CME Launches Uniswap Futures With 10,000-Token Contracts, Confirms First Trade
Key Facts
CME Group launched trading in Uniswap futures on October 19, 2026, expanding its cryptocurrency derivatives offering to include Bitcoin Cash as well. The group confirmed the new contracts were available for trading after announcing its plans in September. In a statement dated October 20, it said FalconX and GSR executed the first block trade in the new Bitcoin Cash and Uniswap contracts. The group linked the expansion of its product suite to what it described as "strong client demand." The launch adds tools for managing digital asset price risk, the need the group cited when announcing its plans.
According to CME's listing specifications, a standard Uniswap contract represents 10,000 UNI tokens. The micro contract size is 1,000 tokens, offering trading in two contract sizes tied to the same asset. The contracts are quoted in U.S. dollars and cents per token, according to the specifications document. The group says standard and micro cryptocurrency contracts are cash-settled against the corresponding CME CF reference rates for each asset. Trading these products requires an account with a futures broker, according to the group's cryptocurrency derivatives FAQ.
The Uniswap reference rate aggregates transaction data from multiple markets trading the token against the dollar, according to CF Benchmarks, which publishes the index. These markets are operated by major cryptocurrency exchanges, and their transactions feed into the calculation of the benchmark used for the contracts' cash settlement. CME describes Uniswap itself as a decentralized exchange operating on the Ethereum network. The platform uses an automated market maker model, according to the description published on the group's website. Giovanni Vicioso, CME's head of cryptocurrency products, said: "As cryptocurrency markets continue to mature, participants need a broader range of regulated tools to manage price risk in evolving digital assets."
The expansion followed average daily volume of 279,800 contracts in CME cryptocurrency futures and options in the first half of 2026. That daily average had a notional value of $8.3 billion, according to figures the group cited in its launch announcement. In the third quarter of the same year, average daily volume across the cryptocurrency product suite reached 195.8 thousand contracts. That average was below the level recorded in the first half, according to figures in the group's quarterly report and announcement. Average daily open interest stood at 197.4 thousand contracts in the third quarter, before trading began in the new Uniswap and Bitcoin Cash products.
In the cryptocurrency market, Uniswap traded at $7.3162 on October 19, the day futures trading began, according to Investing's daily historical data. Its daily gain on that date was 1.67%. The price remained below the $10.2157 recorded on September 22, 2026, when the futures launch plan was announced. In a subsequent update dated October 21 at 03:22 GMT, the platform showed Uniswap's relative strength index at 59.813. Investing classified the indicator's reading in that update as a "Buy" signal in its technical assessment of the token.
Alongside the launch, CME established a market-making programme aimed at encouraging participants to support the products' rollout and development, according to the programme document. The framework allows for the selection of up to 7 participants. Participants are required to provide continuous bid and offer quotes as part of the market-making obligations accompanying the new products. The group reserves the right to amend, extend or terminate the programme, according to the terms in the document. Its scheduled end date is January 31, 2027, marking the next dated milestone for this support following the start of trading.