The third quarter of 2025 marked a period of significant expansion and increased institutional involvement in the crypto market, solidifying its standing as a key asset class. Our Crypto product suite achieved notable milestones, driven by unprecedented volume and open interest. 

Q3 saw record-breaking activity in the crypto market, with combined Crypto futures and options volume exceeding $900B, reaching an all-time high. The quarter also closed with a record average daily open interest (ADOI) of $31.3B across our futures and options suite, culminating in a record notional open interest (OI) of $39B on September 18. 

This heightened activity was further emphasized by record-breaking market participation, with 1,014  large open interest holders (LOIH) recorded the week of September 16. This indicates a substantial broadening of the Crypto derivatives market beyond a select group of participants, demonstrating a wider and deeper institutional presence.

Cryptocurrency futures and options
Average daily volume: 340.3K contracts, $14.1B notional
Average daily open interest: 311.3K contracts, $31.3B notional

Figures mentioned in the number of contracts.
*Indicates a new all-time record. 

While summer brought the heat, our Ether suite delivered record-setting results as price action  outperformed. The sizzling accomplishments include: 

• On August 22, Ether and Micro Ether futures set a daily volume record of 543.9K ($13.1B) contracts, while open interest peaked at $10.6B.
• In September, the Ether futures suite set an ADOI record of 203K contracts ($8.7B). 
• Last month, Ether options reached a record  $1.2B in ADOI, up 37% from the prior August record.

This increased activity in our Ether suite, including a record 118 large open interest holders for Ether futures in August, clearly demonstrates the growing demand for diverse risk management tools as the ethereum ecosystem matures.

Q3 demonstrated a surge in demand for regulated crypto exposure, with Solana (SOL) and XRP futures reaching all-time highs, signaling growing institutional and retail interest that extends beyond bitcoin and ether.

• Solana: Since launch in March, the SOL and Micro SOL futures suite has traded 730K contracts, representing $34B in notional value. SOL futures OI surpassed $2.1B in September, achieving a record for the fastest contract to double its OI past the $1B mark. Combined LOIH reached a record 66 the week of September 16. 
• XRP: Since launch in May, the XRP and Micro XRP futures suite has traded 476K contracts, equating to over $23.7B in notional value. OI reached $1.4B in September and set a new LOIH record of 29 for XRP futures.

This rapid adoption strongly underscores the increasing institutional willingness to embrace regulated altcoin derivatives. This trend validates the maturation of the market and broader institutional participation in the digital asset landscape.

Our new Spot-Quoted Bitcoin (QBTC) and Ether (QETH) futures are gaining traction, with clients seeking the capital efficiency of futures combined with direct price exposure to the spot market. These longer-dated contracts remove the need for frequent position rolls, offering a more streamlined way to trade.

Market adoption has been significant, with over 3.5M contracts traded across the Crypto and Equity suite since launch. This performance highlights a growing appetite for innovative products that offer flexible and precise exposure.

Specifically within the Crypto suite, 400K QBTC and QETH contracts have traded, representing over $380M in notional value. Daily activity peaked with a record 24K QETH contracts traded on September 30 and a record 18K QBTC contracts traded on August 29. In September, the combined crypto and equity ADV reached 107K (+97% vs. August), highlighting a growing appetite for flexible and precise exposure.

Our expanding Crypto product suite now includes options on Solana (SOL) and XRP futures contracts, available in larger- and Micro-sized contracts. Launched on October 13, these new options offer precise tools for managing exposure in the rapidly growing digital asset market, building on our existing regulated futures. They are the only CFTC-approved XRP and Solana options in the U.S., providing a trusted platform for capital-efficient trading. These contracts seamlessly integrate with our financially settled futures providing greater flexibility.

In response to client demand for continuous market access, we announced plans to launch 24/7 trading for our Cryptocurrency futures and options beginning in early 2026. This move will align our regulated derivatives markets with the always-on nature of the underlying digital asset ecosystem.