Differences Between CBOE and CME Futures Contracts (Simplified)

Differences Between CBOE and CME Futures Contracts (Simplified)Bitcoin Futures Example


You buy 1 CBOE Bitcoin Futures Contract (March 2017) for $15,000. You need $6,600 (44% margin) in an account to prove you can afford to buy it. On Wed 14th March 2018, you 'theoretically' get 1 Bitcoin. In reality you do not get 1 Bitcoin. You just get the difference in prices (settled in cash) so that you can actually buy one.
https://www.investopedia.com/terms/f/futurescontract.asp


CBOE Bitcoin Futures


Launch Date: 10th December 2017 at 6PM (CST)
Contract Size: 1 Bitcoin
Price Quotation: USD per BTC
Trading Times: Mon (5PM to 8:30AM) and (8:30AM to 3:15PM); Tue-Fri (3.30PM to 8:30AM and 8:30AM to 3:15PM), Central Time (CST)
Code: XBT
Settlement Dates: Each of Next Three Months (When You Get the 1 Bitcoin)
Margin: 44% (Collateral Needed)
Settlement Price: Contract is settled using an auction at 4PM (EST) on the Gemini Exchange.
Settlement Day: Two Days Before the 3rd Friday of Settlement Month. (E.g. You have a March 2018 Futures Contract, so you get the Bitcoin on Wednesday 14th March 2018)
Circuit Breaker: 10% and 20%. (Trading is stopped for 2 minutes when the price rises/falls more than 10% in one day. Stopped again for minutes when it rises/falls more than 20% in one day.)


CME Bitcoin Futures


Launch Date: 18th December 2017 at 6PM (CST)
Contract Size: 5 Bitcoin
Price Quotation: USD per BTC
Trading Times: 6PM to 5PM (Sun-Fri) Central Time (CST)
Code: BTC
Settlement Dates: March; June; September; December (When You Get the 5 Bitcoins)
Margin: 35%  (Collateral Needed)
Settlement Price: The contract is settled using the CME Bitcoin Reference Rate (Weighted Average of Prices from Bitstamp, GDAX, itBit and Kraken).
Settlement Day: Last Friday of Settlement Month. (E.g. You have a September 2018 Futures Contract, so you will actually get the 5 Bitcoins on Friday 28th September 2018)
Circuit Breaker: 7%; 13%; and 20%. (Trading is stopped for 2 minutes when the price rises/falls above each of these levels in one day, it is not allowed to rise/fall more than 20%).


Main Differences


CME is a much larger exchange than CBOE.
The CBOE Futures are short term, for example, it is a claim to a Bitcoin in the next three months (e.g. 1 BTC in January, 1 BTC in February, 1 BTC in March). The CME Futures contracts are longer term, for example, it is a claim to a 5 Bitcoins every 3 months over the year (e.g. 5BTC in March; 5BTC in June; 5BTC in September; 5BTC in December).
The CBOE Futures are for 1 Bitcoin each, and the CME Futures are for 5 Bitcoin each.
The CME Futures trade every weekday with a one hour break (5-6PM CST). CBOE Futures trade every weekday with a break on Mon (3:15PM to 5:00PM) and a break every Tue, Wed, Thu, and Fri (3:15PM to 3:30PM).
You never actually receive a Bitcoin. They just settle you up in cash, so that you can buy one (a Non-Deliverable Bitcoin Future)
CME Futures will be 'listed' on 17th December 2017, but begin 'trading' on 18th December 2017.


Errors


Any errors, additions/changes, please let me know and I will edit it with your name below :-)


Edit


i_gotta_say (Time Zone Edited)
jnordwick (Settlement Price and Day Edited)
clams_are_people_too (Contracts are Non-Deliverable)
da_magzz (CBOE Margin Raised to 44%)
reardencode (Regular Trading Hours)
breitflyer (Trading Days)
Differences Between CBOE and CME Futures Contracts (Simplified)

Bitcoin Futures Example

You buy 1 CBOE Bitcoin Futures Contract (March 2017) for $15,000. You need $6,600 (44% margin) in an account to prove you can afford to buy it. On Wed 14th March 2018, you 'theoretically' get 1 Bitcoin. In reality you do not get 1 Bitcoin. You just get the difference in prices (settled in cash) so that you can actually buy one. https://www.investopedia.com/terms/f/futurescontract.asp

CBOE Bitcoin Futures

Launch Date: 10th December 2017 at 6PM (CST)

Contract Size: 1 Bitcoin

Price Quotation: USD per BTC

Trading Times: Mon (5PM to 8:30AM) and (8:30AM to 3:15PM); Tue-Fri (3.30PM to 8:30AM and 8:30AM to 3:15PM), Central Time (CST)

Code: XBT

Settlement Dates: Each of Next Three Months (When You Get the 1 Bitcoin)

Margin: 44% (Collateral Needed)

Settlement Price: Contract is settled using an auction at 4PM (EST) on the Gemini Exchange.

Settlement Day: Two Days Before the 3rd Friday of Settlement Month. (E.g. You have a March 2018 Futures Contract, so you get the Bitcoin on Wednesday 14th March 2018)

Circuit Breaker: 10% and 20%. (Trading is stopped for 2 minutes when the price rises/falls more than 10% in one day. Stopped again for minutes when it rises/falls more than 20% in one day.)

CME Bitcoin Futures

Launch Date: 18th December 2017 at 6PM (CST)

Contract Size: 5 Bitcoin

Price Quotation: USD per BTC

Trading Times: 6PM to 5PM (Sun-Fri) Central Time (CST)

Code: BTC

Settlement Dates: March; June; September; December (When You Get the 5 Bitcoins)

Margin: 35% (Collateral Needed)

Settlement Price: The contract is settled using the CME Bitcoin Reference Rate (Weighted Average of Prices from Bitstamp, GDAX, itBit and Kraken).

Settlement Day: Last Friday of Settlement Month. (E.g. You have a September 2018 Futures Contract, so you will actually get the 5 Bitcoins on Friday 28th September 2018)

Circuit Breaker: 7%; 13%; and 20%. (Trading is stopped for 2 minutes when the price rises/falls above each of these levels in one day, it is not allowed to rise/fall more than 20%).

Main Differences

CME is a much larger exchange than CBOE.

The CBOE Futures are short term, for example, it is a claim to a Bitcoin in the next three months (e.g. 1 BTC in January, 1 BTC in February, 1 BTC in March). The CME Futures contracts are longer term, for example, it is a claim to a 5 Bitcoins every 3 months over the year (e.g. 5BTC in March; 5BTC in June; 5BTC in September; 5BTC in December).

The CBOE Futures are for 1 Bitcoin each, and the CME Futures are for 5 Bitcoin each.

The CME Futures trade every weekday with a one hour break (5-6PM CST). CBOE Futures trade every weekday with a break on Mon (3:15PM to 5:00PM) and a break every Tue, Wed, Thu, and Fri (3:15PM to 3:30PM).

You never actually receive a Bitcoin. They just settle you up in cash, so that you can buy one (a Non-Deliverable Bitcoin Future)

CME Futures will be 'listed' on 17th December 2017, but begin 'trading' on 18th December 2017.

Errors

Any errors, additions/changes, please let me know and I will edit it with your name below :-)

Edit

i_gotta_say (Time Zone Edited) jnordwick (Settlement Price and Day Edited) clams_are_people_too (Contracts are Non-Deliverable) da_magzz (CBOE Margin Raised to 44%) reardencode (Regular Trading Hours) breitflyer (Trading Days)

Thank you for the legitimately useful post. :)

Settlement price is determined differently too. CME from their weighted avg of books on top bitcoin exchanges, cboe from gemini.

You are most welcome :-)

Circuit Breaker: 10% and 20%. (Trading is stopped for 2 minutes when the price rises/falls more than 10% in one day. Stopped again for minutes when it rises/falls more than 20% in one day.)

Lol.

10%

Lol.

This is Bitcoin Bitches!

Already happened today lol

Lol for real. I had a good chuckle. Also already saw someone got #rekt. This. Is. Honey. Badger.

Indeed, believe it is settled in USD.

The post suggests that the BTC is deliverable, but these futures are USD settled, no?

CME Circuit Breaker: 7%; 13%; and 20%. (Trading is stopped for 2 minutes when the price rises above each of these levels in one day, it is not allowed to rise more than 20%).

Whoa, does that mean that all CME Futures trading stops for the rest of the day if it goes up more than 20% in a day? That's a not entirely uncommon event...