CME opens trading in Uniswap futures with 10,000-token contracts
Key Facts
Uniswap futures are now available for trading at CME Group, with a standard contract size of 10,000 UNI tokens, according to the group's launch page and published contract specifications. The company had set October 19 as the launch date in an announcement that made the plan subject to regulatory review at the time. The offering includes a micro contract of 1,000 tokens alongside the standard contract. The group offers the products in a market operating around the clock, seven days a week, and regulated by the U.S. Commodity Futures Trading Commission. The listing adds tools for managing digital asset price risk to CME's cryptocurrency derivatives suite.
The Uniswap listing coincides with the availability of Bitcoin Cash futures, according to the group's launch page. The standard contract size is 250 coins, compared with 25 coins for the micro contract, and all contracts included in the launch are eligible for block trades. CME attributed the expansion to "strong client demand" for institutional risk management tools in highly liquid altcoin markets. Giovanni Vicioso, the group's global head of cryptocurrency products, said expanding regulated tools helps participants "navigate evolving digital asset price risk." The group also offers the possibility of potential margin offsets across its cryptocurrency derivatives suite, which could improve capital efficiency.
The expansion follows average daily volume of 279,800 contracts in CME's cryptocurrency futures and options in the first half of 2026. The notional value of that daily average was $8.3 billion, according to the group's launch announcement. In the third quarter of 2026, the cryptocurrency derivatives suite recorded average daily volume of about 195,800 contracts. That was below the first-half average, according to figures the group published for the two periods. Average daily open interest across the cryptocurrency derivatives suite was about 197,400 contracts in the third quarter, according to its quarterly report.
Uniswap contract specifications provide for cash settlement, with the final settlement price tied to the CME CF Uniswap-Dollar Reference Rate on the last trading day. According to CF Benchmarks, the daily benchmark aggregates trading data from several Uniswap-dollar markets operated by cryptocurrency exchanges. It has been calculated daily since its launch on April 25, 2022, according to its administrator. The UNI token itself can be delegated and used to vote in protocol governance, according to Uniswap Labs. The company said in its explanation of the token's use: "UNI tokens can be delegated and used to vote through the governance portal."
Alongside the launch, the market maker program for Bitcoin Cash and Uniswap futures allows for the selection of up to 7 participants, according to CME's program document. Participants must provide continuous bid and ask quotes for a specified proportion of trading time. Their obligations include complying with bid-ask spread limits and minimum quoted sizes. Participants receive predetermined incentives upon meeting those obligations, according to the group's published program terms. CME can withdraw participant status from those who no longer meet the program's requirements.
According to the initial expiration schedule, Uniswap futures include monthly expirations from October 2026 through March 2027. The schedule then includes June, September and December 2027 expirations, followed by March 2028. Trading in an expiring contract ends at 4 p.m. London time on the last Friday of the contract month, according to CME's specifications. The market maker program is scheduled to end on January 31, 2027, according to the program document. The exchange reserves the right to amend, extend or terminate the program under the published terms.