Overview
- CME data showed roughly 15,600 Solana (standard and micro) and 9,900 XRP (and micro) contracts outstanding this week, totaling about $3 billion in notional open interest.
- Options on both futures began trading in mid-October, with the first XRP options block on Oct. 12 between Wintermute and Superstate and the first Solana options trade on Oct. 13 between Cumberland DRW and Galaxy.
- Solana and XRP futures each previously topped $1 billion in notional open interest by August, with Solana hitting the mark first after its March launch and XRP reaching it three months after debuting in May.
- CME executives say institutions are using these contracts for hedging and relative‑value trades, noting a richer basis than Bitcoin and Ethereum and average October Solana futures notional volume near $700 million.
- CME positions itself as a primary venue for regulated altcoin derivatives, offering standard Solana contracts sized at 500 SOL alongside micro contracts to broaden access.