Emre Yumlu 
CME Group, one of the world’s largest derivatives marketplaces, continues to deepen its presence in the digital asset sector. The company has officially introduced spot-quoted futures contracts for XRP and Solana (SOL), marking another step in the institutionalization of crypto trading. The launch is particularly relevant for active traders and professional market participants seeking closer alignment with spot market pricing.
How Spot-Quoted Futures Differ From Traditional Contracts
The newly introduced XRP and SOL products follow the same framework as CME’s existing spot-quoted Bitcoin and Ether futures. Unlike conventional futures contracts, which often trade at a premium or discount due to financing and carry costs, spot-quoted futures are designed to closely track real-time spot prices.
Instead of embedding financing costs into the contract price, these adjustments are calculated separately at settlement. This structure allows traders to engage with futures markets using spot-style pricing, without the need to manage contract expirations or rollover strategies.
CME’s Smallest Crypto Contracts to Date
The spot-quoted XRP and SOL futures are the smallest crypto contracts CME has launched so far. According to Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group, strong interest in spot-quoted Bitcoin and Ether futures played a key role in expanding the product lineup to include additional digital assets.
Since their introduction in June, spot-quoted Bitcoin and Ether contracts have generated significant activity, with more than 1.3 million contracts traded. Average daily volume has reached approximately 11,300 contracts, while a single-day record of 60,700 contracts was set on November 24. These figures highlight growing demand for futures products that mirror spot market behavior.
Trading at Settlement (TAS) Now Available
Alongside the launch of XRP and SOL futures, CME Group has enabled Trading at Settlement (TAS) for these contracts and their respective micro versions. TAS allows traders to execute futures transactions at a defined spread relative to the 4:00 p.m. ET settlement price, before that price is finalized.
This mechanism is commonly used for managing risk around crypto ETFs, particularly during net asset value creation and redemption processes. TAS also supports block trades and anonymous execution through CME Globex, offering greater flexibility in trade execution.
A Broader Push Into Crypto Derivatives
This latest expansion follows CME’s earlier move to introduce options trading on SOL, Micro SOL, XRP, and Micro XRP futures in October, with daily, monthly, and quarterly expirations. Together, these developments underscore CME Group’s strategy to build a comprehensive crypto derivatives ecosystem.
By adding spot-quoted futures for XRP and SOL, CME is further aligning institutional trading tools with spot market dynamics, making crypto derivatives more accessible and efficient for sophisticated market participants.
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.