CME Group, the world’s largest derivatives marketplace, has expanded its cryptocurrency product suite with the launch of Spot-Quoted futures for XRP and Solana (SOL). The new contracts mark another step in CME’s strategy to offer crypto-linked instruments that more closely reflect real-time market pricing while remaining within a fully regulated framework.
The launch follows the strong uptake of CME’s Spot-Quoted Bitcoin (BTC) and Ether (ETH) futures, which debuted earlier this year and have already recorded more than 1.3 million contracts traded. With XRP and SOL now added, CME is extending the same structure to two of the most actively traded altcoins in the market.
Designed to Track Spot Prices More Closely
Unlike traditional futures contracts that often trade at a premium or discount due to financing costs and time to expiry, Spot-Quoted futures are structured to track the spot price directly. Any financing adjustments are applied separately at settlement, allowing traders to view and manage positions in familiar spot-market terms.
This structure also comes with a longer-dated expiry, which reduces the need for frequent rollovers—an issue that can add cost and complexity for active traders and institutions managing longer-term positions.
Commenting on the expansion, Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group, said the decision was driven by clear market demand:
“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.”
He added that the new products are intentionally smaller in size than CME’s existing crypto contracts, making them more accessible:
“Designed for the everyday trader, the size of these contracts — our smallest yet within our Crypto complex — will provide greater precision and market accessibility to clients, while also being quoted in terms they are already familiar with.”
Strong Momentum From Existing Spot-Quoted Futures
CME’s Spot-Quoted Bitcoin and Ether futures have shown accelerating activity since launch. Average daily volume (ADV) stands at around 11,300 contracts since inception, rising to 18,400 contracts in the fourth quarter. December alone recorded an ADV of approximately 35,300 contracts, while a single-day record of 60,700 contracts was set on November 24.
These figures appear to have given CME the confidence to broaden the product line to XRP and SOL, two assets that have seen growing institutional interest across derivatives, options, and exchange-traded products.
The new Spot-Quoted XRP and SOL futures are listed on CME and CBOT and are available alongside futures tied to major U.S. equity indices, including the S&P 500, Nasdaq-100, Russell 2000, and Dow Jones Industrial Average.
Trading at Settlement Activated for XRP and SOL
Alongside the launch, CME has also enabled Trading at Settlement (TAS) for XRP, SOL, and their respective Micro futures. TAS allows traders to execute contracts at a spread to the 4:00 p.m. ET settlement price before that price is known.
This mechanism is widely used by professional market participants to manage execution risk, particularly around net asset value (NAV) calculations linked to crypto ETFs. TAS also supports block trades and anonymous execution through the CME Globex order book, giving traders more flexibility in how they enter or exit positions.
Broader Crypto Derivatives Expansion
The Spot-Quoted futures rollout builds on CME’s broader push into crypto derivatives. In October, the exchange introduced options on SOL, Micro SOL, XRP, and Micro XRP futures, offering daily, monthly, and quarterly expiries. These additions have expanded the toolkit available to traders looking to hedge, speculate, or structure more advanced strategies around major digital assets.
For XRP specifically, CME is positioning both standard and Micro contracts as a capital-efficient way to gain exposure while benefiting from transparent price discovery and centralized clearing. Contracts are settled using CME CF XRP-Dollar Reference Rates, reinforcing the exchange’s emphasis on standardized and regulated benchmarks.
A Regulated Gateway for Crypto Exposure
As crypto markets continue to attract institutional capital, CME’s regulated environment remains a key differentiator. All Spot-Quoted futures are subject to CME and CBOT rules and operate under the oversight of the U.S. Commodity Futures Trading Commission (CFTC).
This structure allows participants to trade XRP and SOL exposure with clearer risk management and counterparty protections than many offshore venues.
With XRP and SOL now joining Bitcoin and Ether in the Spot-Quoted lineup, CME Group is signaling that demand for regulated, spot-aligned crypto derivatives is no longer limited to the largest two digital assets. For traders and institutions alike, the latest launch offers another pathway to engage with crypto markets—without stepping outside the familiar framework of traditional futures trading.”
