CME Group will launch options on Solana (SOL) and XRP futures on October 13, 2025. This expansion provides institutional investors with new instruments to manage risk in digital assets and impacts participants using regulated derivatives for hedging and speculation. The announcement follows a rise in interest in these futures, reflecting growing demand for tools within a regulated framework.
Launch Details and Specifications
CME Group will issue options contracts on the existing Solana and XRP futures. The contracts will be available in standard and micro sizes, with cash settlement, referencing the CME CF Solana-Dollar and CME CF XRP-Dollar rates. The launch comes after a period of increasing interest in these futures.
Since their introduction in March 2025, over 540,000 Solana futures contracts have been traded, representing a notional value of $22.3 billion. XRP futures have reached an open interest exceeding $1 billion.
Contract sizes:
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SOL (Standard Solana): 500 SOL per contract
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MSL (Micro Solana): 25 SOL per contract
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XRP (Standard XRP): 50,000 XRP per contract
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MXP (Micro XRP): 2,500 XRP per contract
The options offering will include daily, monthly, and quarterly expirations, enabling intraday hedging strategies and long-term exposure management. Daily expirations reduce latency in managing short-term volatility, a critical feature in highly fluctuating crypto markets. This design meets institutional demand for capital-secure instruments in a regulated environment and could boost liquidity, moving part of the flow from unregulated markets to CME.
Implications for Participants and the Market
Cash settlement and the CME CF reference provide price clarity. Daily expirations facilitate short-term hedging, while monthly and quarterly expirations allow directional and yield strategies. For institutions, the new offering reduces custody and counterparty risks common in unregulated markets.
These features benefit managers requiring precise risk control and traders seeking to leverage small-sized positions. They could also increase demand for liquidity products and margin management services at clearinghouses.
The trading start date is set for October 13, 2025, following accumulated volumes exceeding 540,000 SOL contracts and an XRP open interest above $1 billion. This decision confirms an expansion of regulated derivatives offerings for Solana and XRP, giving participants more tools for hedging and speculation within a regulated framework.
