ErisX
- Company typePublic
- Founded2018
- HeadquartersChicago, United States
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
ErisX firmographics
Firmographics- Name
- ErisX
- Legal name
- Cboe Clear U.S., LLC
- Website
- https://erisx.com
- Company type
- Public
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Ownership category
- akta.pro rank
ErisX industry classification
Industry- Product category
- Digital Asset Derivatives Exchange and Clearing
- NAICS
- Commodity Contracts Intermediation (523160), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Securities and Commodity Contracts Intermediation and Brokerage (5231)
- SIC
- Commodity Contracts Brokers & Dealers (6221), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Derivatives Clearing, Settlement & Collateral Management (Crypto) (FSADAGAI)
- akta.pro secondary industries
- Clearing Broker / Carrying Broker (FCM & Clearing) (FSAEACAF), Centralized Crypto Exchanges (CEX) (FSAPADAA)
Keywords
Where ErisX is headquartered
LocationHeadquarters
- HQ city
- Chicago
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
ErisX business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Operations, Personnel, Infrastructure, Marketing or Sales
Revenue model
- Clearing Fees: Cboe Clear US generates revenue through clearing fees charged to Clearing Members. Fees include Clearing Member Delivery Fee ($0.25), Clearing Member Clearing Fee ($0.02), and Clearing Member Position Transfer Fee ($0.02) per cleared contract in USD.
- Futures Trading Fees: Revenue from trading fees on futures contracts listed on Cboe Futures Exchange (CFE), including Financially Settled Bitcoin (FBT), Financially Settled Ether (FET), Cboe Bitcoin Continuous (PBT), and Cboe Ether Continuous (PET) futures.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Clearing Member Delivery Fee |
| Transaction based/ take rate | Pay-as-you-go | Clearing Member Clearing Fee |
| Transaction based/ take rate | Pay-as-you-go | Clearing Member Position Transfer Fee |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
ErisX product offering
Product offeringCore offering
ErisX (operating as Cboe Digital) is a CFTC-regulated digital asset derivatives exchange and clearinghouse that lists and clears financially settled Bitcoin and Ether futures contracts. The platform operates a Designated Contract Market (DCM) for trading and a Derivatives Clearing Organization (DCO) via Cboe Clear US, providing real-time cloud-based clearing using SPAN methodology and FHSVaR margin calculations. Access to trading and clearing is restricted to approved FCM Clearing Members and their institutional clients.
Product overview
Cboe Digital (formerly ErisX) operates a regulated digital asset derivatives platform consisting of two primary CFTC-regulated entities: Cboe Digital Exchange (DCM) for trading and Cboe Clear US (DCO) for clearing. The core product portfolio comprises four financially-settled crypto futures products: Financially Settled Bitcoin (FBT) Futures, Financially Settled Ether (FET) Futures, Cboe Bitcoin Continuous (PBT) Futures, and Cboe Ether Continuous (PET) Futures. All futures products migrated to Cboe Futures Exchange (CFE) as of June 9, 2025. The clearing infrastructure includes the TCS (Trade Capture System), a cloud-based real-time clearing system supporting SPAN-based margin calculations. The company previously operated a spot market for digital assets but discontinued it in 2024, terminating all spot accounts and surrendering spot-related licenses. Technical documentation and API access is available for developers to access public margin files and market data.
Differentiator
Problem solved
Functional benefit
Products and services
- Financially Settled Bitcoin (FBT) Futures Futures contract on Bitcoin that is settled financially (in USD) rather than through physical delivery of the underlying cryptocurrency. Listed on Cboe Futures Exchange (CFE) with clearing through Cboe Clear US. Targeted at institutional traders and FCM Clearing Members seeking CFTC-regulated Bitcoin exposure.
- Financially Settled Ether (FET) Futures Futures contract on Ether (ETH) that is settled financially (in USD) rather than through physical delivery of the underlying cryptocurrency. Listed on Cboe Futures Exchange (CFE) with clearing through Cboe Clear US. Pioneered as the first U.S.-based Ether futures contract in May 2020.
- Cboe Bitcoin Continuous (PBT) Futures A continuous futures contract on Bitcoin designed to provide an unbroken price series without contract rollovers. Listed on Cboe Futures Exchange (CFE) with clearing through Cboe Clear US. Targeted at institutional participants requiring long-dated, roll-over-free Bitcoin exposure.
- Cboe Ether Continuous (PET) Futures A continuous futures contract on Ether (ETH) designed to provide an unbroken price series without contract rollovers. Listed on Cboe Futures Exchange (CFE) with clearing through Cboe Clear US. Targeted at institutional participants requiring long-dated, roll-over-free Ether exposure.
- Cboe Clear US Clearing Services CFTC-regulated Derivatives Clearing Organization (DCO) providing clearing services to Designated Contract Markets (DCMs). Backed by the proprietary TCS (Trade Capture System), a multi-region cloud-based real-time system capable of clearing margin futures using SPAN methodology and fully-collateralized futures. Serves six approved FCM Clearing Members.
- Cboe Digital Exchange CFTC-regulated Designated Contract Market (DCM) for trading of digital asset futures contracts, formerly operated under ErisX and now part of Cboe Digital. As of June 9, 2025, all futures contracts migrated to Cboe Futures Exchange (CFE), with the DCM continuing to operate under Cboe Digital governance.
- Cboe Digital Settlement Service for OTC Transactions Settlement service for over-the-counter (OTC) cryptocurrency transactions, enabling institutional counterparties to clear OTC trades through the regulated clearinghouse. Targeted at institutional crypto participants seeking CFTC-supervised settlement of bilateral OTC trades.
Quantifiable outcome
- Settlement cycle conducted twice per business day (midday and end-of-day)
- +1 more outcomes
Companies that use ErisX
Customer profileNamed customers6 records
Segments3 records
Ideal customer profiles2 records
ErisX technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration2 records
Feature4 records
ErisX partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core, minor and major.
- Cboe Global MarketscoreCboe Global Markets completed acquisition of ErisX, entering the digital asset market. Eris Exchange, LLC and Eris Clearing, LLC were renamed to Cboe Digital Exchange, LLC and Cboe Clear Digital, LLC respectively. The acquisition provided Cboe with spot, derivatives, and clearing platform capabilities.
- RITA (Retirement Industry Trust Association)minorErisX joined RITA to support crypto investments for self-directed IRAs, providing institutional-grade custody and trading solutions for retirement accounts.
- Midland TrustminorErisX and Midland Trust enabled IRA crypto investments, allowing self-directed IRA owners to access digital assets through tax-advantaged accounts.
- TradeStation CryptominorErisX partnered with TradeStation Crypto to further increase liquidity and expand access to digital asset trading for TradeStation's customer base.
- FidelitymajorErisX advanced strategic relationship with Fidelity to expand access to digital assets, leveraging Fidelity's institutional investor relationships and expertise.
Scale indicators4 records
Recent moves7 records
Expansion highlights5 records
ErisX competitors and assessment
Company assessmentDirect peers
- CME Group: CME Group operates the dominant US-regulated crypto futures complex (Bitcoin and Ether futures) and a derivatives clearing organization, making it the primary direct competitor for Cboe Digital's CFTC-regulated DCM and DCO offerings.
- Coinbase Derivatives (formerly FairX): Coinbase Derivatives is a CFTC-regulated Designated Contract Market acquired by Coinbase to offer US-regulated crypto futures — directly comparable to Cboe Digital's DCM franchise in product, customer base, and regulatory posture.
- Bakkt: Bakkt operates regulated digital asset trading and clearing infrastructure including institutional futures, overlapping directly with Cboe Digital's institutional Bitcoin/Ether futures and clearing value proposition.
- LedgerX (MIAX subsidiary): LedgerX is a CFTC-regulated DCO and DCM offering digital asset derivatives and clearing, directly comparable in license stack, customer segment, and product scope to Cboe Clear US and Cboe Digital Exchange.
Emerging players
- Bitnomial: Bitnomial is a CFTC-regulated DCM and DCO focused on US-listed cryptocurrency derivatives, overlapping with Cboe Digital's regulatory regime and product set but at smaller scale.
- Kraken Futures: Kraken Futures (built on Crypto Facilities) operates crypto derivatives trading for retail and institutional clients; while not a US DCM in the same way, it competes directly for institutional digital asset derivatives flow with Cboe Digital's offerings.
- Robinhood: Robinhood is an equity in the November 2022 Cboe Digital partner round and a competitor in retail-accessible crypto trading; it is also building futures offerings, placing it in the same institutional crypto derivatives ecosystem.
- LMAX Digital: LMAX Digital operates a regulated institutional cryptocurrency exchange and ECN for spot and derivatives liquidity, competing with Cboe Digital for institutional digital asset flow under a comparable regulated model.
Others
- Interactive Brokers: Interactive Brokers is both an FCM clearing member of Cboe Clear US and a multi-asset broker offering crypto futures via competing venues such as CME — making it simultaneously a customer and an indirect competitor in the institutional crypto derivatives space.
Regional players
- Bitfinex Securities: Bitfinex operates a tokenized securities platform with regulated derivatives offerings; it has overlap with Cboe Digital's institutional digital asset infrastructure ambitions though in a different regulatory jurisdiction.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
ErisX social profiles
Digital presenceErisX compliance and trust
Trust signalCompliance4 records
ErisX financial estimates
Financial estimateRevenue estimate
Valuation estimate
ErisX leadership team
Management profileNumber of profiles
Profiles4 records
ErisX subsidiaries and ownership
Company hierarchySubsidiaries1 record
ErisX funding detail
Funding detailFunding overview
Funding rounds3 records
Investors37 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
ErisX M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about ErisX
What does ErisX do?
ErisX (operating as Cboe Digital) is a CFTC-regulated digital asset derivatives exchange and clearinghouse that lists and clears financially settled Bitcoin and Ether futures contracts. The platform operates a Designated Contract Market (DCM) for trading and a Derivatives Clearing Organization (DCO) via Cboe Clear US, providing real-time cloud-based clearing using SPAN methodology and FHSVaR margin calculations. Access to trading and clearing is restricted to approved FCM Clearing Members and their institutional clients.
Is ErisX a public or private company?
ErisX is a public company. It is classified as corporate owned and is currently operating.
When was ErisX founded?
ErisX was founded in 2018. It employs 11 to 50 people.
Where is ErisX based?
ErisX is headquartered in Chicago, United States, in the North America region.
How does ErisX make money?
Two revenue lines are on record. Clearing Fees are the primary driver. The others are futures Trading Fees.
Who are ErisX's main competitors?
Direct peers on record are CME Group, Coinbase Derivatives (formerly FairX), Bakkt and LedgerX (MIAX subsidiary). Emerging players are Bitnomial, Kraken Futures, Robinhood and LMAX Digital. Interactive Brokers is listed as an others. Bitfinex Securities is listed as a regional player.
Does ErisX have an API?
Yes. The Technical Documentation page provides access to API documentation for retrieving publicly available files including margin rates and market data. A Public Margin File Information document outlines how to access these files programmatically via an API, with production documentation available as of April 2025. Developer documentation is at www.erisx.com/technical_documentation/api-documentation.
What industry is ErisX in?
ErisX's product category is Digital Asset Derivatives Exchange and Clearing. Its primary akta.pro industry code is FSADAGAI, Derivatives Clearing, Settlement & Collateral Management (Crypto), with a secondary code of FSAEACAF, Clearing Broker / Carrying Broker (FCM & Clearing). Its NAICS code is 523160 and its SIC code is 6221.