Our new CME CF benchmarks are the CME CF Bitcoin Volatility Index - Real-Time (BVX) and the CME CF Bitcoin Volatility Index - Settlement (BVXS). The CME CF Bitcoin Volatility benchmarks are the first and only direct measure of 30-day forward-looking implied volatility derived from our regulated Bitcoin and Micro Bitcoin options. These benchmarks are unique as they quantify expected market risk rather than spot price.

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Calculation windows:

• Reference Rates: 
  • 3:00 p.m. - 4:00 p.m. London time.
  • New York Variants: 3:00 p.m. - 4:00 p.m. NY time.
  • APAC Variants: 3:00 p.m. - 4:00 p.m. Hong Kong/Singapore time.
• Real-Time Indices: 
  • RTI: Every second, every day.
  • BVX: Every second on any given Index Calculation Day (days which CME group is open for Bitcoin futures and options trading and settlement).
• Settlement Index (BVXS): 3:30 p.m. - 4:00 p.m. London time.

*Used to settle CME Cryptocurrency futures

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

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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 or euro price of the respective cryptocurrency. Calculation rules are geared toward maximum transparency and real-time replicability in underlying spot markets.

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CME CF Reference Rates are calculated by aggregating the executed trade flow of a particular cryptocurrency pair on major spot exchanges during a specific one-hour calculation window. This window is partitioned into 12 five-minute intervals, with the final reference rate being the equally weighted average of the volume-weighted median trade price of all partitions.

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

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We are 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.

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We offer reference rates that are calculated during three different global time zones. This allows traders to assess their cryptocurrency price risk more accurately with timing aligned to their portfolio and region. Regional variants use the same methodology and data from the same Constituent Exchanges. Reference rates are calculated from 3:00 p.m. to 4:00 p.m. London time, 3:00 p.m. to 4:00 p.m. New York time and 3:00 p.m. to 4:00 p.m. Hong Kong/Singapore time. 

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No. The Euro Reference Rates and Real-Time indices follow the same methodology as the existing benchmarks and are not converted from USD rates.

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Our Cryptocurrency futures settle to the CME CF Reference Rates that are published at:

4:00 p.m. London time

• Bitcoin futures and Micro Bitcoin futures settle to CME CF Bitcoin Reference Rate (BRR).
• Bitcoin Euro futures and Micro Bitcoin Euro futures settle to CME CF Bitcoin-Euro Reference Rate (BTCEUR_RR). 
• Ether futures and Micro Ether futures settle to CME CF Ether-dollar Reference Rate (ETHUSD_RR).
• Ether Euro futures and Micro Ether Euro futures settle to CME CF Ether-Euro Reference Rate (ETHEUR_RR).
• SOL futures and Micro SOL futures settle to CME CF Solana-Dollar Reference Rate (SOLUSD_RR).
• XRP futures and Micro XRP futures settle to CME CF XRP-Dollar Reference Rate (XRPUSD_RR).

4:00 p.m. New York time

• Bitcoin Friday futures settle to CME CF Bitcoin Reference Rate New York Variant (BRRNY). 

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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.

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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 our website and DataMine.

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

For more information, review the CME CF Cryptocurrency Reference Rates Methodology Guide. 

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• Source data: Calculated from CME Group  Bitcoin and Micro Bitcoin options order book data.
• Methodology: Applies standard variance swap pricing to isolate exposure to volatility.
• Purpose: Measures forward-looking implied volatility (expected risk).
• Publication: The BVX is published every second during CME Group trading hours and the BVXS is published once a day at 4:00 p.m. London time.

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The CME CF Ether/Bitcoin Ratio benchmarks represent the number of bitcoins required to purchase one ether. The prices for bitcoin and ether  are calculated by aggregating trade flow of major cryptocurrency spot exchanges using U.S. dollar prices for bitcoin and ether. ETHBTC_USD Reference Rate is calculated from 3:00 p.m. - 4:00 p.m. London time and the ETHBTC_USD Real-Time Index is published every second. 

No, the associated Ether/Bitcoin Ratio futures contracts are not settled using the CME CF ETHBTC_USD Reference Rate. 

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*Used to settle Cryptocurrency futures

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

Details of the Constituent Exchange Criteria and a list of Constituent Exchanges can be found on our cryptocurrency benchmarks webpage.

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

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

• CMEGroup.com
• MDP (Market Data Platform)
  • Futures through channel 326
  • Options through 327
  • Pricing data through 213
• DataMine (historical data)

All customers are required to sign a Market Data License Agreement (MDLA). The creation and distribution of derived works require a separate Derived Data License Agreement. Data can be received directly from CME Group or through a licensed third-party data provider.

For more information, visit our Derived Data Services page.

An Oversight Committee, consisting of CME Group, CF Benchmarks and leading industry experts, regularly reviews the methodology and practices standards to protect the integrity of the rates.