The contracts will carry the ticker BVI and cash-settle to the CME CF Bitcoin Volatility Index Settlement, known as BVXS, CME detailed. That benchmark measures 30-day forward-looking implied volatility drawn entirely from real-time order book data on CME Bitcoin and Micro Bitcoin options. No spot prices. No over-the-counter data.

Each contract is sized at $500 multiplied by the CME CF Bitcoin Volatility Index. Traders can go long or short on volatility expectations, which means a position can profit if implied volatility rises ahead of a halving, a regulatory decision, or a macro shock, without carrying any directional exposure to bitcoin’s price.

CME Global Head of Cryptocurrency Products Giovanni Vicioso explained that traders will be able to invest or hedge against the future volatility of bitcoin, giving them access to a critical new layer of risk management. Morgan Stanley’s David Schlageter called it an important tool for market participants to better manage portfolio risk by directly trading volatility.

CF Benchmarks CEO Sui Chung described the contract as a milestone in bitcoin’s maturation as an asset class. The product is built on two indices. The BVI real-time index publishes once per second between 7 a.m. and 4 p.m. CT on CME trading days, using a standard variance-swap pricing model applied to the full CME options order book.

The BVXS settlement rate averages six five-minute BVI partitions each day to produce a smooth, replicable final figure. That settlement calculation runs at 4:00 p.m. London time on each contract’s final settlement day. CME and CF Benchmarks launched the BVI index on April 9, 2024, with back-tested history available before that date.

The index tracks on Bloomberg under the ticker BVX but is not published on weekends. The structure mirrors how VIX futures work in equity markets. Traders familiar with volatility products in traditional finance will find the mechanics recognizable, but the underlying instrument is bitcoin options liquidity on a CFTC-regulated venue.

Basis Trade at Index Close functionality is available for the contracts, and they are block-eligible, standard features for institutional-grade CME products. Trading is expected to occur on CME Globex. CME first entered crypto markets in 2017 with bitcoin futures, then added micro bitcoin futures, options on those products, and ether-related contracts in subsequent years.

The BVI futures extend that suite by adding a volatility layer rather than another price-directional product. As of the announcement, no competing regulated bitcoin volatility futures existed on major U.S. exchanges. The product is still subject to CFTC review, and no update on that review has emerged since CME published its press materials.

Institutions hedging bitcoin exchange-traded fund (ETF) exposure or options books have had limited tools for pure volatility risk management in a regulated form. This contract, CME believes, is designed to fill that gap.

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