NHL Team Index Futures Guide
How Do NHL Team Index
Futures Work?
CME FSPI NHL Team Index Futures transform official NHL team
performance statistics into rules-based financial indexes that can
serve as the underlying benchmark for futures contracts.
Here's how the team indexes are calculated, what moves them,
how Standard and Micro contracts differ, and what active traders
should understand before entering this new futures market.
The Underlying Index
What Is an NHL Team
Performance Index?
Each NHL team has its own CME FutureSports Performance Index, or FSPI, designed to measure cumulative team performance throughout the season.
The indexes use official NHL statistics and a defined, rules-based methodology to translate team actions into index points. Positive performance can add points while negative performance can subtract points.
Each team's index begins the season at a base value of 7,500 points. As qualifying regular-season and postseason performance occurs, the index changes based on the methodology.
Official Statistics
The index uses finalized official NHL statistical data as its source.
Rules-Based Scoring
Defined point values and multipliers determine how qualifying positive and negative team actions affect the index.
Cumulative Performance
Index points accumulate as the season progresses, creating a continuously changing measure of team performance.
Index Scoring
How Do Standard and Micro NHL Team Index Futures Compare?
The methodology considers a broad set of team performance statistics rather than relying on a single game result. Each qualifying action carries a defined point attribution or multiplier.
Examples of Positive Actions
- Goals scored
- Saves
- Takeaways
- Other qualifying positive team actions
- Performance milestones
Examples of Negative Actions
- Goals allowed
- Giveaways
- Penalties
- Other qualifying negative team actions
Not Every Action Has the Same Impact
The index methodology applies predetermined values and multipliers to qualifying statistics. For example, CME describes an even-strength goal as adding 12 index points and an even-strength goal allowed as subtracting 12 points.
Team Performance → Official Statistics → Defined Point Attribution → Updated
Team Index
Through the Season
Regular Season, Playoffs and Annual Resets
NHL team indexes accumulate qualifying performance during the regular season and postseason. Preseason and exhibition games do not contribute points to the index.
During the postseason, CME applies a 1.5× seasonal adjustment factor to game-based statistical and milestone points, increasing the index impact of playoff performance.
Each offseason, the team indexes reset to the base level of 7,500. Performance from the prior season does not carry into the next season's index calculation.
Contract Specifications
What Makes an NHL Team Index Move?
CME lists both Standard and Micro futures for each of the 32 NHL team indexes.
| Feature | Standard | Micro |
|---|---|---|
| Contract Size | $10 × index | $0.10 × index |
| Approx. Notional at 7,500 | $75,000 | $750 |
| Minimum Tick | 1 index point | 1 index point |
| Tick Value | $10 | $0.10 |
| Weekly Contracts | No | Yes |
| Monthly Contracts | Yes | Yes |
| Settlement | Financial | Financial |
Contract specifications are subject to change. Refer to CME Group for current specifications before trading.
Taking a Position
Can You Go Long or Short NHL
Team Performance?
Yes. Like other futures markets, participants can establish either long or short positions in CME FSPI NHL Team Index Futures.
Long Position
Expecting Stronger Performance
A trader who expects the relevant futures price to rise may establish a long position. If the futures price rises, the position may gain value; if it falls, the position may lose value.
Short Position
Expecting Weaker Performance
A trader who expects the relevant futures price to decline may establish a short position. If the futures price falls, the position may gain value; if it rises, the position may lose value.
Futures prices reflect market expectations and can differ from the current underlying index level.
Trading Mechanics
When Do NHL Team Index Futures Trade?
CME FSPI NHL Team Index Futures are designed for trading on CME Globex around the clock, apart from scheduled maintenance windows.
That means futures prices can respond to changing market expectations between games as well as developments such as trades, roster changes and other team-related information.
The underlying index itself is based on official game statistics. The official daily index close is published at 9:00 a.m. Central time on the following day using verified, finalized NHL scoring data.
Contracts are financially settled, meaning settlement is made in cash based on the applicable index value rather than through delivery of an underlying asset.
Frequently Asked Questions
NHL Team Index Futures FAQ
Are NHL Team Index Futures based only on wins and losses?
No. The underlying indexes use official team performance statistics and a rules-based points methodology. Multiple positive and negative team actions contribute to changes in the index.
Does every NHL team have its own futures contracts?
CME's initial offering includes Standard and Micro futures based on each of the 32 NHL team indexes.
Do preseason games change the index?
No. Preseason and exhibition games do not accumulate index points. Index scoring begins with official regular-season play.
Can the index fall below zero?
Yes. CME states that the indexes do not have a lower bound or floor within a season. If cumulative negative points exceed positive points and the prevailing index value, an index could become negative.
Are Micro contracts available?
Yes. Micro NHL Team Index Futures use a $0.10 × index multiplier, compared with $10 × index for the Standard contracts.
Are weekly NHL futures available?
CME lists weekly expirations for Micro contracts. Standard contracts use monthly and annual listings.
Can the contracts trade when a game is not being played?
Yes. Futures trading is available around the clock apart from scheduled CME Globex maintenance periods. Market prices may therefore change even while the underlying team index itself is not changing.
Will other sports, such as baseball or NFL football, be available in the future?
Additional sports may be added in the future. As new products become available, Lightspeed plans to support them where available through our futures offering.
Continue Learning
Explore NHL Futures at Lightspeed
NHL Team Index Futures
Explore how NHL Team Index Futures work, what moves team index values, and the available contract sizes.
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Read an introduction to NHL Team Index Futures, including how the market works and what traders should know.
Lightspeed Futures
Explore Futures Trading at Lightspeed
Learn about Lightspeed's futures offering, available trading platforms and resources for active futures traders.
CME FSPI NHL Team Index Futures are scheduled to begin trading September 28, 2026, pending regulatory review. Product specifications and availability are subject to change.
Futures trading involves substantial risk of loss and is not suitable for all investors. Losses may exceed the initial amount deposited.
Hedging can reduce certain exposures but does not eliminate risk. A futures position and the underlying business exposure may not move together, and a hedge may result in losses.
Examples are hypothetical and provided for educational purposes only. They are not forecasts, recommendations or guarantees of future results.
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