• Record quarterly ADV of 30.2 million contracts
• Record quarterly ADV in interest rates, agriculture, metals and SOFR futures 
• Record June ADV of 25.7 million contracts
• Record quarterly international ADV of 9.2 million contracts

CME Group, the world’s leading derivatives marketplace, reported its Q2 and June 2025 market statistics, with average daily volume (ADV) reaching a new quarterly record of 30.2 million contracts and June ADV reaching a record 25.7 million contracts.

In Q2, the company’s ADV grew 15% year-over-year, with record quarterly volume in interest rate, agricultural and metals products. CME Group’s deeply liquid SOFR futures also hit a quarterly ADV record of 4.6 million contracts.

Market statistics are available in greater detail at https://cmegroupinc.gcs-web.com/monthly-volume.

Q2 2025 highlights across asset classes compared to Q2 2024 include:

• Record quarterly Interest Rate ADV of 15.5 million contracts
  • Record 5-Year U.S Treasury Note futures ADV of 2 million contracts
  • Record 2-Year U.S. Treasury Note futures ADV of 1.1 million contracts
  • 10-Year U.S Treasury Note futures ADV increased 3% to 2.5 million contracts
  • SOFR options ADV increased 22% to 1.5 million contracts
• Equity Index ADV increased 13% to 7.7 million contracts
  • Record Micro E-mini S&P 500 futures ADV of 1.5 million contracts
  • Micro E-mini Nasdaq 100 futures ADV increased 31% to 1.7 million contracts
  • E-mini Russell 2000 futures ADV increased 16% to 234,000 contracts
• Energy ADV increased 26% to 3.1 million contracts
  • Record quarterly WTI Crude Oil options ADV of 265,000 contracts
  • Henry Hub Natural Gas futures ADV increased 7% to 585,000 contracts
  • Henry Hub Natural Gas options ADV increased 20% to 273,000 contracts
• Record quarterly Agricultural ADV of 2 million contracts
  • Record Soybean Oil futures ADV of 210,000 contracts
  • Corn futures ADV increased 4% to 478,000 contracts
  • Agricultural options ADV increased 4% to 367,000 contracts
• Foreign Exchange ADV increased 2% to 1.1 million contracts
  • Japanese Yen futures ADV increased 12% to 202,000 contracts
• Record quarterly Metals ADV of 943,000 contracts
  • Record Micro Gold futures ADV of 302,000 contracts
  • Record Gold options ADV of 100,000 contracts
  • Record Platinum futures ADV of 44,000 contracts
• Cryptocurrency ADV increased 136% to 190,000 contracts
  • Record Micro Ether futures ADV of 84,000 contracts
  • Record Ether futures ADV of 16,000 contracts
  • Micro Bitcoin futures ADV increased 93% to 65,000 contracts
• Record quarterly International ADV of 9.2 million contracts, including record EMEA ADV of 6.7 million contracts and record APAC ADV of 2.2 million contract

June 2025 highlights compared to June 2024 include:

• Interest Rate ADV increased 1% to 11.6 million contracts
  • SOFR futures ADV increased 20% to 3.8 million contracts
  • SOFR options ADV increased 27% to 1.3 million contracts
  • 30-Day Fed Funds futures ADV increased 30% to 400,000 contracts
• Equity Index ADV of 6.6 million contracts
  • Micro E-mini S&P 500 futures ADV increased 25% to 1.1 million contracts
• Energy ADV increased 36% to 3.4 million contracts
  • Record monthly WTI Crude Oil options ADV of 307,000 contracts
  • WTI Crude Oil futures ADV increased 48% to 1.5 million contracts
  • NY Heating Oil futures ADV increased 39% to 261,000 contracts

• Agricultural ADV of 2.1 million contracts
  • Record monthly Soybean Oil futures ADV of 244,000 contracts
• Metals ADV increased 21% to 848,000 contracts
  • Record monthly Platinum futures ADV of 67,000 contracts
  • Micro Gold futures ADV increased 186% to 258,000 contracts
• Cryptocurrency ADV increased 133% to 190,000 contracts
  • Record monthly Ether futures ADV of 17,000 contracts
  • Micro Ether futures ADV increased 233% to 98,000 contracts
  • Micro Bitcoin futures ADV increased 65% to 53,000 contracts
• Micro Products ADV
  • Micro E-mini Equity Index futures and options ADV of 2.6 million contracts represented 40.1% of overall Equity Index ADV and Micro WTI Crude Oil futures accounted for 4% of overall Energy ADV
• BrokerTec U.S. Repo average daily notional value (ADNV) increased 18% to $359 billion
• EBS Spot FX ADNV increased 10% to $64 billion and FX Link ADV increased 29% to 38,000 contracts ($3.6 billion notional per leg)
• Customer average collateral balances to meet performance bond requirements for rolling 3-months ending May 2025 were $118 billion for cash collateral and $151.2 billion for non-cash collateral

Paul Houston, Global Head of FX, CME Group: 

In June, $168bn of notional value per day was traded across CME Group’s FX futures, options and cash markets. Some highlights for June include:

Futures and options

FX futures and options average daily notional volume (ADNV) of $104bn (1.1mn contracts).

Futures:

Comparing June ‘25 vs June ‘24, average daily notional volume (ADNV) grew significantly in the following:

• FX futures currency pairs:
  • BRL $0.7bn (+12%) (37k contracts) 
  • INR $114M (+26%) (2K contracts).
  • Scandis $698M (+85%) (3.7K contracts)

• Strong monthly OI in:
  • EUR $119bn (+25%) (820K contracts), OI record of 1M contracts (~$143B) on June 17
  • JPY $31bn (+17%) (358K contracts)
  • Scandis $3.4bn (+100%) (18.6K contracts)
  • BRL $1.9bn (+28%) (110K contracts).

The large open interest holder (LOIH) data provided by the CFTC also shows growing adoption via the number of customers holding ‘large’ open positions in our markets. According to CFTC data on 24 June:

• All-time record in gross positioning from asset managers in EUR/USD Futures of over $92bn. CME Group is home to 98.7% of EUR FX futures volumes globally.
• Emerging Market LOIH was 304, with growth in BRL futures, with 100 LOIH (+7% YOY) and ZAR futures with 43LOIH (+16% YoY).
• Majors LOIH was 889 – CAD was 106  LOIH (+7% YoY) and EUR was 306LOIH (+2% YoY).

Options:  Options volumes continued their strong year with ADNV up 8% vs June 2024 and up 54% YTD. June saw strong growth in the following currency pairs:

• EUR (+13%)
• CAD (+92%)
• AUD (+22%)

FX Link: In June, FX Link traded $3.6bn ADNV (38K ADV in contracts YTD, up 27%).

EBS

EBS ADNV was $64bn in June, up 9% vs June 2024.

FX Volatility

The CME Group Volatility Index (CVOL) shows that the combined G5 CVOL index averaged 8.9 in June 2025, down 7% on the January to May average. Additionally, June realized volatilities across several core pairs (EUR, GBP, AUD Futures) fell to the bottom quartile of historical monthly realized volatility. On average, realized volatility across the G5 pairs was down approximately 48% in June compared to the January to May average.

Erik Norland, Chief Economist, CME Group

In June, the U.S. dollar fell versus nearly every major currency, slipping by 4.8% versus BRL, 3.4% versus EUR, 3% versus CHF and MXN, and between 1.5% and 2% versus AUD and GBP. The prospects of easier U.S. monetary policy and the continued presence of extremely large budget deficits of close to 7% of GDP, appeared to weigh on the dollar. JPY was the only major currency to decline in value versus USD, slipping 0.2% as the BoJ delayed further rate hikes and Japan grappled with extremely high levels of public debt of its own.

John Edwards, Global Head of BrokerTec, CME Group

BrokerTec’s overall average daily notional value (ADNV) for June was $931bn, up 19% year-on-year (YoY) across benchmark cash U.S. Treasuries, European Government Bonds and U.S. and EU Repo on its dealer-to-dealer CLOB and D2C RFQ and streaming platforms.

U.S. Treasuries

BrokerTec U.S. Treasuries ADNV in June was $89.1bn. BrokerTec’s RV product suite reached $2.1bn ADNV in June and was up 15% YoY.

U.S Repo

BrokerTec had its second-best month on record for U.S Repo with $359bn ADNV. We continue to benefit from demand for Specials activity in multiple sectors including Bills.

EU Repo 

Volumes across BrokerTec EU Repo remained steady in June, resulting in €305bn ADNV.

Erik Norland, Chief Economist, CME Group

In June, the U.S. Treasury yield curve steepened with 2Y yields falling 20bps, 10Y yields coming down by 16bps and 30Y yield dropping 13bps. Slower-than-expected consumer spending data and a downside surprise on CPI contributed to the bond rally which was pushed further along at the short end of the curve by discussion of an earlier-than-anticipated interview process for the next Fed chair. By contrast, bond yields rose in the eurozone with French and German 10Y yields rising by 8 to 9bps as Germany gets ready to ramp up spending on defense and infrastructure.

Source: CME