Cryptocurrency futures contracts are to the settlement prices of the corresponding standard contracts.

Additionally, a fixing price will be available for the EUR-denominated contracts.  Such fixing prices are for reference only and will be based on the 30-minute VWAP of CME Globex trades taken between 3:30 p.m. and 4:00 p.m. London time for the respective contract.

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Yes, Cryptocurrency futures are subject to price limits on a dynamic basis. At the commencement of each trading day, Cryptocurrency futures, are assigned a price limit variant which equals a percentage of the prior day’s Exchange-determined settlement price, or a price deemed appropriate by the GCC. 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 are subtracted from the highest trade and/or bid price during a look-back period to establish the lower price fluctuation limit.
• The dynamic variant are added to the lowest trade and/or offer price during a look-back period to establish the upper price fluctuation limit.

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

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Position limits are the maximum amount of contracts that a client may hold in the front month. The limits include both client’s standard and Micro-sized contract holdings, where Micro-sized contracts held are expressed in equivalent standard-sized contracts.

For example, 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:

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 as of July 25, 2022:

*Three business days before expiration the position limit for Bitcoin futures lowers to 2,000 contracts

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

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Options on cryptocurrency futures are available on the following: Bitcoin futures, Micro Bitcoin futures, Ether futures, and Micro Ether futures.

See more at cmegroup.com/bitcoinoptions and https://www.cmegroup.com/markets/cryptocurrencies/micro-bitcoin-and-micro-ether-options.html

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Cryptocurrency futures real-time market data is available on MDP Channel 326, and Cryptocurrency futures historical data is available through CME DataMine.

Additionally, real time-market data for the underlying Reference Rates and Real-time Indexes are available through MDP Channel 213. Reference Rate and Real-Time Index historical data is available through CME DataMine.

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Designed by CME Group and CF Benchmarks around the IOSCO Principles for Financial Benchmarks, the Reference Rates are a daily reference rate of the USD or EUR price of one underlying token as of 4:00 p.m. London time. The Reference Rates are representative of the trading activity on Constituent Exchanges and are geared towards resilience and replicability. More than 15 CME CF Reference Rates are available providing market participants reliable price discovery across multiple cryptocurrencies. See the full list here.

Note: 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.

Learn more about CF Benchmarks, calculation methodology, Constituent Exchanges, historical data, oversight, and more here.

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In general, CME CF Reference Rates are published at 4:00 p.m. London time. Some cryptocurrencies (bitcoin and ether, for example) have reference rates that are also published at 4:00 p.m. New York time.

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

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Fees can be found on the CME Fee Schedule. All Cryptocurrency futures fees are charged in U.S. dollars.

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Exchange margin requirements may be found at cmegroup.com. Note: clearing firms may require a margin level beyond CME Clearing’s minimum requirement.

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Yes, Bitcoin Euro and Ether Euro initial and maintenance margins will be processed in euros.

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

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

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

BTCF3 – BTCH3 is the Jan 23/Mar 23 spread. Buying this spread means buying the Mar 23 contract and selling the Jan 23 contract.

If you are long the Jan 23 contract, buying the Jan/Mar spread will extend your expiration into March.

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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 BTCF3-BTCH3 @-100
• Assuming BTCF3 prior settle = 9455
• Price of the two legs: sold BTCF3 @ 9455, bought BTCH3 @ 9455 + (-100) = 9355.

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No, the EUR-denominated contracts will follow the same convention as the USD-denominated contracts whereby, buying the spread is equivalent to buying the deferred contract month.

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In the event of a hard fork, Cryptocurrency futures shall continue to settle to the underlying CME CF Reference Rate corresponding to the original token pair. The Exchange may, in its sole discretion, take alternative action with respect to hard forks in consultation with market participants as may be appropriate.

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The Ether Merge is an update to the Ethereum blockchain. Ether Futures and Micro Ether Futures will continue to trade throughout the Merge. Such contracts will continue to trade throughout the Merge.

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Cryptocurrency futures are listed and cleared on CME, a U.S.-registered designated contract market (DCM) and derivatives clearing organization (DCO).

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The trading and clearing of Cryptocurrency futures is regulated by the Commodity Futures Trading Commission (CFTC), the regulatory body with exclusive jurisdiction over U.S. Cryptocurrency futures markets.

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As with any other derivatives product, the accounting treatment of positions in Cryptocurrency futures, and the general local regulatory treatment of trading in Cryptocurrency derivatives, may differ by country and between competent jurisdictions. Market participants are responsible for complying with all applicable U.S. and local requirements. Market participants, particularly those with no experience in trading Cryptocurrency derivatives, should seek professional counsel as necessary and appropriate to their circumstances.

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Cryptocurrency futures are listed on CME and reside in the IOM Division.

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We are using a range of risk management tools related to Cryptocurrency futures. CME Clearing retains the right to impose exposure limits, additional capital requirements, and other targeted risk management tools if we see exposures that we determine might become a concern in any product or market. Note that our Cryptocurrency futures products are cash-settled futures contracts. As such, margins will be set in line with the volatility and liquidity profile of the product. Further, we also have the ability for clearing members to impose trading or exposure limits on their clients. Other tools may include increased capital or margin requirements in cases where exposures increase beyond reasonable levels.

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Cryptocurrency 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.

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To access CME Globex, you must have a relationship with a CME Clearing member firm.

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There are three ways to access the data:

• CME Group website
• Market Data Platform (MDP) through channel 213
• CME DataMine

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Visit cmegroup.com/cryptocurrencies for the latest information on Cryptocurrency futures.

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

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