Financially Settled Cryptocurrency Futures
Gain exposure to the world's leading cryptocurrencies without the complexity of owning the underlying digital asset. Financially Settled Bitcoin (FBT) and Ethereum (FET) Futures are CFTC-regulated, cash-settled futures contracts offered for trading on Cboe Futures Exchange, LLC (CFE). Market participants may be able to use FBT and FET futures for price speculation, hedging, and risk management.
Benefits
Operational Simplicity
Standardized contracts cleared through Cboe Clear US reduces counterparty risk.
Price Discovery
Benefit from price discovery in transparent futures markets.
Capital Efficiency
Access cryptocurrency exposure with lower capital requirements through margin trading.
Underlying Rates Based on Digital Asset Prices
Trade with prices based on Cboe Kaiko Reference Rates.
Abbreviated Contract Highlights
| Product | Financially Settled Bitcoin Futures | Financially Settled Ether Futures |
|---|---|---|
| Contract Symbol | FBT | FET |
| Contract Size | 0.10 bitcoin | 1 ether |
| Price Quotation | USD per 1 bitcoin | USD per 1 ether |
| Minimum Price Increment | $ 1.00 ($0.10 per contract) | $ 0.10 ($0.10 per contract) |
| Settlement | Financially-settled. The final settlement value of an expiring FBT or FET futures contract shall be the value of the applicable Cboe Kaiko Rate Index, as determined by Kaiko, at 10:00 a.m. CT on the final settlement date of that FET or FBT futures contract. | |
| Trading Hours | Type of Trading Hours | Monday - Friday |
| Extended | 5:00 p.m. (previous day) to 8:30 a.m. | |
| Regular | 8:30 a.m. to 3:00 p.m. | |
| Extended | 3:00 p.m. to 4:00 p.m. | |
| All times are CT | ||
| View full contract specifications | Download FBT Specifications | Download FET Specifications |
Cboe Kaiko Reference Rates
Cboe has worked with Kaiko, a leading provider or crypto data and crypto indices, to provide reference rates for FBT and FET futures.
The Cboe Kaiko Rates are calculated hourly and designed to act as an underlying for settlement of FBT and FET futures. Each rate takes into account one hour of executed trade data from a curated list of digital asset exchanges. For more information on the Cboe Kaiko Rates please visit the Kaiko website.
| Contract | Symbol Rate | Kaiko Symbol | ISIN |
|---|---|---|---|
| FBT | Cboe Kaiko Bitcoin Rate | Cboe-KAIKO_BTCUSD | FR001400LY68 |
| FET | Cboe Kaiko Ether Rate | Cboe-KAIKO_ETHUSD | FR001400LY50 |