CME Group Expands Crypto Derivatives With Spot-Quoted XRP and Solana Futures

• CME Group has launched Spot-Quoted futures for XRP (XRP) and Solana (SOL), allowing for trading closer to real-time market prices.
• These are CME’s smallest crypto contracts to date, aimed at active participants who prefer to trade in spot market terms without managing contract expiries or rollovers.
• The launch also includes Trading at Settlement (TAS) for XRP, SOL and Micro futures, enabling traders to manage risk around crypto ETFs with added flexibility.

CME Group has launched Spot-Quoted futures for XRP$1.9976 and Solana SOL$132.23, expanding its lineup of crypto derivatives designed to trade closer to real-time market prices.

The new contracts mirror the structure of CME’s existing Spot-Quoted Bitcoin BTC$89,629.86 and Ether ETH$2,942.53 futures. Unlike traditional futures, which often trade at a premium or discount due to financing costs, Spot-Quoted contracts track the spot price directly. Financing adjustments are handled separately at settlement.

"We've seen strong demand for our current Spot-Quoted Bitcoin and Ether futures, with more than 1.3 million contracts traded since launched in June, and we are pleased to add XRP and SOL to our offering,” CME Group’s Global Head of Cryptocurrency Products Giovanni Vicioso said in a press release.

These are CME’s smallest crypto contracts to date, aimed at active participants who prefer to trade in spot market terms without managing contract expiries or rollovers, Vicioso added.

Since launching in June, Spot-Quoted bitcoin and ether contracts have gained momentum, with more than 1.3 million contracts traded and an average daily volume of 11,300 contracts, with a record 60,700 contracts traded on Nov. 24.

The contracts are listed on CME and CBOT and are available alongside major equity index futures.

Concurrently, CME has activated Trading at Settlement (TAS) for XRP, SOL and their respective Micro futures. This feature lets traders execute futures contracts at a spread to the 4:00 p.m. ET settlement price, before that price is known.

TAS is often used to manage risk around crypto ETFs, especially during net asset value (NAV) creation or redemption. It also allows for block trades and anonymous order book activity via CME Globex, providing flexibility in how and when traders execute.

The move comes after the CME Group started letting its users trade options on SOL, Micro SOL, XRP and Micro XRP futures across daily, monthly, and quarterly expiries back in October.

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