Frequently asked questions: Cryptocurrency futures
What's new
- What are Bitcoin Friday futures (BFF)?
- What is the underlying reference rate?
- What contracts are listed?
- How are Bitcoin Friday futures settled?
General
- What are Micro Bitcoin Euro and Micro Ether Euro futures?
- What is the underlying Reference Rate for Micro Bitcoin Euro & Micro Ether Euro futures?
- How are EUR-denominated futures settled?
- What is the currency denomination of the fees and margins on EUR-denominated futures?
- What are Ether/Bitcoin Ratio futures?
- What does it mean to buy or sell Ether/Bitcoin Ratio futures?
- How are Ether/Bitcoin Ratio futures settlement determined?
- What Ether/Bitcoin Ratio futures contracts are listed?
- What is the relationship between Cryptocurrency futures and the underlying spot market?
- What Cryptocurrency futures are available for trading?
- Where can I open an account?
- How can I trade?
- Which platforms support Cryptocurrency futures trading?
- Do I need a digital wallet to trade Cryptocurrency futures?
Product Details
- What are the contract specifications?
- Are Cryptocurrency futures available to trade 24/7?
- Are Cryptocurrency futures block-eligible?
- Are Cryptocurrency futures BTIC-eligible?
- Are Cryptocurrency futures EFP/EFRP-eligible?
- How are the Cryptocurrency futures daily settlement prices determined?
- Are Cryptocurrency futures subject to price limits?
- How are Cryptocurrency futures final settlement prices determined?
- What is the maximum order size for Cryptocurrency futures on CME Globex?
- What are the position limits for Cryptocurrency futures?
- Through which market data channel are these products available?
- What are the CME CF Cryptocurrency Reference Rates?
- When are the underlying Reference Rates published?
Fee and margin details
- To which CME CF Reference Rates do available Cryptocurrency futures contracts settle?
- What are the fees for Cryptocurrency futures?
- What are the margin requirements for Cryptocurrency futures?
- Are Bitcoin Euro and Ether Euro futures margined in euros?
Calendar spreads
- What are the available margin credits for offsetting positions between Cryptocurrency futures?
- What are the ticker symbol conventions for calendar spread trading?
- What does the spread price signify? How are separate contracts priced when I do a spread trade?
- Do the euro-denominated contracts follow a different spread convention?
Additional information
- What is CME Group’s policy regarding hard forks?
- On which exchange are Cryptocurrency futures listed?
- What regulation applies to the trading of Cryptocurrency futures?
- What accounting and other regulatory treatment is afforded to Cryptocurrency futures in my local jurisdiction?
- In which division do Cryptocurrency futures reside?
- Is there a cap on clearing liability for Cryptocurrency futures?
- Where do Cryptocurrency futures fall in CME Clearing’s Guaranty Fund?
- How can I access CME Globex?
- How can I access the reference data?
- Where can I find more information on Cryptocurrency futures?
- Where can I see prices for Cryptocurrency futures?
Now live
Precisely manage bitcoin exposure with our newest, smallest Bitcoin product yet: Bitcoin Friday futures.
What's new
1. What are Bitcoin Friday futures (BFF)?
Bitcoin Friday futures (BFF) are now available to trade. BFF is a shorter-dated, cash-settled and smaller-sized contract that expires every Friday. The newest contract is sized at 1/50 of a bitcoin and is cash-settled each Friday to the CME CF Bitcoin Reference Rate New York Variant (BRRNY). Contracts will be listed on Thursdays at 6:00 p.m. New York time for the Friday trade date, allowing participants to trade the nearest two Fridays at any given point.
2. What is the underlying reference rate?
The CME CF Bitcoin Reference Rate New York Variant (BRRNY) serves as a once-a-day reference rate of the USD-denominated price of bitcoin at 4:00 p.m. New York time. The rate is calculated using aggregated cryptocurrency trade activity from major spot exchanges during an explicit calculation window. Calculation rules are geared towards maximum transparency and replicability in the underlying spot markets.
3. What contracts are listed?
BFF contracts are only listed for the nearest two Fridays of the contract month. Subsequent contracts will be listed on Thursdays at 6:00 p.m. New York time for the Friday trade date.
Participants can trade the nearest two Fridays at any given point. For example, on Tuesday October 15, 2024, clients will be able to trade the BFF contracts that expire on Friday October 18, 2024 and Friday October 25, 2024. At 6:00 p.m. New York time on Thursday October 17, 2024, the Friday November 1, 2024 contract will be available to trade.