Bitcoin Futures: CBOE vs CME

The following table is a consolidation of the best information we have at the time of writing, please consult the relevant exchanges for official specifications and updates.

 

CBOE CME
Trading Starts 5pm CT
Sunday Dec 10th, 2017
5pm CT
Sunday Dec 17th, 2017
Ticker XBT BTC
Settlement Cash Settled Cash Settled
Price Quote Currency USD USD
Contract Size 1 Bitcoin 5 Bitcoins
Underlying Index Valuation Gemini Auction CME CF Bitcoin Real Time Index (BRTI)
Trading Hours 5pm CT Sunday – 3:15pm CT Friday

(closes at 2:45pm on final settlement date)

5pm CT Sunday – 4pm CT Friday
Weekday Trading Break 3:15pm – 3:30pm CT 5pm – 6pm CT
Contracts – Weekly Up to 4 None
Contracts – Serials (Monthly) 3 Serials 2 Serials
Contracts – Quarterly (IMM) 3 Monthlies 2 Monthlies
Minimim Price Interval 10.00 points ($10.00/contract) $5/bitcoin ($25/contract)
Spreads 0.01 points ($0.01/contract) $1/bitcoin ($5/contract)
Position Limits – Across All Expiries 5,000 contracts (5,000 bitcoins) net long or short in all futures contract expirations combined 5,000 contracts (25,000 bitcoins) in single months outside the spot month and in all months combined
 Position Limits – Front Contract 1,000 contracts (1,000 bitcoins) in the expiring futures contract, commencing at the start of trading 5 business days prior to final settlement date 1,000 contracts (5,000 bitcoins)
Maximum Order Size Unknown 100 contracts (Globex)
Trading Halt – 2 minute 10% up or down 7%, 13% up or down

(soft halt/monitoring period)

Trading Halt – 5 minute 20% up or down
Trading Halt – Hard Limit 20% up or down
Fees $0.25-$0.50 per contract, waived in Dec 2017 Unknown
Initial Margin 33% 35%
Other Restrictions Market orders will not be accepted (Only stop limit orders)
Additional Information CBOE Contract Specifications  CME Bitcoin FAQ