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
By Edward Bolingbroke(Article available only to Bloomberg subscribers)Bloomberg features Eris Innovations’ latest funding round alongside the growing institutional adoption of Eris SOFR Swap futures.Read Bloomberg article
window.dataLayer = window.dataLayer || [];
function gtag(){dataLayer.push(arguments);}
gtag('js', new Date());
gtag('config', 'G-G640VE0Y19');
Leading trading firms invest in Eris Innovations amid growing demand for capital-efficient listed derivativesCHICAGO, IL — May 19, 2026 — Eris Innovations, an intellectual property licensing company and the creator of Eris SOFR Swap futures (Eris SOFR), today announced a new investment round backed by leading trading firms, following a marked rise in Eris SOFR activity at CME Group.Eris Innovations completed the investment round to support the launch of Eris Options in June, as well as the continued growth of the Eris SOFR complex, providing capital and strategic alignment with core liquidity providers. Participants include proprietary trading firms and their affiliates such as DRW, DV Trading, BlackEdge Capital, Arb Trading Group, Chicago Trading Company, and TransMarket Group, with DV Trading leading the round. CME Ventures also participated in the transaction.Recent activity in Eris SOFR reflects accelerating institutional adoption:Open interest tripled over a 16-month period from January 2025 to April 2026, increasing from 237,000 to a recent high of 713,000 contractsDuring the same period, the number of market participants more than doubled, according to CFTC public reports, reflecting expanding engagement from mortgage hedgers, regional banks, and asset managersAverage daily trading volume exceeded 22,000 contracts in the first quarter of 2026, including a monthly record of 44,863 contracts in MarchGrowing numbers of participants are accessing liquidity from both swap dealers and futures market makers to hedge interest rate risk using Eris SOFR, achieving initial margin savings of more than 60% compared with traditional OTC swapsEris Options are designed to deliver swaption-like risk exposure in a standardized, exchange-traded format. The product extends the capital efficiency and operational advantages of Eris SOFR into the options market, offering market participants a new way to manage longer-dated SOFR rate risk.“The rapid adoption of Eris SOFR demonstrates strong demand for liquid, capital-efficient, listed alternatives to OTC interest rate products,” said Michael Riddle, Chief Executive Officer of Eris Innovations. “This round aligns us with experienced liquidity providers critical to establishing deep, transparent markets for Eris Options.”“Eris SOFR Swap futures unlocked a more efficient way to access swap spread risk, combining the precision of OTC markets with the efficiency of listed derivatives,” said Don Wilson, CEO of DRW and co-inventor of the technology behind Eris Innovations. “The introduction of options extends that framework by offering more efficient ways of managing swap spread risk in the volatility space.”“Buy-side hedgers and fund managers are savvier than ever these days, constantly evaluating how to deploy their capital most efficiently to reach their investment objectives, lest they fall behind their competitors,” said Jared Vegosen, Co-Founder of DV Trading. “Having provided liquid markets in Eris SOFR since inception, we are focused on bringing the same depth, consistency, and pricing discipline to Eris Options at launch.”“SOFR underlies the vast majority of U.S. dollar floating-rate financing, and there is clear demand for more efficient tools to manage volatility in longer-dated exposures,” said Josh Mateffy, Founder and Managing Partner of BlackEdge Capital. “As a leading market maker in CME Group’s interest rate options for more than a decade, BlackEdge is well positioned to help build deep, consistent markets for Eris Options.”Eris Options will complement CME Group’s existing U.S. Treasury and SOFR complexes. Eris Options feature futures-style margining, similar to forward-premium OTC swaptions, and remove operational burdens associated with swap data repository (SDR) reporting, uncleared margin rules (UMR), and manual trade confirmations. About Eris InnovationsEris Innovations is an intellectual property licensing company that partners with global financial exchanges to develop futures products based on its patented product design, the Eris Methodology. Trademarks of Eris Innovations and/or its affiliates include Eris, Eris Innovations, Eris SOFR, Eris Options, and Eris Methodology. For more information on Eris Options, visit erisfutures.com/options. Media contact:Craig Haymakercraig.haymaker@erisfutures.com+1-952-952-6304Read more on Business Wire
window.dataLayer = window.dataLayer || [];
function gtag(){dataLayer.push(arguments);}
gtag('js', new Date());
gtag('config', 'G-G640VE0Y19');
