Mid-Curve options are short-dated American-style options on long-dated Eurodollar futures. These options, with a time to expiration of three months to one year, have as their underlying instrument Eurodollar futures one, two, or five years out on the yield curve. The availability of these products provides a wide variety of hedging and trading opportunities on the mid-range of the yield curve, hence the name “Mid-Curve” options. Because the options are short-dated, they offer a low premium, high time decay option alternative for trading this part of the curve.

In addition to the 1-year, 2-year, and 5-year Mid-Curve options, CME Group also offers Weekly Mid-Curve options and Treasury Matched Mid-Curve options (TOMMi), which have extended expirations to match the longer-dated U.S. Treasury options. Weekly Mid-Curve options allow risk managers to trade Eurodollar options with high gamma on one of the most actively traded Eurodollar futures expirations, the fifth quarterly or first "Red" contract. TOMMi options remove the date mismatch between Treasury and mid-curve options, facilitate more precise volatility spreading, and allow more spreading opportunities with Eurodollar, Treasury and other OTC options.

In any given month there will be at least one Mid-Curve expiration and one TOMMi option expiration. In addition to these, there will also be weekly expirations on the remaining Fridays: