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By Shaurya Malwa|Edited by Parikshit Mishra
May 21, 2025, 7:11 a.m.
- XRP futures contracts launched on the Chicago Mercantile Exchange with over $19 million in trading volume on their first day.
- The contracts are cash-settled and benchmarked to the CME CF XRP-Dollar Reference Rate.
- The launch is seen as a step toward the potential approval of a spot XRP ETF in the U.S.
XRP futures contracts on the Chicago Mercantile Exchange (CME) recorded over $19 million in notional trading volume on their first day and at least $10 million on Tuesday, data shows.
The inaugural trade, a block transaction, was cleared by Hidden Road on May 18. CME’s XRP futures are available in two sizes: standard contracts representing 50,000 XRP and micro contracts representing 2,500 XRP. Both are cash-settled and benchmarked to the CME CF XRP-Dollar Reference Rate, calculated daily at 15:00 UTC.
STORY CONTINUES BELOW
Standard contracts bagged a volume of 7.5 million XRP on Monday and 2.95 million XRP on Tuesday, while micro contracts did 517,000 XRP on Monday and at least 1.2 million XRP on Tuesday.
Market participants see the launch of these regulated futures contracts as a step toward the potential approval of a spot XRP exchange-traded fund (ETF) in the United States.
“Spot XRP ETFs only a matter of time,” Nate Geraci, President of the ETF Store, said in an X post Monday.
Despite the strong debut of the futures contracts, XRP’s spot price remained relatively stable, trading around $2.38, with a slight increase of 0.42% over the past 24 hours.
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.
Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA.
He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
