Bloomberg News covered the 45,000-contract, 2-year Eris SOFR mega block (View blocks here: https://lnkd.in/gJF6hUv4) traded Monday, record size for an outright block trade.Edward Bolingbroke of Bloomberg News: “Huge Block Trade in ERIS SOFR Swap Futures Signals Position Exit”The $4.5 billion notional ($820,000 DV01) block was traded mid-morning as treasury yields rose sharply. Open interest in Eris SOFR 2-year fell by 44,981 contracts, consistent with the large position exit.
Swap futures’ lower cleared margin appeals to directional buy-side swap hedgers while CME portfolio margining allows swap market-makers to directly hedge buy-side swap futures with CME swaps. Volumes show that Eris swap futures are growing versus MAC SOFR swaps which are a growing part of USD OIS. By volume, Eris swap futures were 11.4% as large as MAC SOFR swaps in Q2 2026, a percentage which was 6.9% in 2024, 8.8% in 2025, and 10.6% in H1 2026. Combining anecdotes with volume and OI stats, I tell the story of swap futures’ development.
Eris SOFR set a new daily volume record of 311,509 on Sep 9, crossing 300K for the first time. Currently in the midst of the quarterly roll, open interest (OI) also set a new record, reaching 846,937 contracts ($85B notional). Front month OI, a leading indicator of future volume, now stands at the record level of 543,936 contracts, having first crossed 500K on Aug 24
Eris open interest (OI) continued its steep rise, crossing 800,000 contracts ($80B notional) for the first time on July 29, hitting a record high 818,762 contracts on August 3
In a world where geopolitical shocks and data-dependent pivots have made interest rate direction more uncertain, the USD swaption market has become the front line of institutional defense. This market has evolved into a $14 trillion epicenter for hedging non-linear interest rate risk. In 2025 alone, traded notional surged by 53%, yet virtually 100% of this volume remains outside of central clearing. While bilateral service frameworks offer some operational relief, the underlying risk structure remains, leaving participants to navigate the manual friction of voice execution and the capital drag of 10-day ISDA SIMM™ margin.1
Investors piled into U.S. swap futures early this week after a sharp back-up in Treasury yields, as investors scrambled to hedge against further increases in borrowing costs — a sign of concern that rates could stay elevated for longer.
June capped a record quarter for Eris SOFR and Eris Options, with quarterly volume reaching 24,466 contracts, up 9% from the previous record (Q1 2026), and up 29% from Q2 last yearMonthly ADV of 49,888 contracts also set a new record, besting the previous record (March, 44,863) by 11%, with total volume surpassing one million contracts ($100 billion notional) for the first time in history
CME Group Eris Options have active order books with market makers now streaming two-sided prices. June trading totaled 1,222 contracts, with initial activity focused in the 2-year July expiry, as well as 2-year October and 10-year September.
Eris SOFR quarterly volume sets new records in May. Eris SOFR volume continued its recent growth in May, with rolling quarterly ADV setting an all-time record of 23,849 on May 22
