CME Three-Month €STR futures reflect euro overnight interest rate expectations between IMM dates. The contract represents the leading pool of centralized liquidity on the Euro Short-Term Rate (ESTR) – the European risk-free rate that is quickly becoming the preferred benchmark in EUR swaps and cash markets.

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Features and benefits

Hedge EUR overnight markets effectively

Harness the capital efficiency of futures to carry out euro-based overnight balance sheet hedging.


Trade IBOR/OIS basis seamlessly

Trade the differential between the cost of funds for IBOR and overnight money market or repo rates.

Capitalize on rapidly deepening liquidity

Take advantage of robust top-of-book depth, tightening bid/asks, and already active outright, spread, and ICS markets.


Hedge potential T-Bill yields precisely

Now live: Trade T-Bill futures across six expirations to hedge the risks of soaring Treasury debt issuance and volatility in the short end of the curve.

Explore this product in depth

Trade €STR within the leading STIR ecosystem

Seamlessly trade €STR versus SOFR or Euribor to manage basis risks, capture relative-value opportunities, and unlock cross-margin savings.


Manage cross currency basis spreads between EU and U.S. money market rates or price and hedge forward FX.

€STR vs. Euribor

Trade the differential between Euribor and ESTR with the efficiency of single contract basis spread futures.

Find €STR on CME Direct

A fast, secure, and highly configurable trading front end, CME Direct offers a one-stop shop for accessing liquidity
across CLOB trading, RFQs, and block negotiation/reporting workflows.
Not on CME Direct? Get started.

Download €STR trading grids

  1. Right click on the link and select "Save link as...".
  2. Save the file as an .XML on your computer.
  3. In CME Direct, select import view in the main menu.
  4. Import the grid into CME Direct.
  5. Under Menu, click on Save Window Layout.


The Euro Short Term Rate, or €STR, is the primary overnight money-market benchmark rate in the Euro area and reflects the wholesale euro unsecured overnight borrowing costs of banks located in the euro area.

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

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