Options on XRP and Solana — Details and Figures
CME Group has unveiled plans to launch options on Solana (SOL) and Ripple (XRP) futures on October 13, 2025, pending regulatory approval. The new offerings will include both standard and micro-sized contracts for each cryptocurrency, with expiries available daily, monthly, and quarterly. This expansion builds on the remarkable success of CME’s existing Solana and XRP futures, which have seen significant institutional adoption since their introduction earlier this year.
Solana futures have traded over 540,000 contracts, representing a notional value of $22.3 billion, while XRP futures have exceeded 370,000 contracts totaling $16.2 billion in notional value. In August 2025, Solana futures achieved record metrics with an average daily volume (ADV) of 9,000 contracts ($437.4 million) and average daily open interest (ADOI) of 12,500 contracts ($895 million). XRP futures similarly demonstrated robust activity, with an ADV of 6,600 contracts ($385 million) and ADOI of 9,300 contracts ($942 million) during the same period.
Industry leaders have welcomed this development. Roman Makarov, Head of Cumberland Options Trading at DRW, noted that the launch reflects growing demand for diversified crypto trading options beyond Bitcoin and Ethereum. Joshua Lim, Global Co-Head of Markets at FalconX, emphasized the critical role these tools will play in helping institutional investors manage risk amid increasing exposure to digital asset treasuries.
Context, Impact and Implications
The introduction of options on Solana and XRP futures marks a significant milestone in the maturation of cryptocurrency derivatives markets. By offering these products on a regulated venue like CME Group, institutional investors gain access to sophisticated risk management tools with transparent settlement frameworks and enhanced liquidity. The inclusion of microcontracts further democratizes access, allowing treasuries and smaller funds to participate efficiently.
Options enable more precise hedging strategies, such as protecting against downside volatility or capitalizing on market movements with defined risk. This is particularly valuable for assets like Solana and XRP, which have exhibited both high growth potential and susceptibility to market sentiment. However, the launch remains subject to regulatory review, introducing operational considerations for market participants. The effectiveness of these tools will depend on sustained trading activity and the alignment between spot and derivatives markets.
For the broader crypto ecosystem, CME’s expansion signals deepening institutional confidence in alternative digital assets. It also reinforces the role of regulated derivatives in shaping market stability and adoption. As the October launch date approaches, traders, treasuries, and risk managers will be closely monitoring regulatory developments and preparing to integrate these new instruments into their strategies.
