Interest Rates

Swap Futures

Get interest rate swap exposure with the margin efficiency, simplicity and safety of a standardized futures contract through the suite of Eris SOFR Swap futures products.

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Block trades

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See the latest block trade information for Eris SOFR Swap futures.
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Eris/Treasury Swap Spreads

Trading swap spreads with Eris SOFR and Treasury futures unlocks the benefits of liquid, anonymous and electronic futures markets.

Available in tenors of 2, 5, 7 and 10 years, Eris/Treasury Swap Spreads offer single-price negotiation in a central limit order book (CLOB), with trades resulting in specific positions in each of the underlying futures contracts (Eris SOFR Swap futures and Treasury futures).

Futures can be used for both swap spread trade legs
Like headline spreads and invoice spreads, Eris/Treasury Swap Spreads allow users to express a view on the market for swaps over Treasuries. By uniquely utilizing electronically-executable futures for both legs of the Swap Spread trade, they allow market participants superior balance sheet efficiency and operational ease.
Lower fees than the swap market
Dealers hedging swaps with our futures can save up to 66% on fees for 5-, 7- and 10-Year Eris/Treasury Swap Spreads, compared with traditional swap spreads on swap market venues.
Anonymous execution, no RFQ required
Hedge funds, asset managers or other spread traders can use Eris/Treasury Swap Spreads to express a view on Swap Spreads without any information leakage or leaving footprints in the market.
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Eris SOFR Swap futures

Eris SOFR Swap futures are contracts that replicate all the cash flows of equivalent fixed versus floating, SOFR-indexed swaps. These contracts do not expire quarterly, but instead remain listed for the entire swap accrual period. This allows Eris SOFR Swap futures to be capital efficient, easy-to-implement hedging instruments for end users.

Swap Essentials
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Why trade Swap futures?

Easy access to transparent markets

Liquid, transparent SOFR swap markets for all futures users; no swap lines or ISDA documents.

70% lower margin than cleared swaps

Requires 60% – 70% less margin to be posted as collateral, freeing up cash.

Eligible for hedge accounting

Unique futures can be held for years like swaps, enabling FASB ASC 815 hedge accounting.

Learn about Swap futures

Find out more about Swap futures with our latest research and analysis.

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Master the Swap futures market

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Take self-guided courses on Swap futures

If you’re new to futures, the courses below can help you quickly understand the Swap futures market and start trading today.

1 module

Using Eris SOFR Swap Futures to Manage Interest Rate Exposure

Find out how you can use Eris SOFR Swap futures to hedge interest rate risk.

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Contact a Swap futures expert

Connect with a member of our expert Interest Rates product team to get more information about our Swap futures products, find a broker or connect with a liquidity provider.

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