Basis Trade at Index Close (BTIC) on Cryptocurrency futures
Capture the certainty of cryptocurrency benchmarks
Trade cryptocurrency basis with the pricing credibility and transparency of regulated CME CF benchmarks. Basis Trade at Index Close (BTIC) enables market participants to execute a basis trade relative to the reference price of the CME CF Reference Rates.
Efficiently execute a basis trade relative to the reference price of CME CF Reference Rates (BCHUSD_RR and UNIUSD_RR).
*Pending regulatory review
Enjoy real-time price discovery
Tap into the real-time price discovery of the BTIC orderbook of trades submitted against CME CF Reference Rates.
Trade the basis with precision
Isolate the basis (spread) between the price of futures and the underlying index so you can better manage risk.
Manage risk around ETFs
Effectively manage risk around the creation/redemption of net asset value (NAV) print of ETFs.
Efficiently transfer risk
Easily transfer risk and optimize holdings between cryptocurrency futures and the spot cryptocurrency.
BTIC transactions provide the bridge between the reference price of a benchmark index and the corresponding futures market.
At any point during the trading session, a buyer and seller agree to a basis – the spread between the futures and the respective CME CF Reference Rate. The value depends on the futures implied financing rate, time left to contract maturity and perceived volatility, among other factors.
Market participants have the flexibility to trade the respective Cryptocurrency futures contract against a reference rate calculated at 4:00 p.m. London time, 4:00 p.m. New York time or 4:00 p.m. Hong Kong/Singapore time. Each reference rate will have its own BTIC ticker.
| BTIC on Bitcoin futures against London Close transaction (ticker: BTB) | BTIC on Bitcoin futures against New York Close transaction (ticker: BNB) | BTIC on Bitcoin futures against APAC Close transaction (ticker: ABB) |
|---|---|---|
| A BTIC executed by 4:00 p.m. London time will be transposed to a futures price against that day’s respective CME CF Bitcoin Reference Rate. BTB transactions executed after 4:00 p.m. London time will use the next trading day’s reference rate | A BTIC executed by 4:00 p.m. New York time will be transposed to a futures price against that day’s respective CME CF Reference Rate New York Variant. BNB transactions executed after 4:00 p.m. New York time will use the next trading day’s reference rate | A BTIC executed by 4:00 p.m. Hong Kong/Singapore time will be transposed to a futures price against that day’s respective CME CF Bitcoin Reference Rate APAC Variant ABB transactions executed after 4:00 p.m. Hong Kong/Singapore time will use the next trading day’s reference rate |
Trading terminates at 4:00 p.m. London time on the business day immediately preceding the day of final settlement price determination for such futures contract. For clarity, BTIC transactions in expiring futures contracts may not be initiated on the last yrade date in such expiring futures.
product |
ticker symbol |
minimum tick increment |
block minimum |
underlying REFERENCE RATE |
|||
|---|---|---|---|---|---|---|---|
|
CME |
bloomberg |
CQG |
Refinitiv |
|||
BTB |
BTDA |
BTB |
BTB |
$1 per bitcoin |
5 |
CME CF Bitcoin Reference Rate (BRR) |
|
MIB |
BMYA |
MIB |
MBI |
10 |
|||
BLB |
- |
BLBD+[dd] such as BLBD26U25 |
LBL |
25 |
|||
BCH futures |
BCB |
$0.02 per BCH |
5 |
CME CF Bitcoin Cash-Dollar Reference Rate (BCHUSD_RR) |
|||
Micro BCH futures |
BMC |
$0.01 per BCH |
10 |
||||
BVB |
BWOA Curncy |
BVB |
BVB |
0.01 index points |
5 |
CME CF Bitcoin Volatility Index - Settlement (BVXS) |
|
ETB |
DCSA |
ETB |
EBT |
$0.05 per ether |
5 |
CME CF Ether-Dollar Reference Rate (ETHUSD_RR) |
|
EMB |
MBWA |
MRB |
BRM |
$0.10 per ether |
100 |
||
SLB |
SELA |
- |
0#SLK |
$0.01 per SOL |
5 |
CME CF Solana-Dollar Reference Rate (SOLUSD_RR) |
|
OLB |
ONYA |
- |
0#OLB |
10 |
|||
UNI futures |
BUN |
$0.0005 |
5 |
CME CF Uniswap-Dollar Reference Rate (UNIUSD_RR) |
|||
Micro UNI futures |
BMU |
$0.00025 |
10 |
||||
XLB |
- |
- |
XLB |
$0.0001 per XRP |
5 |
CME CF XRP-Dollar Reference Rate (XRPUSD_RR) |
|
RLB |
- |
- |
RLB |
10 |
|||
| futures product | ticker symbol | minimum tick increment | block minimum | underlying REFERENCE RATE | |||
|---|---|---|---|---|---|---|---|
| CME | bloomberg | CQG | Refinitiv | ||||
| ADA futures | CNB | - | - | - | $0.00005 per ADA | 5 | CME CF Cardano-Dollar Reference Rate New York Variant (ADAUSD_NY) |
| Micro ADA futures | CYB | - | - | - | $0.000025 per ADA | 10 | |
| AVAX futures | AVA | QVEA Curncy | - | - | $0.001 per AVAX | 5 | CME CF Avalanche-Dollar Reference Rate New York Variant (AVAXUSD_NY) |
| Micro AVAX futures | MAV | VMAA Curncy | - | - | $0.0005 per AVAX | 10 | |
| Bitcoin futures | BNB | BRBA | BNB | BNB | $1 per bitcoin | 5 | CME CF Bitcoin Reference Rate New York Variant (BRRNY) |
| Micro Bitcoin futures | MYB | MYBA | MYB | MYB | 10 | ||
| Bitcoin Friday Futures | BFB | - | BFBD+[dd] such as BFBD31F25 | FFBB | 25 | ||
| Ether futures | ENB | FNBA | ENB | ENB | $0.05 per ether | 5 | CME CF Ether-Dollar Reference Rate New York Variant (ETHUSD_NY) |
| Micro Ether futures | EYB | FYBA | EYB | EYB | $0.10 per ether | 100 | |
| SOL futures | SNB | SZBA | - | 0#KUS | $0.01 per SOL | 5 | CME CF Solana-Dollar Reference Rate New York Variant (SOLUSD_NY) |
| Micro SOL futures | ONB | BLWA | - | 0#ONZ | 10 | ||
| SUI futures | SUI | SSISSI Curncy | - | - | $0.0001 per SUI | 5 | CME CF Sui-Dollar Reference Rate New York Variant (SUIUSD_NY) |
| Micro SUI futures | MSU | HMSA Curncy | - | - | $0.00005 per SUI | 10 | |
| LINK futures | LNB | - | - | - | $0.001 per LINK | 5 | CME CF Chainlink-Dollar Reference Rate New York Variant(LINKUSD_NY) |
| Micro LINK futures | LYB | - | - | - | $0.001 per LINK | 10 | |
| Lumens futures | YLB | - | - | - | $0.00002 Lumens | 5 | CME CF Stellar Lumens-Dollar Reference Rate New York Variant (XLMUSD_NY) |
| Micro Lumens futures | XYB | - | - | - | $0.00002 Lumens | 10 | |
| XRP futures | XNB | - | - | XNB | $0.0001 per XRP | 5 | CME CF XRP-Dollar Reference Rate New York Variant (XRPUSD_NY) |
| Micro XRP futures | RNB | - | - | NRB | 10 | ||
| Nasdaq CME Crypto Index futures | NCI | DRCA <Curncy> | - | NIC | $0.50 index points | 5 | Nasdaq CME Crypto Settlement Price Index (NCIS) |
| Micro Nasdaq CME Crypto Index futures | MCI | KUBA <Curncy> | - | BMIC | 0.25 index points | 10 | Nasdaq CME Crypto Settlement Price Index (NCIS) |
Trading terminates at 4:00 p.m. New York time on the business day immediately preceding the day of Final Settlement Price determination for such futures contract. For clarity, BTIC transactions in expiring futures contracts may not be initiated on the Last Trade Date in such expiring futures.
| futures product | ticker symbol | minimum tick increment | block minimum | underlying REFERENCE RATE | |||
|---|---|---|---|---|---|---|---|
| CME | bloomberg | CQG | Refinitiv | ||||
| Bitcoin futures | ABB | ABCA | ABB | BAO | $1 per bitcoin |
5 | CME CF Bitcoin Reference Rate APAC Variant (BRRAP) |
| Micro Bitcoin futures | AMB | AEPA | AMB | BAU | 10 | ||
| Bitcoin Friday Futures | BAB | - | BABD+[dd] such as BABD31F5 | VBA | 25 | ||
| Ether futures | ATB | AQTA | ATB | TBZ | $0.05 per ether | 5 | CME CF Ether-Dollar Reference Rate APAC Variant (ETHUSD_AP) |
| Micro Ether futures | AHB | AHB - AHIA | AHB | BHZ | $0.10 per ether | 100 | |
Trading terminates at 4:00 p.m. Hong Kong/Singapore time on the business day immediately preceding the day of Final Settlement Price determination for such futures contract. For clarity, BTIC transactions in expiring futures contracts may not be initiated on the Last Trade Date in such expiring futures.
Get answers to frequently asked questions about BTIC on cryptocurrency futures.
BTIC Transactions on Cryptocurrency Futures
Take a deeper dive into BTIC transactions, including potential use cases, trade examples, and other features.
Basis Trade at Index Close (BTIC)
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