SOFR and Treasury futures combine for record 41M in OI
Economic uncertainty and questions over the Fed's path drove the broader Rates complex to fresh records, a result of increased demand for efficient risk transfer across the curve.
In Short-Term Interest Rate (STIR) futures, both SR1 and SR3 hit new highs. SR1 set a one-day volume record (over 900K), while SR3’s open interest (OI) exceeded 13.88M on November 26.
In Treasuries, OI eclipsed 26M for the first time, exceeding the previous August high-water mark by over 1M. Flagship 10-Year futures also surpassed 6M in OI for the first time, up 1M in average daily open interest (ADOI) versus last November.
CME Group is where the world comes to manage STIR risk. Explore our resources below for more details on our platform.
Credit futures suite: It’s everywhere you want to be
New users are driving a significant boost in Credit futures trading, with activity accelerating across all four contracts as the year’s final roll. This has resulted in several key milestones, including:
- Quarter-to-date, the suite has achieved record average daily volume (ADV) and ADOI, with volume up over 150% from Q4 2024.
- The first-ever BTIC trade was completed, totaling 100 contracts in IQB.
- A record OI has been established heading into the December roll, which is currently underway.
Eris SOFR hits 500K in OI
Eris SOFR OI surged in 2025, driven by institutional swap users embracing the contracts. This growth builds upon the initial success with smaller hedgers who previously did not have access to the interest rate swap market.
The key details of the surge include:
- Multiple block trades, including several with over $1B notional value.
- Record ADOI in November, up 53% year-over-year.
- OI has doubled this year, with growth of over 250K contracts in 2025.
More in Interest Rates
CMESC now approved
The U.S. Securities and Exchange Commission (SEC) has approved the registration of our new securities clearing house, CME Securities Clearing Inc.
With the launch expected in Q2 2026, CMESC will help market participants comply with coming SEC Treasury and Repo clearing mandates.
Will Powell deliver one more cut in 2025?
With an uncertain economic outlook, speculation continues over what the Fed will do to close out the year.
FedWatch has shown a wide range of outcomes for the upcoming meeting, though currently the market is coalescing around a cut.
Monitor FedWatch in 2026 for more clues on the Fed's path ahead.
Important updates to key rates pages
Quick Reference Guide: Updated with the latest block thresholds for both futures and options, this is your hub for info on our complete offering for this type of trade.
Invoice Swap Spread Calculator: This improved tool helps you determine risk-neutral positioning and key factors for any Treasury vs. IRS trade.
Data as of December 3, 2025, unless otherwise specified.
View an archive of the Rates Recap online at cmegroup.com/ratesrecap.
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