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Home / Bitcoin Futures Trading

Bitcoin Futures Trading

Bitcoin Futures Trading

Update – Monday, March 19, 2019: According to The Wall Street Journal, The Cboe Bitcoin (USD) (“XBT”) futures market launched in 2017 “will wind down once its last contract expires in June.” A CNBC article noted that “In a statement last week, the Cboe Futures Exchange said it will not add new bitcoin futures in March.”


BTC Futures

The CME Group contract (symbol “BTC”) began trading on December 18, 2017, building off of the success of the BRR and demand for a regulated trading venue for the digital asset market. The contract is cash-settled, based on the CME CF Bitcoin Reference Rate (BRR) which serves as a once-a-day reference rate of the U.S. dollar price of bitcoin. Bitcoin futures are listed on and subject to the rules of CME.2

According to the CME Group website, margins are calculated using CME’s standard benchmarking process for newly-launched contracts. Margin offsets with other CME products will not be offered initially. Additionally, FCMs may require a margin level beyond CME Clearing’s minimum requirement.

XBT Futures

Cboe Futures Exchange, LLC (CFE) launched trading in Cboe bitcoin futures at 5:00 p.m. Central Time on December 10 under the ticker symbol “XBT”. XBT℠ futures are cash-settled contracts based on the Gemini’s auction price for bitcoin, denominated in U.S. dollars. Gemini Trust Company, LLC (Gemini) is a digital asset exchange and custodian founded in 2014 that allows customers to buy, sell, and store digital assets such as bitcoin, and is subject to fiduciary obligations, capital reserve requirements, and banking compliance standards of the New York State Department of Financial Services.3

Cboe has set the initial margin at 44% of the current daily settlement price. The XBT contract is now available for live trading through our platform.

Bitcoin Futures Contract Specifications

  CFE Bitcoin Futures CME Group Bitcoin Futures
Name Cboe Bitcoin (USD) Futures Bitcoin Futures
Listing Date December 10, 2017 December 18, 2017
Platform Cboe Command CME Globex
Symbol XBT BTC
Quantity 1 BTC 5 BTC
Valuation Gemini auction price for BTC in U.S. dollars CME CF BTC Reference Rate (BRR)
Tick Size $10.00 $5.00
Tick Value $10.00 $25.00
Settlement Financial Financial
Trading Hours Sunday: 5:00 p.m. CST to Monday 3:15 p.m. CST
Tuesday to Friday: 3:30 p.m. CST to 3:15 p.m. CST
Sunday to Friday 6:00 p.m. CST to 5:00 p.m. CST
(60-minute break each day beginning at 5:00 p.m)
  XBT Contract Specs BTC Contract Specs

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Risk Disclosure

This material is conveyed as a solicitation for entering into a derivatives transaction.

This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.

Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.

Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.

You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.

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