CHICAGO / LONDON (IT BOLTWISE) – CME Group has expanded its crypto derivatives offering by launching spot quoted futures for XRP and Solana. These new contracts aim to trade closer to real-time market prices and offer an alternative to traditional futures, which often trade at premiums or discounts.
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CME Group recently expanded its crypto derivatives portfolio to include spot quoted futures for XRP and Solana. These new contracts are designed to make trading closer to real-time market prices by adopting the structure of the already existing spot quoted futures for Bitcoin and Ether. Unlike traditional futures, which often trade at premiums or discounts, spot quoted contracts track the spot price directly, with financing costs taken into account separately during settlement.
Giovanni Vicioso, global head of cryptocurrency products at CME Group, highlighted the strong demand for the existing spot-quoted futures for Bitcoin and Ether. Since its launch in June, over 1.3 million contracts have been traded, with an average daily volume of 11,300 contracts. The record was reached on November 24th with 60,700 contracts traded. The new XRP and Solana contracts are the CME’s smallest crypto contracts to date and are aimed at active participants who prefer trading on spot market conditions without having to worry about contract expirations or rollovers.
Additionally, CME Group has activated Trading at Settlement (TAS) for XRP, Solana and their respective micro futures. This feature allows traders to execute futures contracts at a spread at the 4:00 p.m. ET settlement price before that price is known. TAS is often used to manage risks associated with crypto ETFs, particularly during the creation or redemption of net asset value (NAV). It also enables block trades and anonymous order book activity via CME Globex, providing traders with execution flexibility.
The launch of these new products comes after CME Group in October enabled its users to trade options on Solana, Micro Solana, XRP and Micro XRP futures across daily, monthly and quarterly maturities. These developments underscore CME Group’s commitment to continually expand its crypto derivatives offering and meet the needs of market participants.
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