BV Derivatives — Lock in tomorrow's energy prices today

The trade

Energy and clean-tech producers carry significant forward price risk that's currently hedged through OTC contracts or ICE futures with fees, custodial complexity, and counterparty exposure. BV Derivatives provides on-chain futures and perps for BVNRG, BVGPU, XCT credits, and related instruments, with cross-margin clearing across positions.

Compute is becoming a listed market

CME Group and Silicon Data will list two compute futures on NYMEX — Silicon Data H100 Rental Index Futures and Silicon Data B200 Rental Index Futures — for trade date 2026-10-05, pending regulatory review. Each contract is one month of GPU rental against Silicon Data's hourly rental index, financially settled. Per CME Group Special Executive Report SER-9785 (11 August 2026).

That listing is the argument we have been making, made by someone else: a GPU-hour is a commodity and it needs a forward curve. We list against the same conventions deliberately — matching them is what keeps the front of our curve offsettable against Globex.

Where we differ is tenor, and it is not a detail. CME's 36-month strip prices a GPU as a three-year asset. Current-generation accelerators stay in productive service well past seven years, so the deliverable exists far beyond the horizon CME will quote. We list ten years. The front ~36 months are offsettable on the exchange; everything past that is not. We say that plainly rather than let a counterparty discover it: the back of the curve has no listed hedge, we carry that production risk ourselves, and it should be priced accordingly. There is no listed §45V future either — the same gap, in a market nobody disputes is real.

One market per hardware generation, not one GPU index with a hardware field. CME reached the same conclusion, listing the H100 and the B200 as separate contracts: an H100-hour and a B200-hour are different goods.

Mechanics

• Settlement: dual-currency (USDC + MXD)
• Margin model: cross-margin within an account
• Physical delivery: BVNRG and BVGPU; cash-settled for XCT
• Accreditation gate: XCT-tied instruments are U.S. channel — Reg D 506(c), verified accredited investors only
• Liquidation engine: same dual-oracle pricing as the spot venue