Access Bitcoin, Micro Bitcoin, Ether, and Micro Ether futures settlements with precision using Trading at Settlement (TAS). This mechanism enables futures trading at a spread to the underlying 4:00 p.m. ET daily settlement price, offering flexibility and risk mitigation.
Key Benefits of TAS for Cryptocurrency Futures
Transact Near Settlement Price in Advance
Execute trades anytime during the trading day—including non-U.S. hours—at a predefined spread to the settlement price. Avoid last-minute volatility and secure pricing certainty before the market closes.
👉 Discover how TAS reduces settlement risk
Hedge ETF NAV Risk
Manage exposure around cryptocurrency ETF creations/redemptions by locking in prices aligned with the Net Asset Value (NAV) print, regardless of market hours.
Flexible Execution Methods
Trade via:
- CME Globex central limit order book
- Privately negotiated block trades with preferred counterparties
How TAS Works for Cryptocurrency Futures
TAS mitigates execution risk by allowing trades at the settlement price outside U.S. hours. Transactions are based on a "base price" of zero (equal to the daily settlement price), creating a differential versus the underlying futures contract.
Clearing Price Formula:
TAS Clearing Price = Daily Settlement Price ± TAS Transaction Price| Symbol | Contract |
|--------|--------------------------------|
| TBT | TAS on Bitcoin futures |
| TBM | TAS on Micro Bitcoin futures |
| TET | TAS on Ether futures |
| TEM | TAS on Micro Ether futures |
Example: TAS on Bitcoin Futures
- Execution: A trader buys TAS (symbol: TBT) at a spread of +2.
- Settlement: Bitcoin futures settle at $95,000.
- Final Position: The TBT trade converts to a BTC contract priced at $95,002.
Cryptocurrency Futures Contract Specifications
| Feature | Bitcoin Futures | Micro Bitcoin Futures | Ether Futures | Micro Ether Futures |
|-----------------------|----------------|----------------------|--------------|-------------------|
| Product Codes | BTC (Futures), TBT (TAS) | MTB (Futures), TBM (TAS) | ETH (Futures), TET (TAS) | MET (Futures), TEM (TAS) |
| Contract Size | 5 BTC | 0.10 BTC | 50 ETH | 0.10 ETH |
| Trading Hours | Globex: Sun–Fri 6:00 p.m.–4:00 p.m. ET |
| Price Fluctuation | $5.00/BTC ($25/contract) | $0.50/ETH ($25/contract) |
| Listed Contracts | Monthly + quarterly (Mar/Jun/Sep/Dec) |
| Block Minimum | 5 contracts (Futures & TAS) | 10 contracts (Micro BTC), 100 contracts (Micro ETH) |
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Frequently Asked Questions (FAQ)
1. What is the advantage of using TAS?
TAS allows traders to lock in prices relative to settlement, reducing uncertainty during volatile market closes.
2. Can TAS be traded outside U.S. hours?
Yes. TAS executions are available 24/5 on CME Globex.
3. How are TAS positions settled?
Positions convert to the underlying futures contract at the settlement price ± the TAS spread.
4. What cryptocurrencies support TAS?
Bitcoin, Micro Bitcoin, Ether, and Micro Ether futures.
5. Are there minimum trade sizes for TAS?
Yes. For example, Bitcoin TAS requires a minimum of 5 contracts.
Need More Information?
Connect with our cryptocurrency experts to learn how TAS can enhance your trading strategy.