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May 20, 2025, 4:08 a.m.
- XRP futures contracts began trading on CME Group’s derivatives platform, recording $1.5 million in trading volume on the first day.
- The contracts are cash-settled and benchmarked to the CME CF XRP-Dollar Reference Rate, offering flexibility for various trading strategies.
- The launch follows the CFTC’s classification of XRP as a commodity, paving the way for potential spot XRP ETFs.
XRP futures contracts began trading on CME Group’s derivatives platform on May 19, recording at least $1.5 million in trading volume during the first session, a modest but notable debut for the major token.
STORY CONTINUES BELOW
CME data shows 4 standard contracts (each representing 50,000 XRP) traded on day one, totaling around $480,000 in notional volume at an average price of $2.40. The majority of activity came from 106 micro contracts (2,500 XRP each), accounting for over $1 million in additional volume.
The contracts are cash-settled and benchmarked to the CME CF XRP-Dollar Reference Rate, which is published daily at 4:00 P.M. London time. CME’s dual contract structure is designed to attract both institutional players and smaller participants, offering flexibility for various hedging and trading strategies.
“The launch of regulated XRP Futures on @CMEGroup marks a key institutional milestone for XRP,” Ripple CEO Brad Garlinghouse posted on X on Monday. He added that Hidden Road executed the first block trade.
The listing follows the CFTC’s classification of XRP as a commodity, a regulatory green light that cleared the path for CME to offer these products.
Analysts say the debut could also strengthen the case for a spot XRP ETF, with ETF Store president Nate Geraci saying such a product is “only a matter of time.”
While early volumes may appear modest, XRP’s inclusion on CME widens market dynamics for the major token in terms of price discovery, similar to how price-action on BTC and ETH futures is impacted when the U.S. market opens.
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.
