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Ether futures (ETH)

CME contracts on 50 ether, cash settled to a daily reference rate, listed in 2021 alongside a micro contract of 0.1 ether.

Ether futures serve the same institutional purpose as bitcoin-futures — regulated exposure without custody — and the ETH/BTC ratio is traded as an intercommodity-spread between the two, sized by notional rather than contract count.

Ether's supply mechanics and staking yield give it a different carry profile from bitcoin: holders of spot ether can earn staking rewards, which pushes the futures basis structurally lower than bitcoin's for the same level of demand.

Example: ether at $3,000 makes one standard contract $150,000 and one micro $300. A trader wanting a balanced ETH/BTC ratio spread against one 5-BTC bitcoin contract at $60,000 ($300,000) needs two ether contracts.

Related: bitcoin-futures, bitcoin-reference-rate, intercommodity-spread, staking, micro-futures

See it drawn

Original diagrams for the ideas on this page. Illustrative, not real market data.

Bid-ask spread in an order bookSell orders stacked above buy orders with a gap between the best of each.SELLERS (asks)50.0690050.051,40050.0460050.011,10050.002,30049.99800spread = 0.03BUYERS (bids)
The bid-ask spread. Buy orders sit below, sell orders above, and the gap between the best bid (50.01) and best ask (50.04) is the spread you pay to cross. Bar length shows the size resting at each price.

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