AVAX, Micro AVAX, SUI and Micro SUI are now available for trading.

On May 29,* 24/7 trading will be available for Crypto futures and options.

On June 1,* Bitcoin Volatility futures will be available for trading.

*Pending regulatory review 

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We offer several ways to gain exposure to the price of cryptocurrencies, catering to different timeframes and strategies.

Single-Asset futures*

*These financially settled Cryptocurrency larger- and Micro-sized contracts are based on and settle to their corresponding CME CF Reference Rate.

Multi-Asset futures 

Volatility futures

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Currently on-screen trading is available through Globex 23 hours per day (from 6:00 p.m. ET Sunday to 5:00 p.m. ET Friday, with a one-hour break on weekdays). Additionally, eligible contract participants can negotiate blocks and EFRPs (Exchange for Related Positions) bilaterally or through a broker/ECN. Blocks can be negotiated pursuant to Rule 526, while EFRP transactions are covered by Rule 538.

Coming May 29*: 24/7 on-screen trading for Crypto futures and options.

*Pending regulatory review

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To trade, you need an account with a futures broker, known as either a futures commission merchant (FCM) or an introducing broker (IB). A digital wallet is not required as all our contracts are financially settled. 

• Find a Broker: Use our Find a Broker tool to view a list of brokers that offer access.
• Trading platforms: Trading is supported via:
  • The CME Globex platform, which facilitates a central limit order book. See how you can get connected.
  • Block trade submission for clearing via ClearPort and CME Direct.
  • A full list of Independent Software Vendors (ISVs) also support trading. See the full ISV list here.

• Viewing prices: Delayed quotes are available on cmegroup.com. You can also access real-time quotes through major quote vendors or CME Direct.

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For more information on contract sizes, price fluctuations, trading hours, settlements, margin offsets, listing cycles and more, visit the respective contract spec page listed below.

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Our Cryptocurrency futures settle to the CME CF Reference Rates noted below.

All Cryptocurrency futures settle to the CME CF Reference Rates that are published at 4:00 p.m. London time, with the exception of Bitcoin Friday futures and Spot-Quoted futures which settle at 4:00 p.m. New York time. 

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• Block eligible: Yes. Block transactions are allowed for Cryptocurrency futures, subject to reporting requirements per CME Rule 526 (see the minimum block thresholds). However, Spot-Quoted futures are not block-eligible.
• BTIC eligible: Yes, except for the euro-denominated, Ether/Bitcoin Ratio, and Spot-Quoted futures. Find out more about BTIC.
• TAS eligible: The following futures are TAS eligible: Bitcoin, Micro Bitcoin, Ether, Micro Ether, SOL, Micro SOL, XRP, and Micro XRP. Find out more about TAS.
• EFP/EFRP eligible: Yes, Cryptocurrency futures are EFP/EFRP eligible pursuant to CME Rule 538. Find out more about EFP.

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• Max order: 100 (standard), 500 (Micros/SQF), 1,000 (Micro Ether/Micro Ether Euro).
• Position limits: Front-month limits apply; Micros are aggregated (e.g., 500 MET = 1 ETH). More on position limits.

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

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

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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 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.

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Daily settlement prices for our Cryptocurrency futures are determined as follows: 

• Larger and Micro futures: Based on the volume-weighted average price (VWAP) of Globex trades between 2:59:00 p.m. and 3:00:00. Micro contracts settle to the price of their corresponding larger contract.
• Ether/Bitcoin Ratio (EBR) futures: Calculated as the ratio of the Ether futures settlement to the Bitcoin futures settlement (e.g., ETH settlement ÷ BTC settlement).
• Spot-Quoted futures (SQFs): Determined by the respective CME CF Spot-Quoted Cryptocurrency Marker (e.g., ETHSPOTNY), plus a total financing adjustment applied by CME Clearing.
• EUR fixing price: A fixing price is provided for EUR-denominated contracts based on the VWAP of trades between 3:30 p.m. and 4:00 p.m. London time. These are for reference only. 

Final settlement occurs on the day of expiration to provide a single, transparent price for all participants, as follows:

• Larger and Micro futures: Settle to the underlying CME CF Reference Rate published at 4:00 p.m. London time.
• Bitcoin Friday futures (BFF): Based on the CME CF Cryptocurrency Reference Rate New York Variant published at 4:00 p.m. New York time.
• Ether/Bitcoin Ratio (EBR) futures: Determined by dividing the final settlement price of Ether futures by the final settlement price of Bitcoin futures for that contract month.
• Spot-Quoted futures (SQFs):Final settlement price is the Official Close Value of Underlying Reference Entity + Financing Adjustment on Day of Final Settlement Price Determination.

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

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Only Bitcoin and Ether Euro contracts are margined and processed in euros. Margin credits are available for offsetting positions (e.g., a 1:50 offset between BTC and MBT).

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

BTCF6 – BTCH6 is the Jan 26/Mar 26 spread. Buying this spread means buying the BTC Mar 26 contract and selling the BTC Jan 26 contract.

If you are long the Jan 26 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 as the nearby contract’s assigned price plus the spread price.

For example:

• Bought BTCF6-BTCH6 @-100
• Assuming BTCF6 prior settle = 94550
• Price of the two legs: sold BTCF6 @ 94550, bought BTCH6 @ 94550 + (-100) = 93550.

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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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Contracts are listed on CME Group, a U.S.-registered designated contract market (DCM) and derivatives clearing organization (DCO). They reside in the IOM Division and are regulated by the CFTC.

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Accounting and regulatory treatment varies by country. Participants are responsible for compliance and should seek professional counsel.

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We use 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 Clearing’s Base Guaranty Fund for futures and options on futures.

For all other inquiries regarding margins or CME Clearing’s approach to risk management, contact clearing.riskmanagement@cmegroup.com.

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Access requires a relationship with a clearing member. Delayed quotes are on cmegroup.com; real-time prices are available via quote vendors and CME Direct.

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

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For more information about our offerings, visit the Cryptocurrency futures and options page.

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