CME Group plans to launch options on Solana and XRP futures next month

CME Group, one of the world’s largest derivatives exchanges, plans to launch options on Solana (SOL) and XRP futures on Oct. 13, pending regulatory review.

The new contracts will include both standard and micro-sized options on SOL and XRP futures, with expiries available daily, monthly, and quarterly, CME said Wednesday. The additions are designed to give institutional and active traders more flexibility in managing exposure to the two cryptocurrencies.

Futures are contracts to buy or sell an asset at a set price on a future date. Options on futures give the holder the right — but not the obligation — to buy (a call option) or sell (a put option) those futures contracts at a specified price before or at expiration. These instruments allow traders to hedge risks or take positions with more nuanced control over potential gains and losses.

CME's growth in Solana and XRP futures

Giovanni Vicioso, CME Group’s global head of cryptocurrency products, said the planned launch follows "significant growth and increasing liquidity" across the exchange's Solana and XRP futures.

Since debuting in March, more than 540,000 Solana futures contracts — representing $22.3 billion in notional volume — have traded on CME. XRP futures, launched in May, have seen more than 370,000 contracts ($16.2 billion in notional). Both products hit records in August, with Solana futures averaging $437 million in daily notional volume and XRP averaging $385 million.

Joshua Lim, global co-head of markets at FalconX, said demand for institutional hedging tools in Solana and XRP has increased alongside digital asset treasury adoption.

"FalconX is proud to partner with CME Group to improve market efficiency and broaden the derivatives liquidity available to our clients across an expanded universe of crypto assets," he said.

The broader market is also watching for the first Solana and XRP spot exchange-traded funds. The U.S. Securities and Exchange Commission has delayed decisions on several crypto-related ETF filings, though some analysts expect approvals soon. This week, REX Shares and Osprey Funds are expected to launch an XRP ETF that will hold XRP directly while allocating at least 40% of its assets to shares of other XRP-related ETFs.