CF Ethereum Reference Rate – CME Group

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The Chicago Mercantile Exchange (CME Group), leveraging its extensive experience and expertise in Bitcoin reference rates and real-time indices, has officially launched the CME CF Ethereum-USD Reference Rate and Real-Time Index. This development marks a significant advancement in the institutional adoption of digital assets, offering a trusted, regulated, and transparent pricing benchmark for one of the most widely used cryptocurrencies in the world.

Ethereum is a blockchain-based cryptocurrency known for its smart contract functionality and decentralized applications. The CME CF Ethereum-USD Reference Rate (ETHUSD_RR) and Real-Time Index (ETHUSD_RTI) deliver standardized pricing and spot price benchmarks that empower traders, investors, and institutions to make informed decisions with confidence.

These rates are calculated using data aggregated from major, regulated cryptocurrency exchanges including Bitstamp, Coinbase, Gemini, itBit, and Kraken, ensuring high integrity, security, and regulatory compliance. As a result, ETHUSD_RR and ETHUSD_RTI are recognized as registered benchmarks under the European Union’s Benchmarks Regulation (EU BMR)—a testament to their reliability and governance standards.

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Understanding the CME CF Ethereum-USD Reference Rate

The CME CF Ethereum-USD Reference Rate (ETHUSD_RR) is a once-a-day fixing rate calculated at 4:00 PM London time. It reflects the volume-weighted average price (VWAP) of Ethereum trades across eligible exchanges during a one-hour fixing window (3:00 PM – 4:00 PM London time). This benchmark is designed to support financial products such as futures, options, and structured notes that require a robust end-of-day valuation.

In contrast, the CME CF Ethereum-USD Real-Time Index (ETHUSD_RTI) provides continuous pricing throughout the trading day. Updated every second, it offers a real-time snapshot of Ethereum’s USD value based on live order book data and executed trades from top-tier exchanges. This index is ideal for market participants needing up-to-the-minute pricing for risk management, portfolio valuation, or algorithmic trading.

Both benchmarks are governed by strict methodology and oversight protocols to prevent manipulation and ensure fairness. They are independently administered by CF Benchmarks Ltd., a leading provider of regulated crypto asset benchmarks.

Why These Benchmarks Matter

As digital assets gain mainstream traction, reliable pricing mechanisms become essential. The CME CF Ethereum benchmarks provide:

These attributes make the benchmarks particularly valuable for institutional investors, hedge funds, asset managers, and fintech developers building crypto-native financial products.

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Key Resources

To ensure full transparency and accessibility, CME Group provides comprehensive documentation:

These resources offer in-depth insights into how data is collected, validated, and processed—ensuring users can trust the integrity behind every published rate.

Ethereum Futures: Launched February 8, 2021

Building on the success of its Bitcoin futures and options contracts, CME Group introduced Ether futures on February 8, 2021, further expanding its suite of cryptocurrency risk management tools. These futures allow institutional traders to hedge exposure or gain price exposure to Ethereum without holding the underlying asset directly.

Ether futures are cash-settled and based on the CME CF Ether-Dollar Reference Rate, linking them directly to a regulated, transparent benchmark. This integration enhances price discovery and reduces counterparty risk—key advantages for professional market participants.

Learn more about Ether futures

Accessing Data via API

For developers, financial institutions, and data analysts, timely access to accurate pricing data is crucial. Starting May 21, users can access both the ETHUSD_RR and ETHUSD_RTI through CME DataMine, a powerful data delivery platform offering secure, high-speed API streaming services.

With CME DataMine, you can:

This service supports automated workflows and enterprise-level applications requiring dependable crypto market data.

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Frequently Asked Questions

Q: What is the difference between ETHUSD_RR and ETHUSD_RTI?
A: ETHUSD_RR is a daily reference rate calculated at 4:00 PM London time using a volume-weighted average price. ETHUSD_RTI is a real-time index updated every second to reflect current market conditions.

Q: Which exchanges contribute data to these benchmarks?
A: Data comes from five major regulated exchanges: Bitstamp, Coinbase, Gemini, itBit, and Kraken.

Q: Are these benchmarks regulated?
A: Yes. Both ETHUSD_RR and ETHUSD_RTI are registered under the European Union’s Benchmarks Regulation (EU BMR).

Q: How is manipulation prevented?
A: Through strict eligibility criteria for contributing exchanges, real-time monitoring, outlier filtering, and oversight by CF Benchmarks Ltd.

Q: Can I use this data in my own applications?
A: Yes. You can access both historical and real-time data via the CME DataMine API service.

Q: Is there a cost to access the reference rates?
A: Basic information and delayed data may be available free of charge, but real-time or commercial use typically requires a licensing agreement through CME Group.

About Ethereum

Ethereum is more than just a cryptocurrency—it's a decentralized computing platform enabling smart contracts and decentralized applications (dApps). With its native token Ether (ETH), Ethereum powers a vast ecosystem of DeFi protocols, NFT marketplaces, and blockchain innovations. As this ecosystem grows, so does the need for reliable pricing infrastructure—making benchmarks like those from CME CF increasingly vital.

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