Product Specifications Index
ElectronX offers two contract types, Bounded Futures and Binary Options, across seven ISOs (ERCOT, PJM, MISO, CAISO, SPP, NYISO, and ISO-NE). The tables below summarize the key specifications for each product. For the full legal product specification, download the relevant PDF linked below each table.
Bounded Futures
Bounded Futures are cash-settled derivatives that track real-time electricity prices for a specific location and hour, with a predefined floor and ceiling. Settlement is the real-time price for the contract hour, capped by the bounds. Three price ranges are available for each location. All Bounded Futures share the same core terms: a 1 MWh contract unit, a $0.25/MWh minimum tick, financial (cash) settlement, 120 listed contracts per instrument (24 hourly contracts across 5 consecutive calendar days), and trading that terminates at the end of the contract hour. Price ranges and settlement mechanics vary by ISO, as detailed below.
| Price Range | ERCOT | PJM | MISO | CAISO |
|---|---|---|---|---|
| Standard | $0-$100/MWhBFUT100 | $0-$100/MWhBFUT100 | $0-$200/MWhBFUT200 | $0-$100/MWhBFUT100 |
| Moderate | $0-$500/MWhBFUT500 | $0-$500/MWhBFUT500 | -$100-$700/MWhBFUT700 | -$50-$300/MWhBFUT300 |
| Extended | -$250-$5,000/MWhBFUT5000 | -$50-$3,700/MWhBFUT3700 | -$500-$3,500/MWhBFUT3500 | -$150-$2,000/MWhBFUT2000 |
SPP, NYISO, and ISO-NE hourly contracts launch on August 24, 2026. Their price ranges are summarized below.
| Price Range | SPP | NYISO | ISO-NE |
|---|---|---|---|
| Standard | -$50-$200/MWhBFUT200S | -$50-$150/MWhBFUT150 | -$50-$200/MWhBFUT200E |
| Moderate | -$150-$1,000/MWhBFUT1000 | -$100-$700/MWhBFUT700Y | -$100-$400/MWhBFUT400 |
| Extended | -$500-$2,000/MWhBFUT2000S | -$1,000-$2,000/MWhBFUT2000Y | -$1,000-$2,000/MWhBFUT2000E |
Unique ISO characters have been applied to new BFUT variants with non-unique price range upper bounds on a forward basis for ISO-NE, NYISO, and SPP (E, Y, and S, respectively). Previously listed BFUT variants with non-unique upper bounds for other ISOs will not feature a unique ISO character. NYISO's Zonal contracts are distinctly labeled from other Zonal symbols, using ZONE_ instead of ZN_.
ERCOT Bounded Futures
| Specification | Detail |
|---|---|
| Instruments | 21 (3 price ranges × 7 locations) |
| Locations | North, Houston, South, West, Pan, Hub Average, Bus Average |
| Price Ranges | Standard (BFUT100): $0-$100/MWh Moderate (BFUT500): $0-$500/MWh Extended (BFUT5000): -$250-$5,000/MWh |
| Settlement Price | Arithmetic average of four 15-minute ERCOT real-time SPPs for the contract hour |
| Settlement Timing | Same day, shortly after contract expiry. ERCOT contract hours use CT |
| Symbol Format | BFUT[ceiling]-ERCOT-[hub code]-[YYMMDD]-[HH] |
| Example Symbol | BFUT500-ERCOT-HB_WEST-250402-09 |
PJM Bounded Futures
| Specification | Detail |
|---|---|
| Instruments | 21 (3 price ranges × 7 locations) |
| Locations | AEP-Dayton Hub, Eastern Hub, N Illinois Hub, Western Hub, MISO Interface, South Interface, Dominion Zone |
| Price Ranges | Standard (BFUT100): $0-$100/MWh Moderate (BFUT500): $0-$500/MWh Extended (BFUT3700): -$50-$3,700/MWh |
| Settlement Price | Verified real-time hourly LMP published by PJM (single hourly value) |
| Settlement Timing | T+1; published by PJM between 11:00 AM-12:00 PM ET the following day. PJM contract hours use ET |
| Symbol Format | BFUT[ceiling]-PJM-[location code]-[YYMMDD]-[HH] |
| Example Symbol | BFUT500-PJM-HB_WESTERN-260402-09 |
MISO Bounded Futures
| Specification | Detail |
|---|---|
| Instruments | 12 (3 price ranges × 4 locations) |
| Locations | Indiana, Minnesota, Louisiana (hubs); PJM (interface) |
| Price Ranges | Standard (BFUT200): $0-$200/MWh Moderate (BFUT700): -$100-$700/MWh Extended (BFUT3500): -$500-$3,500/MWh |
| Settlement Price | Preliminary Ex-Post hourly LMP published by MISO (single hourly value) |
| Settlement Timing | T+1; published by MISO by 8:00 AM EST the following day. MISO contract hours use EST year-round and do not shift to EDT |
| Symbol Format | BFUT[ceiling]-MISO-[location code]-[YYMMDD]-[HH] |
| Example Symbol | BFUT3500-MISO-HB_INDIANA-260701-09 |
CAISO Bounded Futures
| Specification | Detail |
|---|---|
| Instruments | 6 (3 price ranges × 2 locations) |
| Locations | NP15, SP15 |
| Price Ranges | Standard (BFUT100): $0-$100/MWh Moderate (BFUT300): -$50-$300/MWh Extended (BFUT2000): -$150-$2,000/MWh |
| Settlement Price | Arithmetic average of four 15-minute CAISO FMM LMPs for the contract hour |
| Settlement Timing | Same day, shortly after contract expiry. CAISO contract hours use PT |
| Symbol Format | BFUT[ceiling]-CAISO-[hub code]-[YYMMDD]-[HH] |
| Example Symbol | BFUT2000-CAISO-HB_NP15-260701-09 |
SPP Bounded Futures
| Specification | Detail |
|---|---|
| Instruments | 9 (3 price ranges × 3 locations) |
| Locations | North, South (hubs); MISO (interface) |
| Price Ranges | Standard (BFUT200S): -$50-$200/MWh Moderate (BFUT1000): -$150-$1,000/MWh Extended (BFUT2000S): -$500-$2,000/MWh |
| Settlement Price | Arithmetic average of the twelve 5-minute SPP real-time LMPs for the contract hour |
| Settlement Timing | Same day, shortly after contract expiry. SPP contract hours use CT |
| Symbol Format | BFUT[ceiling]-SPP-[location code]-[YYMMDD]-[HH] |
| Example Symbol | BFUT2000S-SPP-HB_NORTH-260901-09 |
NYISO Bounded Futures
| Specification | Detail |
|---|---|
| Instruments | 12 (3 price ranges × 4 locations) |
| Locations | Zone J (NYC), Zone A (West), Zone G (Hudson Valley); PJM (interface) |
| Price Ranges | Standard (BFUT150): -$50-$150/MWh Moderate (BFUT700Y): -$100-$700/MWh Extended (BFUT2000Y): -$1,000-$2,000/MWh |
| Settlement Price | Hourly RT Time-Weighted LMP for the contract hour (the time-weighted average of twelve 5-minute NYISO real-time LMPs) |
| Settlement Timing | Same day, shortly after contract expiry. NYISO contract hours use ET |
| Symbol Format | BFUT[ceiling]-NYISO-[location code]-[YYMMDD]-[HH] |
| Example Symbol | BFUT2000Y-NYISO-ZONE_J-260901-09 |
ISO-NE Bounded Futures
| Specification | Detail |
|---|---|
| Instruments | 3 (3 price ranges × 1 location) |
| Locations | Internal (hub) |
| Price Ranges | Standard (BFUT200E): -$50-$200/MWh Moderate (BFUT400): -$100-$400/MWh Extended (BFUT2000E): -$1,000-$2,000/MWh |
| Settlement Price | Hourly Preliminary RT LMP for the contract hour (the average of the twelve 5-minute preliminary real-time LMPs) |
| Settlement Timing | Same day, shortly after contract expiry. ISO-NE contract hours use ET |
| Symbol Format | BFUT[ceiling]-ISONE-[location code]-[YYMMDD]-[HH] |
| Example Symbol | BFUT2000E-ISONE-HB_INTERNAL-260901-09 |
Binary Options
Binary Options are cash-settled contracts with a fixed binary outcome: they pay $100 or $0 per lot depending on whether the real-time price for the contract hour (the Floating Price) is at or above the prior day's day-ahead market price (the Strike Price).
| Specification | ERCOT Binary Options | PJM Binary Options |
|---|---|---|
| Instruments | 7 (1 per location) | 7 (1 per location) |
| Locations | North, Houston, South, West, Pan, Hub Average, Bus Average | AEP-Dayton Hub, Eastern Hub, N Illinois Hub, Western Hub, MISO Interface, South Interface, Dominion Zone |
| Contract Unit | 1 MWh | 1 MWh |
| Price Range (trading) | $0.00-$100.00 | $0.00-$100.00 |
| Settlement Values | $0 or $100 | $0 or $100 |
| Tick Size | $0.25/MWh | $0.25/MWh |
| Strike Price | Previous day's ERCOT DAM SPP for the same hub and hour | Previous day's PJM DAM LMP for the same location and hour |
| Floating Price | Arithmetic average of four 15-minute ERCOT real-time SPPs | Verified real-time hourly LMP from PJM (single hourly value) |
| Settlement Rule | $100 if Floating Price ≥ Strike; $0 if below | $100 if Floating Price ≥ Strike; $0 if below |
| Settlement Timing | Same day, shortly after contract expiry | T+1; published by PJM between 11:00 AM-12:00 PM ET |
| Listed Contracts | 120 per instrument | 120 per instrument |
| Termination of Trading | End of contract hour | End of contract hour |
| Symbol Format | BOPT-ERCOT-[hub code]-[YYMMDD]-[HH] | BOPT-PJM-[location code]-[YYMMDD]-[HH] |
| Example Symbol | BOPT-ERCOT-HB_NORTH-250315-09 | BOPT-PJM-HB_WESTERN-260402-09 |
| Specification | MISO Binary Options | CAISO Binary Options |
|---|---|---|
| Instruments | 4 (1 per location) | 2 (1 per location) |
| Locations | Indiana, Minnesota, Louisiana (hubs); PJM (interface) | NP15, SP15 |
| Contract Unit | 1 MWh | 1 MWh |
| Price Range (trading) | $0.00-$100.00 | $0.00-$100.00 |
| Settlement Values | $0 or $100 | $0 or $100 |
| Tick Size | $0.25/MWh | $0.25/MWh |
| Strike Price | Previous day's MISO DAM LMP for the same location and hour | Previous day's CAISO DAM LMP for the same hub and hour |
| Floating Price | Preliminary Ex-Post hourly LMP from MISO (single hourly value) | Arithmetic average of four 15-minute CAISO FMM LMPs |
| Settlement Rule | $100 if Floating Price ≥ Strike; $0 if below | $100 if Floating Price ≥ Strike; $0 if below |
| Settlement Timing | T+1; published by MISO by 8:00 AM EST the following day | Same day, shortly after contract expiry |
| Listed Contracts | 120 per instrument | 120 per instrument |
| Symbol Format | BOPT-MISO-[location code]-[YYMMDD]-[HH] | BOPT-CAISO-[hub code]-[YYMMDD]-[HH] |
| Example Symbol | BOPT-MISO-IN_PJM-260701-09 | BOPT-CAISO-HB_NP15-260701-09 |
| Specification | SPP Binary Options | NYISO Binary Options | ISO-NE Binary Options |
|---|---|---|---|
| Instruments | 3 (1 per location) | 4 (1 per location) | 1 (1 per location) |
| Locations | North, South (hubs); MISO (interface) | Zone J (NYC), Zone A (West), Zone G (Hudson Valley); PJM (interface) | Internal (hub) |
| Contract Unit | 1 MWh | 1 MWh | 1 MWh |
| Price Range (trading) | $0.00-$100.00 | $0.00-$100.00 | $0.00-$100.00 |
| Settlement Values | $0 or $100 | $0 or $100 | $0 or $100 |
| Tick Size | $0.25/MWh | $0.25/MWh | $0.25/MWh |
| Strike Price | Previous day's SPP DAM LMP for the same location and hour | Previous day's NYISO DAM LMP for the same location and hour | Previous day's ISO-NE DAM LMP for the same location and hour |
| Floating Price | Arithmetic average of the twelve 5-minute SPP real-time LMPs | Hourly RT Time-Weighted LMP (the time-weighted average of twelve 5-minute NYISO real-time LMPs) | Hourly Preliminary RT LMP (the average of twelve 5-minute preliminary real-time LMPs) |
| Settlement Rule | $100 if Floating Price ≥ Strike; $0 if below | $100 if Floating Price ≥ Strike; $0 if below | $100 if Floating Price ≥ Strike; $0 if below |
| Settlement Timing | Same day, shortly after contract expiry (CT) | Same day, shortly after contract expiry (ET) | Same day, shortly after contract expiry (ET) |
| Listed Contracts | 120 per instrument | 120 per instrument | 120 per instrument |
| Termination of Trading | End of contract hour | End of contract hour | End of contract hour |
| Symbol Format | BOPT-SPP-[location code]-[YYMMDD]-[HH] | BOPT-NYISO-[location code]-[YYMMDD]-[HH] | BOPT-ISONE-[location code]-[YYMMDD]-[HH] |
| Example Symbol | BOPT-SPP-HB_NORTH-260901-09 | BOPT-NYISO-ZONE_J-260901-09 | BOPT-ISONE-HB_INTERNAL-260901-09 |
Universal contract terms
The following specifications apply to all ElectronX products:
| Term | Value |
|---|---|
| Contract Size | 1 MegaWatt-hour (MWh) |
| Price Quotation | U.S. dollars and cents per MWh |
| Minimum Tick Size | $0.25 per MWh |
| Settlement Method | Cash-settled (financial settlement only; no physical electricity delivery) |
| Position Limits | As specified by the exchange; see electronx.com/regulatory |
| Collateral | Fully collateralized; no variation margin |
Contract symbol reference
All ElectronX contract symbols follow the format:
{PRODUCT}-{ISO}-{LOCATION}-{DATE}-{HOUR}
| Component | Values |
|---|---|
| Product | BOPT, or BFUT[ceiling] where [ceiling] is the upper band of the price range (varies by ISO and range; e.g. 100, 150, 200, 300, 400, 500, 700, 1000, 2000, 3500, 3700, 5000). Where a ceiling is shared across ISOs, a trailing ISO character disambiguates it (S for SPP, Y for NYISO, E for ISO-NE), for example BFUT200S or BFUT2000Y |
| ISO | ERCOT, PJM, MISO, CAISO, SPP, NYISO, ISONE |
| Date | YYMMDD |
| Hour | 01-24 (hour ending, in the applicable timezone) |
For more information on symbols and location codes across ISOs, download the symbology reference below.
Download ElectronX Symbology Reference PDFPosition limits are specified by the exchange and available at electronx.com/regulatory.