Global Markets
Tradable Products
Pre-launch Resource Hub
The Pre-launch Resource Hub is designed to provide market participants with information regarding the planned Cboe products, including information that may be useful in preparing to trade Cboe products on the day one launch.
Cboe Continuous Futures are long-dated, cash-settled futures contracts. Continuous Futures are designed to provide access to perpetual-style futures in a U.S.-regulated, intermediated environment. Continuous Futures products offer market participants long-term, continuous exposure to the underlying price.
Close price alignment between a Continuous Future and the underlying price is achieved through a daily cash adjustment (Funding Amount). A Funding Amount is applied daily to open positions in a Continuous Futures contract.
A Continuous Futures contract has a 10-year expiry date (i.e., 120 months), reducing the operational burden of regular position rolling.
Cboe plans to offer Continuous Futures for trading on Cboe Futures Exchange, LLC (CFE).
| Bitcoin Continuous Futures | Ether Continuous Futures | |
|---|---|---|
| Product Symbol | PBT | PET |
| Contract Size | 0.01 bitcoin | 0.10 ether |
| Minimum Price Increment | $1.00 ($0.01 per contract) |
$0.10 ($0.01 per contract) |
| Contract Expiration | Upon launch, CFE intends to list one 120-month expiration for the PBT futures product and one 120-month expiration for the PET futures product. CFE may list for trading up to three 120-month expirations for the PBT and PET futures products. |
|
| Funding Amount | A daily cash adjustment is calculated at 3:00 p.m. CT and applied to open positions in PBT and PET futures contracts as of the close of trading at 4:00 p.m. CT. On the final settlement date of an expiring PBT or PET futures contract, a final Funding Amount is calculated at 10:00 a.m. CT. | |
| Trading Hours | Type of Trading Hours | Monday - Friday |
| Extended | 5:00 p.m. CT (previous day) to 8:30 a.m. CT | |
| Regular | 8:30 a.m. CT to 3:00 p.m. CT | |
| Extended | 3:00 p.m. CT to 4:00 p.m. CT | |
| Clearing House | Cboe Clear US | |
The Funding Amount is calculated once per day at 3:00 p.m. CT and applied to all open positions as of the close of trading at 4:00 p.m. CT.
The Funding Amount (FA) is applied to a net position of N contracts, where a long net position is positive and a short net position is negative, multiplied by a per-contract Funding Amount (PCFA), pursuant to the following formula: FA = N * PCFA.
The PCFA is calculated using the daily settlement value of the applicable PBT or PET futures contract, multiplied by the PBT or PET futures contract size, multiplied by the Funding Rate, multiplied by -1. The PCFA will be rounded to the nearest even penny (utilizing banker's rounding). The Funding Rate is a weighted average of the variance between the PBT or PET futures contract price and the value of the Cboe Kaiko Bitcoin Real-Time Rate or Cboe Kaiko Ether Real-Time Rate ("Basis"), computed once per minute throughout a trading day from 5:00 p.m. CT (previous day) until 3:00 p.m. CT.
The final settlement value of an expiring PBT or PET futures contract shall be the value of the Cboe Kaiko Bitcoin Hourly Rate or Cboe Kaiko Ether Hourly Rate as determined by Kaiko, at 10:00 a.m. CT, on the final settlement date of that PBT or PET futures contract. At 10:00 a.m. CT on the final settlement date of an expiring PBT or PET futures contract, a Final Funding Amount for that PBT or PET futures contract will be calculated using a PCFA calculated by using the final settlement value of that PBT futures contract, multiplied by its contract size (0.01), multiplied by the Funding Rate, multiplied by -1.
The cash settlement amount on the final settlement date shall include (i) the final mark-to-market amount against the final settlement value of the PBT or PET futures contract multiplied by 0.01 and (ii) the Final Funding Amount.
PBT and PET futures are currently available for testing in the CFE certification environment.
| Global Sales | CFE Market Data | CFE Trade Desk |
|---|---|---|
|
North America Jennifer Fortino Director of Global Derivatives Sales [email protected] |
Market Data Services [email protected] 212-378-8821 |
CFE Trade Desk [email protected] 312-786-8700 |
|
EMEA Elena Patimova Director of Global Derivatives Sales [email protected] |
||
|
APAC Vincent Wang Manager of Global Derivatives Sales [email protected] |
Disclaimers:
This information is a high-level overview of what is currently contemplated. The information included is subject to change and to
more detailed provisions that would be put in place in connection with the planned launch of PBT and PET futures. Additionally, the
planned launch of PBT and PET futures remains subject to regulatory review.
This information is provided for general education and information purposes only. No statement provided should be construed as a recommendation to buy or sell a security, future, option on a future, security future, digital asset, financial instrument, investment fund, or other investment product (collectively, a “financial product”), or to provide investment advice.
Trading in futures and options on futures is not suitable for all market participants and involves the risk of loss, which can be substantial and can exceed the amount of money deposited for a futures or options on futures position. You should, therefore, carefully consider whether trading in futures and options on futures is suitable for you in light of your circumstances and financial resources. You should put at risk only funds that you can afford to lose without affecting your lifestyle. For additional information regarding the risks associated with trading futures and options on futures and with trading security futures, see respectively the Risk Disclosure Statement Referenced in CFTC Letter 16-82 and the Risk Disclosure Statement for Security Futures Contracts. Certain risks associated with options, futures, and options on futures and certain disclosures relating to information provided regarding these products are also highlighted at https://www.cboe.com/us_disclaimers.
Hypothetical scenarios are provided for illustrative purposes only. The actual performance of financial products can differ significantly from the performance of a hypothetical scenario due to execution timing, market disruptions, lack of liquidity, brokerage expenses, transaction costs, tax consequences, and other considerations that may not be applicable to the hypothetical scenario.
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