ICE + Ornn
Intercontinental Exchange (ICE) launched compute futures with Ornn as the index provider, following CME's lead. The Ornn Compute Price Index (OCPI) covers H100, H200, B200, RTX 5090 and other GPU references.
ICE's role
ICE is one of the major derivatives exchange operators globally — a peer to CME with comparable infrastructure. ICE provides similar exchange functions: listing, clearing, settlement, regulatory framework.
Ornn's role
Ornn is the data and index provider partnered with ICE. The Ornn Compute Price Index (OCPI) is the reference for ICE-listed compute futures.
The OCPI index
The OCPI aggregates transaction prices for specific GPU types into a published index. The methodology differs in details from Silicon Data's but serves the same purpose.
Covered GPU types include H100, H200, B200, RTX 5090, and others as the market evolves.
Contract lineup
ICE's contract specifications cover similar tenors and structures to CME's. The specifics of contract size, tick size, and settlement procedures differ but conceptually align.
vs CME / Silicon Data
The two exchanges compete for liquidity in the same underlying market. Whether liquidity coalesces on one exchange or persists across both is a meaningful market-structure question. Historical patterns in commodity futures suggest:
- One exchange usually emerges as the primary venue.
- Customer relationships and clearing efficiencies drive concentration.
- The second venue serves niche needs or specific participant bases.
Which exchange wins compute futures isn't yet clear in 2026.
Takeaway
ICE + Ornn provides a credible alternative to CME + Silicon Data. The competitive dynamic between the two will shape compute futures liquidity over the next few years. The next chapter walks through how a specific contract works.