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.
Enjoy greater flexibility to trade SOL and Micro SOL futures with Basis Trade at Index Close (BTIC) transactions. Efficiently execute a basis trade relative to the reference price of the CME CF Solana–Dollar Reference Rate (SOLUSD_RR) and Solana-Dollar Reference Rate NY Variant (SOLUSD_NY) for more efficient cash and risk management.
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.
| Bitcoin futures | Micro Bitcoin futures | Bitcoin Friday Futures | Ether futures | Micro Ether futures | SOL futures | Micro SOL futures | |
|---|---|---|---|---|---|---|---|
| CME Product Codes | Futures: BTC | Futures: MTB | Futures: BFF | Futures: ETH | Futures: MET | Futures: SOL | Futures: MSL |
| BTIC: BTB | BTIC: MIB | BTIC: BLB | BTIC: ETB | BTIC: EMB | BTIC: SLB | BTIC: OLB | |
| Underlying Reference Rate | CME CF Bitcoin Reference Rate (BRR) | CME CF Ether-Dollar Reference Rate (ETHUSD_RR) | CME CF Solana-Dollar Reference Rate (SOLUSD_RR) | ||||
| Underlying Contract Size | 5 bitcoin | 0.10 bitcoin | 0.02 bitcoin | 50 ether | 0.10 ether | 500 SOL | 25 SOL |
| Minimum Price Fluctuation | Outright: $5.00 per bitcoin = $25.00 per contract | Outright: $5.00 per bitcoin = $0.50 per contract | Outright: $5.00 per bitcoin = $0.50 per contract | Outright: $0.50 per ether = $25.00 per contract | Outright: $0.50 per ether = $0.05 per contract | Outright: $0.05 per SOL = $25 per contract | Outright: $0.05 per SOL = $1.25 per contract |
| Calendar Spread: $1.00 per bitcoin = $5.00 per contract | Calendar Spread: $1.00 per bitcoin = $0.10 per contract | Calendar Spread: $1.00 per bitcoin = $0.02 per contract | Calendar Spread: $0.05 per ether = $2.50 per contract | Calendar Spread: $0.10 per ether = $0.01 per contract | Calendar Spread: $0.01 per SOL = $5.00 per contract | Calendar Spread: $0.01 per SOL = $0.25 per contract | |
| BTIC: $1 per bitcoin | BTIC: $1 per bitcoin | BTIC: $1.00 per bitcoin | BTIC: $0.05 per ether | BTIC: $0.10 per ether | BTIC: $0.01 per SOL | BTIC: $0.01 per SOL | |
| Listed Contracts | Monthly contracts listed for 6 consecutive months, quarterly contracts (Mar, Jun, Sep, Dec) listed for 4 additional quarters and a second Dec contract if only one is listed. | Friday contracts listed for two consecutive weeks | Monthly contracts listed for 6 consecutive months, quarterly contracts (Mar, Jun, Sep, Dec) listed for 4 additional quarters and a second Dec contract if only one is listed. | ||||
| 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 UK or the U.S. If that day is not a business day in both the UK and the U.S. trading shall terminate on the preceding day that is a business day in either the UK or the U.S. | Futures: Trading terminates at 4:00 p.m. New York time on the last Friday of the contract week. If this is not both a London and U.S. business day, trading terminates on the prior London or the U.S. business day. | 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 UK or the U.S. If that day is not a business day in both the UK and the U.S, trading shall terminate on the preceding day that is a business day in either the UK or the U.S. | ||||
| BTIC: For an expiring futures contract, BTIC trading shall terminate 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. | BTIC: 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. | 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. | |||||
| Block Minimum | Futures: 5 contracts | Futures: 10 contracts | Futures: 25 | Futures: 5 contracts | Futures: 100 contracts | Futures: 5 contracts | Futures: 10 contracts |
| BTIC: 5 contracts | BTIC: 10 contracts | BTIC: 25 contracts | BTIC: 5 contracts | BTIC: 100 contracts | BTIC: 5 contracts | BTIC: 10 contracts | |
| Bitcoin futures | Micro Bitcoin futures | Bitcoin Friday Futures | Ether futures | Micro Ether futures | SOL futures | Micro SOL futures | |
|---|---|---|---|---|---|---|---|
CME Product Codes |
Futures: BTC | Futures: MTB | Futures: BFF | Futures: ETH | Futures: MET | Futures: SOL | Futures: MSL |
| BTIC: BNB | BTIC: MYB | BTIC: BFB | BTIC: ENB | BTIC: EYB | BTIC: SNB | BTIC: ONB | |
| Underlying Reference Rate | CME CF Bitcoin Reference Rate New York Variant (BRRNY) | CME CF Ether-Dollar Reference Rate New York (ETHUSD_NY) | CME CF Solana-Dollar Reference Rate New York (SOLUSD_NY) | ||||
| Underlying Contract Size | 5 bitcoin | 0.10 bitcoin | 0.02 bitcoin | 50 ether | 0.10 ether | 500 SOL | 25 SOL |
Minimum Price Fluctuation |
Outright: $5.00 per bitcoin = $25.00 per contract | Outright: $5.00 per bitcoin = $0.50 per contract | Outright: $5.00 per bitcoin = $0.50 per contract | Outright: $0.50 per ether = $25.00 per contract | Outright: $0.50 per ether = $0.05 per contract | Outright: $0.05 per SOL = $25 per contract | Outright: $0.05 per SOL = $1.25 per contract |
| Calendar Spread: $1.00 per bitcoin = $5.00 per contract | Calendar Spread: $1.00 per bitcoin = $0.10 per contract | Calendar Spread: $1.00 per bitcoin = $0.02 per contract | Calendar Spread: $0.05 per ether = $2.50 per contract | Calendar Spread: $0.10 per ether = $0.01 per contract | Calendar Spread: $0.01 per SOL = $5.00 per contract | Calendar Spread: $0.01 per SOL = $0.25 per contract | |
| BTIC: $1 per bitcoin | BTIC: $1 per bitcoin | BTIC: $1.00 per bitcoin | BTIC: $0.05 per ether | BTIC: $0.10 per ether | BTIC: $0.01 per SOL | BTIC: $0.01 per SOL | |
| Listed Contracts | Monthly contracts listed for 6 consecutive months, quarterly contracts (Mar, Jun, Sep, Dec) listed for 4 additional quarters and a second Dec contract if only one is listed. | Friday contracts listed for two consecutive weeks | Monthly contracts listed for 6 consecutive months, quarterly contracts (Mar, Jun, Sep, Dec) listed for 4 additional quarters and a second Dec contract if only one is listed. | ||||
| 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 UK or the U.S. If that day is not a business day in both the UK and the U.S. trading shall terminate on the preceding day that is a business day in either the UK or the U.S. | Futures: Trading terminates at 4:00 p.m. New York time on the last Friday of the contract week. If this is not both a London and U.S. business day, trading terminates on the prior London or the U.S. business day. | 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 UK or the U.S. If that day is not a business day in both the UK and the U.S, trading shall terminate on the preceding day that is a business day in either the UK or the U.S. | ||||
| BTIC: For an expiring futures contract, BTIC trading shall terminate 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. | BTIC: 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. | 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. | |||||
| Block Minimum | Futures: 5 contracts | Futures: 10 contracts | Futures: 25 | Futures: 5 contracts | Futures: 100 contracts | Futures: 5 contracts | Futures: 10 contracts |
| BTIC: 5 contracts | BTIC: 10 contracts | BTIC: 25 contracts | BTIC: 5 contracts | BTIC: 100 contracts | BTIC: 5 contracts | BTIC: 10 contracts | |
| BITCOIN FUTURES | MICRO BITCOIN FUTURES | Bitcoin Friday Futures | ETHER FUTURES | MICRO ETHER FUTURES | |
|---|---|---|---|---|---|
| CME PRODUCT CODES | Futures: BTC | Futures: MTB | Futures: BFF | Futures: ETH | Futures: MET |
| BTIC: ABB | BTIC: AMB | BTIC: BAB | BTIC: ATB | BTIC: AHB | |
| UNDERLYING REFERENCE RATE | CME CF Bitcoin Reference Rate APAC Variant (BRRAP) | CME CF Ether-Dollar Reference Rate APAC (ETHUSD_AP) | |||
| UNDERLYING CONTRACT SIZE | 5 bitcoin | 0.10 bitcoin | 0.02 bitcoin | 50 ether | 0.10 ether |
| MINIMUM PRICE FLUCTUATION | Outright: $5.00 per bitcoin = $25.00 per contract | Outright: $5.00 per bitcoin = $0.50 per contract | Outright: $5.00 per bitcoin = $0.50 per contract | Outright: $0.50 per ether = $25.00 per contract | Outright: $0.50 per ether = $0.05 per contract |
| Calendar Spread: $1.00 per bitcoin = $5.00 per contract | Calendar Spread: $1.00 per bitcoin = $0.10 per contract | Calendar Spread: $1.00 per bitcoin = $0.02 per contract | Calendar Spread: $0.05 per ether = $2.50 per contract | Calendar Spread: $0.10 per ether = $0.01 per contract | |
| BTIC: $1 per bitcoin | BTIC: $1 per bitcoin | BTIC: $1.00 per bitcoin | BTIC: $0.05 per ether | BTIC: $0.10 per ether | |
| LISTED CONTRACTS | Monthly contracts listed for 6 consecutive months, quarterly contracts (Mar, Jun, Sep, Dec) listed for 4 additional quarters and a second Dec contract if only one is listed. | Friday contracts listed for two consecutive weeks | Monthly contracts listed for 6 consecutive months, quarterly contracts (Mar, Jun, Sep, Dec) listed for 4 additional quarters and a second Dec contract if only one is listed. | ||
| 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 UK or the U.S. If that day is not a business day in both the UK and the U.S, trading shall terminate on the preceding day that is a business day in either the UK or the U.S. | Futures: Trading terminates at 4:00 p.m. New York time on the last Friday of the contract week. If this is not both a London and U.S. business day, trading terminates on the prior London or the U.S. business day. | 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 UK or the U.S. If that day is not a business day in both the UK and the U.S, trading shall terminate on the preceding day that is a business day in either the UK or the U.S. | ||
| BTIC: For an expiring futures contract, BTIC trading shall terminate at 4:00pm 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. | BTIC: 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. | BTIC: For an expiring futures contract, BTIC trading shall terminate at 4:00pm 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. | |||
| BLOCK MINIMUM | Futures: 5 contracts | Futures: 10 contracts | Futures: 25 | Futures: 5 contracts | Futures: 100 contracts |
| BTIC: 5 contracts | BTIC: 10 contracts | BTIC: 25 contracts | BTIC: 5 contracts | BTIC: 100 contracts | |
| Product Name | CME Globex | Bloomberg | CQG | Refinitiv |
|---|---|---|---|---|
| BTIC on Bitcoin Futures against London Close | BTB | BTDA <Curncy> | BTB | BTB |
| BTIC on Micro Bitcoin Futures against London Close | MIB | BMYA <Curncy> | MIB | MBI |
| BTIC on Bitcoin Friday futures against London Close | BLB | N/A | BLBD+[dd] such as BLBD26U25 | TBD |
| BTIC on Ether Futures against London Close | ETB | DCSA <Curncy> | ETB | EBT |
| BTIC on Micro Ether futures against London Close | EMB | MBWA <Curncy> | MRB | BRM |
| BTIC on SOL futures against London Close | SLB | SELA <Curncy> | - | 0#SLK |
| BTIC on Micro SOL futures against London Close | OLB | ONYA <Curncy> | - | 0#OLB |
| Product Name | CME Globex | Bloomberg | CQG | Refinitiv |
|---|---|---|---|---|
| BTIC on Bitcoin Futures against New York Close | BNB | BRBA <Curncy> | BNB | BNB |
| BTIC on Micro Bitcoin futures against New York close | MYB | MYBA <Curncy> | MYB | MYB |
| BTIC on Bitcoin Friday futures against New York close | BFB | N/A | BFBD+[dd] such as BFBD31F25 | FFBB |
| BTIC on Ether futures against New York close | ENB | FNBA <Curncy> | ENB | ENB |
| BTIC on Micro Ether futures against New York Close | EYB | FYBA <Curncy> | EYB | EYB |
| BTIC on SOL futures against New York Close | SNB | SZBA <Curncy> | - | 0#KUS |
| BTIC on Micro SOL futures against New York Close | ONB | BLWA <Curncy> | - | 0#ONZ |
| PRODUCT NAME | CME GLOBEX | BLOOMBERG | CQG | REFINITIV |
|---|---|---|---|---|
| BTIC on Bitcoin futures against APAC Close | ABB | ABCA <Curncy> | ABB | BAO |
| BTIC on Micro Bitcoin futures against APAC Close | AMB | AEPA <Curncy> | AMB | BAU |
| BTIC on Bitcoin Friday futures against APAC Close | BAB | N/A | BABD+[dd] such as BABD31F5 | TBD |
| BTIC on Ether futures against APAC Close | ATB | AQTA <Curncy> | ATB | TBZ |
| BTIC on Micro Ether futures against APAC Close | AHB | AHB - AHIA <Curncy> | AHB | BHZ |
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Basis Trade at Index Close (BTIC)
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