FalconX and GSR Execute First Block Trade in Bitcoin Cash and Uniswap Futures
Key Facts
CME Group announced that FalconX and GSR executed the first block trade in its new Bitcoin Cash and Uniswap futures, part of its expansion in cryptocurrency derivatives. The announcement came in a statement dated October 20, after the scheduled date for the contracts to become available for trading. The listing notice had set October 19 for trading on Globex and submission for clearing through ClearPort, subject to completion of regulatory reviews. The product launch includes standard and micro contracts for both cryptocurrencies, all eligible for block trading, according to the group's specifications. CME said the expansion responds to strong client demand for institutional-grade tools to manage exposure to highly liquid altcoins.
Average daily volume across the group's cryptocurrency futures and options exceeded 242,000 contracts from the start of the year through the announcement, representing daily notional value of $7.9 billion. Average daily open interest stood at about 240,000 contracts over the same period, with notional value of $14.3 billion, according to CME's statement. In the first half of the year, average daily volume in these products reached 279,800 contracts, representing daily notional value of $8.3 billion. Average open interest in the first half was 264,600 contracts, with notional value of $15.4 billion. The group places the new contracts within its cryptocurrency derivatives suite, which includes futures and options, and presents aggregate activity metrics in the announcement.
The product specifications set the standard Bitcoin Cash contract size at 250 units of the cryptocurrency, trading under the symbol BCA. The micro Bitcoin Cash contract represents 25 units and carries the symbol MCH, according to CME's product launch page. For Uniswap, the standard contract represents 10,000 tokens and uses the symbol UNI. The micro Uniswap contract represents 1,000 tokens and carries the symbol MUN within the new contract suite. The group permits block trades in all these contracts, both standard and micro, according to the specifications published at launch.
CME defines a block trade as a privately negotiated transaction permitted to take place outside the public auction market. These transactions include futures, options or combinations of the two, under the group's block trading rules. After execution, the resulting positions are submitted to CME's clearing house, according to its explanation of the process. Those positions are submitted through ClearPort or CME Direct, linking transaction execution with clearing procedures. The contracts are financially settled, so trading them does not require a digital asset wallet, according to the group's published frequently asked questions.
Giovanni Vicioso, CME's head of cryptocurrency products, said participants' needs are expanding as the market matures. He added that participants need "a broader range of regulated tools," outlining the reasons for expanding the product suite. The group linked the expansion to client demand for tools to manage exposure to highly liquid altcoins. Its expansion has also included Cardano, Chainlink, Stellar, Avalanche and Sui contracts, alongside the addition of Bitcoin Cash and Uniswap. According to CME, the expansion in contracts for those cryptocurrencies has added nearly $2 billion in notional value growth since the start of the year.
CME's cryptocurrency futures and options are available for trading around the clock throughout the week, under the rules governing their availability. Maintenance windows are excluded, according to the group's frequently asked questions on cryptocurrency contracts. The group also offers the potential to reduce margin requirements by offsetting positions within its cryptocurrency derivatives suite. On corporate earnings, CME is scheduled to report third-quarter results on Wednesday, October 21, 2026. The group said the results would be released before markets open, according to its reporting schedule announcement.