An innovative workflow facilitates the seamless transfer of spot crypto into an equivalent futures position through Exchange for Physical (EFP) transactions on the CME Group

NEW YORK, Jan 13, 2026 — Membrane Labs, a trailblazer in digital asset prime infrastructure, will now provide market participants with the capability to exchange CME Group Bitcoin futures (BTC) and Ether futures (ETH) positions for an equivalent spot position via a seamless Exchange for Physical (EFP) workflow.

This solution empowers institutional participants to pair Bitcoin and Ether futures positions cleared through the CME Group with spot crypto transactions managed via Membrane’s CustodyLink settlement network, efficiently enabling the transfer of positions between these two distinct markets.

“Membrane is delighted to collaborate with the CME Group to introduce a seamless EFP solution for institutional crypto,” stated Carson Cook, CEO of Membrane Labs. “This workflow lets clients handle basis trades, facilitate delivery, and access liquidity across multiple custodians with the same post-trade integrity they expect from traditional asset classes.”

“Client demand for regulated access to crypto is constantly evolving,” remarked Giovanni Vicioso, Global Head of Cryptocurrency Products at the CME Group. “Leveraging CME Group’s trusted infrastructure and market-leading liquidity, Membrane will assist clients in achieving capital-efficient exposure to today’s leading crypto markets.”

What It Means for the Marketplace

Seamless Basis Management: Institutions can carry out matched futures and spot trades in a single EFP transaction, simultaneously locking in both the futures price and cash price. This eliminates execution risk, reduces slippage, and ensures a known basis without the need to trade futures and OTC spot separately.

Streamlined End-to-End Settlement: By channeling the physical leg through Membrane’s CustodyLink network, clients enjoy automated, custodian-independent delivery. This removes manual reconciliation steps, speeds up funding, and ensures on-chain settlement integrity—while preserving CME’s on-exchange margin and clearing services.

Capital-Efficient Crypto Exposure: The EFP workflow allows firms to gain spot BTC and ETH exposure without assuming principal risk on a crypto exchange. Clients use capital more efficiently, hedges are collateralized via the CME Group, and custody obligations are fulfilled off-exchange, freeing up balance sheets and helping to lower funding costs.

The EFP workflow will be accessible to CME Group clients using participating FCMs and custodians. Firms interested in implementing this structure are urged to contact Membrane Labs at for onboarding and support.

About Membrane Labs

Membrane Labs offers institutional-grade infrastructure for managing digital assets, focusing on minimizing counterparty risk and maximizing operational and capital efficiency. Tailored for institutions involved in lending, trading, and treasury, Membrane’s platform provides fully customizable workflows accessible via API or user interface. Key modules include loan lifecycle management, post-trade OTC and derivatives settlement, and unified treasury operations, covering reconciliation, payments, and real-time multi-custodian reporting. Membrane’s CustodyLink network connects clients with custodians, exchanges, and counterparties across major blockchain networks, enabling secure, automated delivery and settlement workflows. Visit us at: to learn more or from our expert team.

SOURCE Membrane Labs