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.
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