Basis Trade at Index Close (BTIC) on Cryptocurrency futures
Capture the certainty of cryptocurrency benchmarks
Coming September 27*
Trade cryptocurrency basis with the pricing credibility and transparency of regulated CME CF Bitcoin Reference Rate (BRR) and Ether-dollar Reference Rate (ETHUSD_RR) 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. Coming to Bitcoin, Micro Bitcoin, and Ether futures starting September 27.*
*Subject to 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.
- BTIC transactions completed by 4 p.m. London time will use that trade date’s Reference Rate to calculate the corresponding futures price. Transactions consummated after 4 p.m. London time will use the next trade date’s Reference Rate.
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CME Product Codes |
Futures: BTC |
Futures: MTB |
Futures: ETH |
BTIC: BTB |
BTIC: MIB |
BTIC: ETB |
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Underlying Reference Rate |
BRR |
BRR |
ETHUSD_RR |
Underlying Contract Size |
5 bitcoin |
0.10 bitcoin |
50 ether |
Globex Hours |
Sunday - Friday 6:00 p.m. ET - 4:00 p.m. London Time (11:00 a.m./12:00 p.m. ET). Monday - Thursday 4:30 p.m. London Time (11:30 a.m./12:30 p.m. ET) - 5:00 p.m. ET. Friday 4:30 p.m. London Time (11:30 a.m./12:30 p.m. ET) – 5:00 p.m. ET for Monday’s Reference Rate Monday - Thursday 5:00 p.m. - 6:00 p.m. ET daily maintenance period. |
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ClearPort Hours |
Sunday 6:00 p.m. ET – Monday 4:00 p.m. London Time (11:00 a.m./12:00 p.m. ET). |
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Minimum Price Fluctuation |
Outright: $5.00 per bitcoin = $25.00 per contract |
Outright: $5.00 per bitcoin = $0.50 per contract |
Outright: $0.25 per ether = $12.50 per contract |
BTIC: $1 per bitcoin |
BTIC: $1 per bitcoin |
BTIC: $0.05 per ether |
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Listed Contracts |
6 consecutive monthly contracts listed inclusive of nearest 2 Dec contract months |
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Termination of Trading |
Futures: Trading terminates at 4:00 p.m. London time on the last Friday of the contract month if that day is a business day in either the U.K. or the U.S. If that day is not a business day in both the U.K. and the U.S, trading shall terminate on the preceding day that is a business day in either the U.K. or the U.S. |
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BTIC: For an expiring futures contract, BTIC trading shall terminate at 4:00pm 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. |
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Block Minimum |
5 contracts | 10 contracts | 5 contracts |
*Subject to regulatory review
Get answers to frequently asked questions about BTIC on cryptocurrency futures
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Basis Trade at Index Close (BTIC)
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