Solana Futures Volume on CME Soars on ETF Optimism

• SOL futures volume on CME reaches US$8,1 billion
• Solana Open Interest Triples with Focus on ETFs
• Solana Staking ETF Boosts Derivative Activity

Solana saw a significant jump in futures trading volume and open interest on the CME during July, reflecting growing anticipation surrounding the potential approval of a spot ETF for the cryptocurrency. Total trading volume jumped from $2,3 billion in June to $8,1 billion, a 252% increase, according to market data.

The average monthly open interest also more than tripled, rising from $132,3 million to $400,9 million. This was the highest level of activity recorded since the launch of Solana futures on the CME in March.

CME Group currently offers two SOL futures contracts: a micro 25 SOL futures contract and a micro 500 SOL futures contract. Giovanni Vicioso, global head of cryptocurrency products at CME Group, stated that “as Solana continues to evolve into the preferred platform for developers and investors, these new futures contracts will provide a capital-efficient tool to support their investment and hedging strategies.”

One sizable step closer to a SOL ETF 👏 https://t.co/KpoQErX0jO

— matthew sigel, recovering CFA (@matthew_sigel) March 17, 2025

Although the product started with low volume, the launch of the REX-Osprey SOL + Staking ETF in early July may have contributed to the recent surge. The fund offers direct exposure to SOL with native staking rewards, utilizing the legal structure of the 1940 Act—different from the traditional structure of Bitcoin and Ethereum ETFs based on the 1933 Act.

Peter Chung, head of research at Presto, explained that the rise in futures is linked to the need for market makers to hedge, stating that “the ETF listing increases futures activity as ETF market makers need to hedge their positions.”

Even with the growth, Solana's volumes are still lower than those of Bitcoin and Ethereum futures on the CME. In July, BTC contracts moved $275,3 billion, and ETH contracts totaled $118,1 billion. However, considering SOL's market capitalization of $90,5 billion, these figures gain proportional significance.

Managers like VanEck, Fidelity, Grayscale, and Bitwise continue to push for Solana spot ETFs, with newly amended registrations recently filed with the SEC, reinforcing the prospect of institutional adoption of the cryptocurrency.