The second major derivative based on bitcoin is launching to trade on the Chicago Mercantile Exchange.

The CME Group, one of  the USA's most significant exchanges of options and fiancial derivatives ,started bitcoin futures contracts for trading at 6 p.m. EST Sunday. The initial price for bitcoin futures was $20,650, and the digital currency was trading at $20,135 at 6:08 p.m. EST.

The electronic currency has increased in popularity and price tag this year whilst drawing doubts relating to its unpredictability.

The CME bitcoin derivatives, like the bitcoin futures that now trade on the Chicago Board Options Exchange, do not need real bitcoin. They will measure an index of bitcoin price. Each contract will be for 5 bitcoin.  

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If things go as planned, your futures (and everyone else's) settle at $18,000 per bitcoin based on the Gemini auction (the global bitcoin price doesn't matter).

If you step back, though, it makes sense that the Bitcoin futures market would start slow. See here for more details about the futures contracts at CME. With the general theory being that the smarter institutional money is going into the Bitcoin futures market, investors in Bitcoin will be looking towards the futures market as a guide to the future direction of Bitcoin, based on information available in the marketplace. 

A CFD is a contract between a buyer and a broker.

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