Surging T-Bill issuance has increased the need for a direct and effective hedging instrument for short-term government debt. 13-Week U.S. Treasury Bill futures aim to meet that need – offering a capital-efficient and precise way to hedge the potential T-Bill yield at auction while also providing for inter-commodity spreads and margin offset opportunities.

Features and benefits

Pinpoint T-Bill exposure

Precisely hedge risks related to yields of 13-Week T-Bill at auctions with six contracts over the nearest one year forward curve.

Spread SOFR vs. T-Bills

Seamlessly trade the basis between leading U.S. money market rates with inter-commodity spreads vs. SOFR futures.

Unlock capital efficiencies

Enjoy automatic margin offsets vs. established interest rate products.

Explore this product in depth

Vendor Codes

  Outrights SOFR-TBILL ICS
CME Globex TBF3 SR3-TBF3
Bloomberg TZR SFRTZR Comdty
Fidessa TBF3 SR3-TBF3
FIS Global TBF3 SR3-TBF3
Itiviti TBF3 SR3-TBF3
Refinitiv TB3F SRA-TB3F
Vela TBF3 SR3-TBF3

Trade T-Bill Futures 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 T-Bill 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.

Introduction to hedging with T-Bill futures

David Gibbs, Director of Education at CME Group, discusses ways to use T-Bill futures to hedge interest rate exposure, how the contract fits with other STIR products, and more.

View the latest insights on trends in the Interest Rate futures and options market.


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.

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