- 12 Nov 2025
- By CME Group
- Topics: Interest Rates
STIR futures reached new levels of activity for One-Month SOFR (BBG: SER) and Fed Funds (FF) contracts, as well as the intercommodity spread (SERFF) that links the two and complements liquidity.
Key STIR stats include:
- One-Month SOFR: Record open interest (OI) of over 2M contracts (Oct. 1) and a new one-day volume record of 835K contracts (Oct. 31).
- Fed Funds: Record OI of over 3M contracts (Sept. 23) and three-month rolling average daily volume (ADV) now above 600K.
- SERFF: The SOFR vs. Fed Funds (SERFF) spread has continued to decline, with spreads now testing -12bps. Traders have been riding this wave of activity, with volume cresting over 500K for the first time ever to close out the month.
Source: CME Group
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Though the Fed cut rates to close out October, comments from Chair Powell at the FOMC press conference have raised questions about the path ahead, boosting demand for the efficient risk transfer available via SR3 contracts.
Key stats for Three-Month SOFR contracts include:
300K increase in OI since the Fed decision.
ADOI over 12.5M, the second highest level ever.
When rates move, liquidity is everything. Look to FedWatch for insights on upcoming rate decision days.
Treasury futures OI reached a new non-roll high of 23.7M on October 29.
The average daily open interest (ADOI) for the month also nearly set an all-time record, showing strength across the curve with highs in 2-Yr, 10-Yr and Ultra T-Bond futures.
Explore our Treasury resources to help you efficiently manage risk for the rest of Q4.
As ADOI hit another new monthly record and notional surpassed the $700M mark, the growing Credit futures ecosystem continues to deepen. Participants are increasingly taking advantage of Credit futures' capital efficiency, 70% margin offsets with U.S. Treasury futures, and derived block availability.
Notably, High Yield Credit futures reached new highs in October, highlighted by OI in HYB setting a new record on October 10, approaching 3K contracts, or nearly $300M notional.
Uncover the key factors shaping the Credit futures market in our latest research piece.
With volatility in the mortgage rate market, new levels of risk management took place in October for TBAs. Over 23.6K contracts traded on October 6, pushing OI to a new high of over 33.5K.
Source: CME Group
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After a banner September, activity in the 2-Yr options market continued at a torrid pace. ADV remained above 73K, while ADOI hit a new monthly record at just over 835K contracts.
Year-over-year, growth for both ADV and ADOI is nearly 250%, highlighting the dramatic expansion of this market in just the past 12 months.
Source: CME Group
Data as of November 1, 2025, unless otherwise specified.
View an archive of the Rates Recap online at cmegroup.com/ratesrecap.
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