Update - Cboe Futures Exchange to Launch Cboe FTSE Bitcoin Index Futures
Reference ID: C2025042403
Applicable Cboe Exchange: CFE
OVERVIEW
Effective trade date April 28, 2025, Cboe Futures Exchange, LLC (CFE) plans to launch trading in Cboe FTSE Bitcoin Index (XBTF) futures, subject to regulatory review.
TECHNICAL DETAILS
XBTF futures are cash-settled futures contracts based on the price of bitcoin in U.S. dollars as reflected by the FTSE Bitcoin Reduced Value (1/10th) (XBTF) Index.
The contract size of an XBTF futures contract is 0.10 bitcoin.
XBTF futures will trade on CFE Matching Unit 2 and clear through The Options Clearing Corporation (OCC).
XBTF futures are planned to complement Cboe's recently launched securities options on the Cboe Bitcoin U.S. ETF Index (Tickers: CBTX and MBTX) that are listed for trading on Cboe Exchange, Inc. (Cboe Options).
XBTF futures to be cleared through OCC will also complement Cboe's financially-settled margin futures on bitcoin (FBT) and on ether (FET) cleared through Cboe Clear U.S., LLC (CCUS). Cboe plans to migrate FBT and FET futures from trading on Cboe Digital Exchange, LLC (CDE) to trading on CFE effective on trade date June 9, 2025, subject to regulatory review. FBT and FET futures will continue to clear through CCUS following their transfer to CFE. Further information regarding the migration of these products to CFE may be found on the Cboe Digital Migration webpage.
Trading Hours
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Regular Trading Hours: Monday through Friday, 8:30 a.m. CT - 3:00 p.m. CT
The queuing period for XBTF futures will commence for each trading day at 5:00 p.m. CT on the previous calendar day plus a randomized time period from 3 to 6 seconds.
Termination of Trading
Trading hours in an expiring XBTF futures contract will end at 3:00 p.m. CT on its final settlement date.
The final settlement date for an XBTF futures contract will be the last business day of the calendar month denoted by the ticker symbol of the contract.
If the final settlement date is a CFE holiday, the final settlement date will be the business day immediately preceding the holiday.
Contract Listings
CFE may list for trading up to six monthly serial expirations and up to six monthly quarterly expirations on the March quarterly cycle for the XBTF futures product.
Initial Contract Expirations
| Symbol | Final Settlement Date | Last Trading Day |
|---|---|---|
| XBTF/K5 | 05/30/25 | 05/30/25 |
| XBTF/M5 | 06/30/25 | 06/30/25 |
| XBTF/N5 | 07/31/25 | 07/31/25 |
| XBTF/Q5 | 08/29/25 | 08/29/25 |
Final Settlement Value
The final settlement value of an expiring XBTF futures contract shall be the value of the XBTF Index (XBTFS), as determined by FTSE Russell, at the time of the close of regular trading hours in XBTF futures on the final settlement date of the expiring XBTF futures contract.
Margin Information (Updated)
Margin information for XBTF futures will be provided in a subsequent notice.
Below are the current margin requirements for XBTF futures.
| Margin Type | Outright (All Contract Months) | Spread (Intra-Commodity, All Contract Pairings) |
|---|---|---|
| Heightened Risk Profile | ||
| Initial | $1,903 | $380 |
| Maintenance | $1,730 | $345 |
| Non-Heightened Risk Profile | ||
| Initial | $1,730 | $345 |
| Maintenance | $1,730 | $345 |
These margin requirements are subject to change by OCC at any time. For any changes to these margin requirements prior to and following the launch of trading in XBTF futures, including to outright and spread requirements, please refer to the CFE Margin Updates.
These margin requirements are minimums. Brokerage firms may impose higher margin requirements and/or other conditions.
OCC will update the CFE SPAN® file to accommodate SPAN margining of XBTF futures.
"SPAN" is a registered trademark of Chicago Mercantile Exchange Inc. (CME), used herein under license. CME assumes no liability in connection with the use of SPAN by any person or entity.
Fees and Fee Codes
Transaction Fees
The following CFE transaction fees will apply for XBTF futures:
| Transaction Fees in XBTF Futures | Per Contract Side | |
|---|---|---|
| CFE TPH Permit Holder | $0.56 | |
| Customer | $0.86 | |
| Block Trades* | CFE TPH Permit Holder | $0.29 |
| Customer | $0.41 | |
* Fees are in addition to other applicable transaction fees
Discounted Transaction Fees
The transaction fees for XBTF futures will have the following discounted rates through October 31, 2025 (at which point these discounted fee rates will expire and the fee rates above will apply):
| Transaction Fees in XBTF Futures through October 31, 2025 | Per Contract Side | |
|---|---|---|
| CFE TPH Permit Holder | $0.40 | |
| Customer | $0.45 | |
| Block Trades* | CFE TPH Permit Holder | $0.15 |
| Customer | $0.10 | |
* Fees are in addition to other applicable transaction fees
The transaction fees for XBTF futures will be reflected in the CFE Fee Schedule at product launch.
Fee Codes
The following Fee Codes will apply for XBTF futures:
| Fee Code | Participant Type | Transaction Fee through October 31, 2025 |
|---|---|---|
| BP | TPH | $0.40 |
| BC | Customer | $0.45 |
CFE Clearing Member and TPH Risk Control Parameters
CFE Trading Privilege Holders (TPHs) interested in trading XBTF futures must contact their clearing firm to assure Clearing Firm Risk Controls are set prior to participating in XBTF futures trading. Optional TPH Risk Controls are also available through the Cboe Customer Web Portal.
TESTING OPPORTUNITIES
XBTF futures are currently available for testing in the CFE certification environment.
ADDITIONAL INFORMATION
Resources
Contact Information
Please contact the CFE Trade Desk for support or with any questions.
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CFE Trade Desk: 312.786.8700 | [email protected]