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 Ex-Post 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 the full symbol tables and location codes across every ISO, download the symbology reference below.
Download ElectronX Symbology Reference PDFPosition limits are specified by the exchange and available at electronx.com/regulatory.