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Interest Rate futures and options

Manage interest rate risk via the world’s most liquid and efficient Interest Rate derivatives marketplace.

https://www.cmegroup.com/content/dam/cmegroup/markets/interest-rates/images/interest-rates-leadspace-1440x500.jpg

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When rates move, liquidity is everything

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overview
Effective interest rate risk management demands liquid markets. That’s why institutions around the world turn to CME Group, home to the deepest centralized pool of liquidity for SOFR, Fed Funds, U.S. Treasuries and more. Plus, flexible execution, unrivaled capital efficiencies, and the safety of CME Clearing.
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Interest Rate news and events
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News-And-Events/News

asset-class/interest-rates

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/content/cmegroup/en/news
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/solutions/market-access/cme-direct.html
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CME DIRECT MOBILE APP
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YOUR TRADING PRO, ON THE GO.
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Download Today
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/markets/interest-rates/treasury-link
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COMING Q4 2026*
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Treasury Link: Say goodbye to legging risk
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Description

Trade Treasury futures vs. BrokerTec via a single spread on Globex, eliminating legging risk, reducing friction and maximizing efficiency.

*Pending regulatory review

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Find out more
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Explore our Interest Rate products

Trade futures and options on U.S. Treasuries, SOFR, Fed Funds, €STR, TBAs, Credit, and more—with maturities from one-week to 30-years.

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U.S. Treasuries

Efficiently manage exposure to U.S. government debt with expansive liquidity across futures, options and cash securities, and best-in-class capital efficiencies.

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303

329

316

307

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303: 2-Year T-Note futures

329: 5-Year T-Note futures

316: 10-Year T-Note futures

307: U.S. Treasury Bond futures

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SOFR

As the leading tools for hedging USD short-term interest rates, SOFR futures and options offer deep liquidity across the forward curve, alongside 80 options expiries for fine-tuning exposures from one week to four years.

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8463

8462

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8463: One-Month SOFR futures

8462: Three-Month SOFR futures

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Fed Funds

Widely used for expressing a view on Fed policy changes, Fed Fund futures reflect market expectations regarding the course of the Federal Reserve’s monetary policy.

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305: 30 Day Federal Funds futures
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Credit

It is a new era for managing credit and interest rate risk in corporate bond markets. With Credit Index futures, participants can take advantage of an all-to-all electronic market and low tracking error with solutions in investment grade and high yield markets.

Product id

10676

10677

10678

11066

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U.S. T-Bill

Precisely hedge T-bill exposure with cash-settled futures based on 13-week T-bill auction yields, and enjoy seamless spread trading vs. Three-Month SOFR futures.

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10575
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10575: U.S. T-Bill
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ESTR

CME Group is the venue of choice for end-users seeking exposure to the Euro Short-Term Rate (ESTR), the European risk-free rate quickly becoming the preferred benchmark in EUR swaps and cash markets.

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10247

10248

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10247: Euro Short-Term Rate (€STR) futures (ESR)

10248: Euro Short-Term Rate (€STR) futures (EUS)

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Mexican Funding TIIE

Peso-denominated, monthly and quarterly futures contracts for the Central Bank of Mexico’s Overnight TIIE Funding Rate (F-TIIE) – an IOSCO-compliant, risk-free reference rate based on the highly-developed and liquid Mexican repo market.

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9997

11085

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9997: Mexican Funding TIIE (Monthly Contracts) futures
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TBA futures

Physically delivered 30-Year UMBS TBA futures bring the efficiency and global accessibility of a central limit order book to the U.S. mortgage market, with margin offsets and spread trading vs. Treasury futures.

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10084

10085

10086

10087

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10084: 30-Year UMBS TBA futures - 3.5% coupon

10085: 30-Year UMBS TBA futures - 4.0% coupon

10086: 30-Year UMBS TBA futures - 4.5% coupon

10087: 30-Year UMBS TBA futures - 5.0% coupon

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Swap futures

Swap futures offer interest rate swap exposure with the margin efficiency and simplicity of a standardized futures contract. Capitalize on multiple execution venues, flexibility at expiration, and risk offsets.

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8953

8956

8957

8958

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8953: 2-Year Eris SOFR Swap futures

8956: 5-Year Eris SOFR Swap futures

8957: 7-Year Eris SOFR Swap futures

8958: 10-Year Eris SOFR Swap futures

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View CME Rulebook for information on exchange rules, delivery procedures, and clearing services

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Block trades

Asset Classes and Product Groups
Interest Rate
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See the latest Interest Rate block trade information.
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Sign up for block trade email alerts [link-bold]
URL
/clearing/operations-and-deliveries/accepted-trade-types/block-data.html?utm_source=cmegroup&utm_medium=interest_rates_banner&utm_campaign=blocks_promo
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CREATE CUSTOMIZED ALERTS FOR BLOCK TRADES:
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NOW AVAILABLE
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Resources

View contract and exchange details to help you trade Interest Rate futures and options.

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/trading/market-tech-and-data-services/brokertec.html
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Platform
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BrokerTec
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Description
Trade cash bonds and repo on our industry-leading, anonymous dealer-to-dealer electronic trading platform for the U.S. and European fixed income markets.
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Learn more
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Treasury CVOL Index

Track forward-looking risk expectations on U.S. Treasuries with the CME Group Volatility Index (CVOLTM), a robust measure of 30-day implied volatility derived from deeply liquid options on Treasury futures.

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TVL
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Interest Rate Data

Gain an edge in interest rate markets with the most reliable and comprehensive data across the entire yield curve.

From short-term interest rate and U.S. Treasury futures and options, to OTC and cash markets, to industry-leading benchmarks, the CME Group data offering gives you unparalleled insights and access into the movement of interest rate markets.
Powerful data that drives results
Analyze trends and yield curve movements, track inflation signals and tailor futures and options strategies accordingly to seek a competitive edge.
Various latency options

We offer varying data frequencies to suit your needs:

  • Real-time
  • Delayed
  • End-of-Day
  • Historical
Flexible connectivity methods
Choose how you want to access data: low-latency direct connections; on-demand via the cloud, downloadable historical data via CME DataMine; direct integration into your systems via REST and real-time streaming APIs; or using a licensed distributor.
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Interest Rate tools

Build and refine your trading strategies with free pricing and analytics tools for CME Group Interest Rate products.

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CME FedWatch

Explore probabilities for FOMC rate moves, compare target ranges or view historical rate data.

CME SOFRWatch

Visualize the potential impacts of FOMC decisions on SOFR expectations.

CME €STRWatch

Visualize the potential impacts of ECB decisions on the expected prices of €STR futures.

TreasuryWatch

View Treasury yields and volatility, track auctions and coupon issuance, and chart the Fed's balance sheet composition.

Credit Futures Analytics

Explore the corporate credit market with our tool that lets you analyze the roll, fair value and implied financing rates for Credit futures.

Commitments of Traders

View positioning data by segment, at what size, whether they’re long, short, or spreading, and chart changes over time.

Total Cost Analysis

Analyze the all-in costs of managing interest rate exposure using listed futures versus over-the-counter (OTC) instruments like swaps.

Pace of the Roll

Track the pace of the Treasury roll, compare vs. historical averages, and analyze the cheapness/richness of the calendar spread.

Open Interest Profile

Analyze open interest and open interest change patterns for Interest Rate options by expiration.

Treasury Analytics

Analyze deliverable baskets, CTD/OTR securities, futures/cash yield curves, inter-commodity spreads, and more.

Mortgage Analytics

Access TBA futures data and interactive modelling of the Fed’s MBS holdings and projected pace of run-offs.

STIR Analytics

Access historical fixings for EFFR, SOFR, and Term SOFR, compare futures curves, and analyze basis spreads between STIR futures.

Get started today

Create a CMEGroup.com Account and unlock access to premium content, pro tools, and apps. Manage market alerts, build a portfolio of the products you want to watch, and subscribe to reports to stay informed about market-moving events.
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Research and analysis

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research
Get our experts' perspectives on current trends.
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asset-class/interest-rates
optional tags

topic/sofr

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topic/product-research

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STAY IN THE KNOW

Get news and updates about CME Group Interest Rate futures and options on LinkedIn.

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NOTICES
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Advisory Notices/SER Advisories/Interest Rates Advisories
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Courses

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Take self-guided courses on Interest Rates

If you're new to futures, the courses below can help you quickly understand the Interest Rate market and start trading.

13 modules

Master the Trade: Futures

Launch course

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Contact an Interest Rates expert

Connect with a member of our expert Interest Rate team for more information about our products.

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CUF-2023-IR-000
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