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 |