https://t.co/2oRf5iupmL
CF Benchmarks
FCA-regulated crypto benchmark administrator powering CME futures and spot crypto ETFs
3.7/ 5
Our score
Good
Tool type
Market dataResearchDashboards
API access
Yes
What is CF Benchmarks?
CF Benchmarks provides regulated cryptocurrency benchmark pricing and index feeds. Its indices act as settlement rates for listed derivatives and reference prices for spot exchange-traded funds, tracking more than 200 indices that reference over $100 billion in assets.
Corporate background and leadership
Founded in 2018 and based in London, CF Benchmarks operates as a wholly owned subsidiary of cryptocurrency exchange Kraken. Founding CEO and Chairman Sui Chung leads the team, drawing on 16 years of background in traditional financial data at Euromoney Institutional Investor PLC. Graham MacDonald serves as Chief Technology Officer.
Product mechanics and delivery
The provider calculates single-asset prices, diversified portfolio indices, and volatility measures. Key benchmarks include the CME CF Bitcoin Reference Rate (BRR), published daily at 16:00 London time, and its New York counterpart (BRRNY), published at 16:00 New York time. Both aggregate trade data from constituent spot exchanges conforming to the CME CF Constituent Exchange Criteria. Beyond Bitcoin, it publishes the Ether-Dollar Reference Rate (ETHUSD_RR), the CF Staking Series across networks such as Ethereum, Solana, Near, Aptos, and Avalanche, and the CF Bitcoin Volatility Index (BVX) derived from CME options. Data delivers globally via vendor terminals including Bloomberg, Refinitiv, and CME MDP, via direct API, and through the CFB Oracle delivering verified index data on-chain across networks like Ethereum and Ink.
Regulation and track record
Regulated indices from the firm have supported institutional financial products since 2017. CF Benchmarks holds benchmark administrator authorization under the UK Financial Conduct Authority (FRN 847100). The firm has settled more than $500 billion in US CFTC and UK FCA regulated futures contracts, with over $3 trillion in referenced products traded by October 2026. Independent accounting firm KPMG completed an ISAE 3000 assurance audit of its operational and governance compliance with Benchmark Regulation covering 2022 to 2024.
Risks and considerations
Commercial access is available through market-data terminals, APIs and smart-contract oracles. Index calculations aggregate trade data from constituent exchanges. CFB Oracle provides on-chain verification on Ethereum and Ink.
Founders
Sui ChungCEO
Graham MacDonaldCTO
Best for:Institutional asset managers issuing ETFsDerivatives exchanges settling crypto contractsSmart contract developers needing regulated feeds
Pros and cons
Pros
- Authorized and regulated by the UK Financial Conduct Authority
- Underwent an ISAE 3000 operational compliance audit by KPMG
- Reference pricing source for CME futures and ETFs
- Over 50 real-time indices and more than 200 total benchmarks published
Cons
- Commercial data access and licensing require contacting sales
- On-chain oracle verification is limited to select chains like Ethereum and Ink
- Index calculations depend on liquidity and reporting from constituent exchanges
Our review
3.7/5
Good
CF Benchmarks offers regulated, widely referenced digital-asset indices, but its institutional data products are not a full portfolio-tracking platform.
CF Benchmarks is a regulated digital-asset index provider rather than a consumer portfolio tracker. Its product set covers more than 200 indices, including daily Bitcoin and Ether reference rates, real-time volatility data, staking return series, classification tools and portfolio indices. More than 50 indices are real-time. The CME CF Bitcoin Reference Rate is published once a day at 16:00 London time, while its New York variant is published at 16:00 New York time.
CF Benchmarks is a UK Financial Conduct Authority-authorised benchmark administrator, with authorisation under FRN 847100. Its indices have been used in regulated financial products since 2017, and the company says they have settled over $500bn in regulated futures contracts. KPMG audited its compliance with Benchmarks Regulation for the period ending 12 September 2024. The company was formed in 2018, is based in London, and is a wholly owned subsidiary of Kraken. Sui Chung is the founding CEO and chairman.
Coverage is deeper for market-data teams than for individual wallet owners. CFB Oracle delivers the indices through an API and supports on-chain verification on Ethereum and Ink. Availability also includes market-data terminals, APIs and smart-contract oracles. The CF Staking Series covers ETH, SOL, APT, NEAR and AVAX, while CF DACS classifies digital assets by the services their protocols provide.
The trade-offs are clear. Commercial access is aimed at institutions and market-data users.
CF Benchmarks suits asset managers and institutional developers who need reference prices or oracle delivery.
Specs
| Tool type | Market data, Research, Dashboards · unverified |
|---|---|
| API access | Yes · unverified |
Not disclosed by the provider: Free plan, Paid plans from (per month), Chains covered, Alerts, Mobile app, Wallet tracking, NFT data, CSV export.
Data from the provider's website and public sources. Fees and availability change; confirm on the official site before you sign up.
Key features
CME reference rates
Publishes daily Bitcoin and Ether reference rates at 16:00 London and New York times, aggregating trade data across verified constituent exchanges.
CFB Oracle delivery
Provides benchmark-grade index feeds on-chain with smart contract verification starting on Ethereum and Ink.
CF staking series
Calculates daily realized staking reward rates and total return indices for networks including ETH, SOL, APT, NEAR, and AVAX.
Bitcoin volatility index
Calculates BVX once per second to track 30-day constant-maturity implied volatility from CME Bitcoin options contracts.
Multi-asset portfolio indices
Tracks broad-market performance through investible baskets such as the CF Large Cap Index and CF Diversified Broad Cap Index.
Digital asset classification
Categorizes tokens using the CF DACS multi-level framework based on software protocol functions and services.
Inside CF Benchmarks
CME CF Bitcoin Reference Rate (BRR)
The BRR publishes a once-daily Bitcoin benchmark at 16:00 London time. It aggregates Bitcoin-USD trade data from constituent exchanges and is used in regulated financial products.
CME CF Bitcoin Reference Rate - New York Variant (BRRNY)
BRRNY publishes a once-daily Bitcoin benchmark at 16:00 New York time. Its timing aligns the reference rate with the US equity market close.
CME CF Ether-Dollar Reference Rate
This product publishes a once-daily Ether benchmark at 16:00 London time using aggregated Ether-USD market data.
CFB Oracle
CFB Oracle delivers CF Benchmarks indices through an API and provides on-chain verification. The official site names Ethereum and Ink for its on-chain infrastructure.
CF Staking Series
The series measures daily realised staking rewards and includes ETH, SOL, APT, NEAR and AVAX products. Its catalogue includes reward-rate indices, staked-return indices and blended return indices.
CF Digital Asset Classification Structure (CF DACS)
CF DACS classifies coins and tokens according to the services their associated protocols deliver. The structure supports portfolio analysis and index construction.
CME CF Bitcoin Volatility Index (BVX)
BVX is a real-time benchmark updated once per second. It measures 30-day constant-maturity implied volatility from CME Bitcoin options.
CF Benchmarks screenshots
What users say about CF Benchmarks
The sole post references CF Benchmarks as the source for a price-based settlement, but it does not provide enough user feedback to identify recurring strengths or complaints.
Based on 1 Reddit posts and comments from the last 12 months, checked Oct 20, 2026. These are posts by users on other sites, not reviews submitted on CryptoReview.
User reviews
No user reviews yet. Have you used CF Benchmarks? Share your experience below.
FAQ
Who founded CF Benchmarks?
Sui Chung founded CF Benchmarks in 2018 and is its founding CEO and chairman of the board. He previously spent 16 years in traditional financial data with Euromoney Institutional Investor PLC.
What does CF Benchmarks cost?
CF Benchmarks provides institutional market data through terminals, APIs and oracle infrastructure.
Where is CF Benchmarks available?
CF Benchmarks is available globally through market-data terminals, API access and smart-contract oracles. CFB Oracle supports on-chain verification on Ethereum and Ink.
Is CF Benchmarks safe to use?
CF Benchmarks is a UK FCA-authorised benchmark administrator under FRN 847100. KPMG audited its Benchmarks Regulation compliance for the period ending 12 September 2024, and the index provider does not take custody of user assets.
Which chains and assets does CF Benchmarks cover?
Its indices cover digital assets including Bitcoin, Ether and Solana, while the CF Staking Series covers ETH, SOL, APT, NEAR and AVAX. CFB Oracle has on-chain verification on Ethereum and Ink.
Is CF Benchmarks a portfolio tracker?
CF Benchmarks is an index and market-data provider. Its tools include a cryptocurrency screener, APIs and oracle delivery, while its named products focus on reference prices, indices and classification.
Latest from CF Benchmarks on X
Want to learn more about how we handle hard forks?
Our latest blog post explains how we will determine if ECX needs its own index and if it is a distribution to Bitcoin holders https://t.co/fhY5nK5kT2
Our latest blog post explains how we will determine if ECX needs its own index and if it is a distribution to Bitcoin holders https://t.co/fhY5nK5kT2
🚨 Going live at the top of the hour! 🚨
Be sure to join us, link below 👇
Be sure to join us, link below 👇
Join us for our weekly space tomorrow at 11 AM ET.
@ces921 will be joining us to discuss the macro environment
We'll also be joined by @AlexButler222 to discuss the launch of the CFB oracle this week.
Make sure to register below
https://t.co/H1lyTNUkeE https://t.co/QTM8di816l
@ces921 will be joining us to discuss the macro environment
We'll also be joined by @AlexButler222 to discuss the launch of the CFB oracle this week.
Make sure to register below
https://t.co/H1lyTNUkeE https://t.co/QTM8di816l
Want to learn more about the CFB Oracle?
Our research team just published an article that breaks down what the oracle is, as well as what differentiates it from other oracles.
Read more below https://t.co/WqKrRkSRS0
Our research team just published an article that breaks down what the oracle is, as well as what differentiates it from other oracles.
Read more below https://t.co/WqKrRkSRS0
Recent public posts from @cfbenchmarks, shown as published. Not reviewed or endorsed by CryptoReview.
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