The CME CF Ether-Dollar Reference Rate - Asia Pacific Variant (ETHUSD_AP) is a once a day benchmark index price for Ether that aggregates trade data from multiple Ether-USD markets operated by major cryptocurrency exchanges that conform to the CME CF Constituent Exchange Criteria. It is the pre-eminent index price for Ether risk settlement that is synchronized to the traditional US financial market close of 1600 Hong Kong Time. The CME CF Ether-Dollar Reference Rate - Asia Pacific Variant was incepted on September 11th 2023. The Index is a Registered Benchmark under UK BMR and as such is a Third Country benchmark under the EU BMR Regime.
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For additional information, please visit:
https://www.cfbenchmarks.com/data/indices/ETHUSD_AP
The information contained within is for educational and informational purposes ONLY. It is not intended nor should it be considered an invitation or inducement to buy or sell any of the underlying instruments cited including but not limited to cryptoassets, financial instruments or any instruments that reference any index provided by CF Benchmarks Ltd. This communication is not intended to persuade or incite you to buy or sell security or securities noted within. Any commentary provided is the opinion of the author and should not be considered a personalised recommendation. Please contact your financial adviser or professional before making an investment decision.
Note: Some of the underlying instruments cited within this material may be restricted to certain customer categories in certain jurisdictions.
CF Benchmarks’ Quarterly Factor Report breaks down digital asset performance through a systematic factor lens, highlighting the key drivers of risk and return to help investors better understand market behavior across different regimes.

Mark Pilipczuk
The crypto market remained in a guarded mood in the recent week. BTC was +2.1% and ETH +1.7%, but breadth was thin as only two of seven majors finished higher. Still, capitalization indices gained between 0.5% and 1.7%, while our BVXS implied vol. index fell, and BTC front-end rates fell sharply.

CF Benchmarks
The market posted its strongest week of 2026 at +7.1%. However, factor breadth was notably thin. Size was the only non-market factor to finish positive at +1.3%, while growth and value lagged, suggesting the rally was driven by directional flows rather than fundamentals.

Mark Pilipczuk
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