Compute stops being a private negotiation on Monday. CME lists the first two futures contracts that settle against a daily index of GPU rental rates.
- Silicon Data publishes the daily H100 and B200 on demand rental index the contracts settle against.
- One contract is 730 GPU hours, or a single GPU for a month, and it settles in cash rather than in hardware.
- Each tick is worth $7.30. Contracts list 36 months out and trade under NYMEX rules.
- The index tracks neocloud rates, so a hyperscaler reserved contract is not the thing being hedged.
- Neoclouds can sell capacity forward. Labs and lenders can fix a cost base. Buyers mostly pay for certainty.
Read the full analysis of what a public compute price changes and what it leaves out.
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