Capitalize on crypto market correlations

Bitcoin and ether, the two largest cryptocurrencies by market cap, are highly correlated. As the relative strength of the correlation fluctuates, market idiosyncrasies may affect one coin more so than the other creating trading opportunities. 

With Ether/Bitcoin Ratio futures (EBR), market participants may now efficiently execute a relative value trade between Ether futures (ETH) and Bitcoin futures (BTC) contracts in a single trade. This new contract will allow investors to access cryptocurrency exposure without the need to take a directional view.

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Key features

Eliminate price slippage

Execute Bitcoin and Ether futures spreads with enhanced efficiency using ratio futures.

Enjoy price discovery in a transparent market

Trade on a regulated exchange and enjoy the price discovery of transparent futures, where all participants see same prices and quotes.

Increase matching opportunities

Ratio functionality provides arbitrage between futures order books, enhancing liquidity and market efficiency.

How it works

Ether/Bitcoin Ratio futures allow traders to efficiently express a view on the relative value of the two cryptocurrencies without a directional bias on the overall cryptocurrency market. The CME Globex ticker for the ratio futures is EBR, where the ratio is defined as Ether futures price divided by the Bitcoin futures price.

The EBR Final Settlement price is found by dividing the Ether futures Final Settlement Price by the Bitcoin futures Final Settlement Price. The ratio will be calculated using the same expiration month for the underlying Ether and Bitcoin futures contract and will be available across all listed contract months. The notional value of the contract is found by multiplying the ratio by $1,000,000.

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