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.
Starting February 9,* efficiently execute a basis trade relative to the reference price of the CME CF ADA-Dollar Reference Rate NY Variant , CME CF LINK-Dollar Reference Rate NY Variant and CME CF Lumens-Dollar Reference Rate NY Variant.
*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. How it works for BTIC on Cryptocurrency futures:
- 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.
- A BTIC on Bitcoin futures against London Close transaction (ticker: BTB) 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 on Bitcoin futures against New York Close transaction (ticker: BNB) 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 on Bitcoin futures against APAC Close transaction (ticker: ABB) 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.
| futures product | ticker symbol | minimum tick increment | block minimum | underlying REFERENCE RATE | Termination of trading |
|||
|---|---|---|---|---|---|---|---|---|
| CME | bloomberg | CQG | Refinitiv | |||||
| Bitcoin futures | BTB | BTDA | BTB | BTB | $1 per bitcoin |
5 | CME CF Bitcoin Reference Rate (BRR) |
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 Trade Date in such expiring futures. |
| Micro Bitcoin futures | MIB | BMYA | MIB | MBI | 10 | |||
| Bitcoin Friday Futures | BLB | - | BLBD+[dd] such as BLBD26U25 |
LBL | 25 | |||
| Ether futures | ETB | DCSA | ETB | EBT | $0.05 per ether | 5 | CME CF Ether-Dollar Reference Rate (ETHUSD_RR) |
|
| Micro Ether futures | EMB | MBWA | MRB | BRM | $0.10 per ether | 100 | ||
| SOL futures | SLB | SELA | - | 0#SLK | $0.01 per SOL |
5 | CME CF Solana-Dollar Reference Rate (SOLUSD_RR) |
|
| Micro SOL futures | OLB | ONYA | - | 0#OLB | 10 | |||
| XRP FUTURES | XLB | - | - | XLB | $0.0001 per XRP |
5 | CME CF XRP-Dollar Reference Rate (XRPUSD_RR) |
|
| MICRO XRP FUTURES | RLB | - | - | RLB | 10 | |||
| futures product | ticker symbol | minimum tick increment | block minimum | underlying REFERENCE RATE | Termination of trading |
|||
|---|---|---|---|---|---|---|---|---|
| CME | bloomberg | CQG | Refinitiv | |||||
| Bitcoin futures | BNB | BRBA | BNB | BNB | $1 per bitcoin |
5 | CME CF Bitcoin Reference Rate New York Variant (BRRNY) |
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. |
| 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 | |||
| 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 | |||
| futures product | ticker symbol | minimum tick increment | block minimum | underlying REFERENCE RATE | Termination of trading |
|||
|---|---|---|---|---|---|---|---|---|
| CME | bloomberg | CQG | Refinitiv | |||||
| Bitcoin futures | ABB | ABCA | ABB | BAO | $1 per bitcoin |
5 | CME CF Bitcoin Reference Rate APAC Variant (BRRAP) |
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. |
| 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 | ||
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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