XRP Futures Could Reflect $23B Notional Surge as CME Adds Options and Eyes 24/7 Trading

• Record volume: 476,000 contracts (~$23.7B notional) in Q3 2025

• Open interest topped $1.4 billion in September; LOIH for XRP futures set at 29

• Options trading on XRP Futures began Oct. 13; Confidential MPTs and XRPL Lending Protocol launches scheduled in 2026

CME XRP futures hit record Q3 2025 volumes—$23.7B notional and $1.4B OI; COINOTAG explains implications for institutional traders. Read the analysis now.

Published: Oct 20, 2025. Updated: Oct 20, 2025. Author: COINOTAG.

What are CME XRP futures and why did they spike in Q3 2025?

CME XRP futures are regulated derivatives contracts settled through CME Group that allow traders to gain exposure to XRP without holding the token directly. In Q3 2025 these contracts experienced a surge in demand, trading 476,000 contracts (~$23.7 billion notional) and reaching a peak open interest of $1.4 billion—indicators of heightened institutional and retail participation.

What is the XRPL Lending Protocol and how does it relate to market interest?

The XRPL Lending Protocol is a ledger-native lending framework defined in the XLS-65/66 specifications that introduces pooled lending and underwritten, fixed-term uncollateralized loans on the XRP Ledger. Ripple and Immunefi announced a $200,000 Attackathon to harden the protocol ahead of the planned XRPL Version 3.0.0 release later this year. Planned features aim to expand institutional DeFi use cases by enabling credit and liquidity primitives directly at the ledger level, while Confidential Multi-Purpose Tokens (MPTs) — the first application of zero-knowledge proofs on XRPL — are scheduled for Q1 2026. Source: CME Group; Ripple; Immunefi (plain text references).

Frequently Asked Questions

How much notional value did CME XRP futures trade in Q3 2025?

CME Group reported that the XRP and Micro XRP futures suite traded 476,000 contracts since its May launch, representing approximately $23.7 billion in notional value during Q3 2025. Open interest peaked at $1.4 billion in September, and the largest order imbalance high (LOIH) for XRP futures hit 29.

When did XRP options launch on CME, and are they regulated?

XRP options on CME launched on Oct. 13, 2025, available in both standard and micro contract sizes. According to CME Group, these are the only CFTC-approved XRP options in the United States, offering a regulated venue for capital-efficient options strategies.

Key Takeaways

• Trading milestone: CME XRP futures traded ~476,000 contracts (~$23.7B notional) in Q3 2025, signaling substantial market interest.
• Market structure: Open interest reached $1.4B and LOIH set new records for XRP futures, reflecting deeper liquidity and participation.
• Protocol developments: XRPL Lending Protocol (XLS-65/66) and Confidential MPTs aim to expand institutional DeFi on XRPL, with security testing supported by a $200,000 Attackathon.

Conclusion

The rapid growth in CME XRP futures volumes and the launch of XRP options mark a meaningful step in regulated crypto derivatives markets, providing institutional participants with additional tools to manage exposure. Simultaneously, XRPL protocol upgrades and security initiatives seek to broaden on-ledger lending and privacy capabilities. COINOTAG will continue to monitor CME Group reporting, Ripple protocol releases, and Immunefi security disclosures for developments that affect market access and risk management. Stay tuned for updates and practical analysis for institutional traders.