SOFR futures and options
Explore the largest and most efficient marketplace for SOFR trading and risk management.
Three-Month SOFR
One-Month SOFR
SOFR options
Cleared SOFR swaps
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Term SOFR
SOFR futures underpin the calculation of CME Term SOFR, the leading global benchmark for USD lending that now supports trillions of dollars in loans and revolving credit facilities.
- Endorsed by the ARRC
- BMR compliant
- Aligned with the IOSCO principles
EFFICIENCY AT EVERY STAGE
Gain the exposure you need, with the efficiency that only the home for SOFR risk management can provide.
Easy access to transparent markets
Liquid, transparent SOFR swap markets for all futures users; no swap lines or ISDA documents.
70% lower margin than cleared swaps
Requires 60% – 70% less margin to be posted as collateral, freeing up cash.
Eligible for hedge accounting
Unique futures can be held for years like swaps, enabling FASB ASC 815 hedge accounting.
Access leading liquidity, three ways
Tap into best-in-class electronic order book liquidity, trade bilaterally via relationship-based protocols, or benefit from the largest pool of SOFR options liquidity via the trading floor.
Central Limit Order Book (Globex)
Source live, executable markets nearly 24-hours a day via an equal access, transparent order book.
- Thousands of contracts resting at top of book
- Best bid/offer spreads match the minimum tick 99% of the time
- Active RFQ markets complement resting liquidity
Relationship-based trading (ClearPort)
Enjoy the flexibility of bilateral trading, with the simplicity and security of futures markets.
- Active block markets supported by large network of dealer and prop market makers
- Exchange for Risk (EFR) transactions enable packaged trades between futures vs. swaps
- Exchange for Physical (EFP) transactions enable futures vs. SOFR ETNs
Open outcry
Tap into the unique liquidity, insight, and expertise of the trading floor – a venue tailormade to SOFR options.
- Largest pool of SOFR options liquidity, facilitating over 1 million contracts in average daily volume
- Unique ability to price and execute large and complex multi-legged strategies
Trade wherever your risks lie
Efficiently pinpoint interest rate risks anywhere on the curve with highly liquid intra- and inter-market spreads.
SOFR intra-commodity spreads
Express your view on the SOFR curve with a near-bottomless selection of exchange-listed spreads.
SOFR inter-commodity spreads
Spread SOFR versus other rates to manage basis risk, capture relative-value opportunities and unlock cross-margin savings.
Optimize your margin requirements
Get more from your capital with best-in-class cross-margining opportunities.
Futures-Swaps One-Pot Margining
Unlock unparalleled efficiencies by offsetting cleared swaps vs. futures and options exposures through Portfolio Margining.
AVG DAILY SAVINGS IN 2025*
$8.4 billion
OPTIONS-RELATED SAVINGS UP TO
100%
FUTURES-RELATED SAVINGS UP TO
97%
CME-FICC Cross Margining
Access margin efficiencies between U.S. Treasury securities and Interest Rate futures.
POTENTIAL SAVINGS ON CASH VS. FUTURES BASIS TRADES UP TO
80%
Automatic Futures Margin Offsets
Gain margin efficiencies with automatic offsets between Interest Rate futures and options positions.
MARGIN OFFSETS UP TO
90%
CME Direct users: Download the SOFR grid
Access SOFR futures and options grids to facilitate fast spread and outright trading with block ticker displays and customizable real-time block trade data.
- Right click on the buttons below
- Save the files as an .XML on your computer
- In CME Direct, select import view in the main menu
- Import the grid into CME Direct
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Analyze SOFR markets
Build and refine your trading strategies with free pricing and analytic tools for short-term interest rate products.
Quick links
Links
Links
Learn about SOFR basics
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Take self-guided courses on SOFR futures and options
These courses can help you quickly understand the SOFR markets and start trading.
Contact a SOFR expert
Connect with a member of our expert SOFR team to get more information about our products, find a broker or to contact a market maker.