Solana (SOL) Futures Traded for the First Time on CME Group's US Derivatives Exchange

Solana (SOL) futures traded for the first time on the Chicago Mercantile Exchange (CME) Group's US derivatives exchange on March 17

The Chicago Mercantile Exchange (CME) Group’s US derivatives exchange began trading in futures contracts linked to Solana (SOL) on Friday, marking a significant milestone in the cryptocurrency’s integration into mainstream financial markets.

CME announced plans to list two types of SOL futures: standard contracts, each representing 500 SOL, and retail-friendly “micro” contracts, each representing 25 SOL. These contracts will be settled in cash, not physical SOL.

The futures are the first of their kind to be listed on a major US exchange, although Coinbase’s exchange had launched futures contracts earlier this year. They are also being launched as the US Securities and Exchange Commission considers applications for spot Solana ETFs from asset managers.

The first batches of the April futures contracts traded at a price of $127 per SOL — $2 less than March-expiring contracts, CME data shows.

On Thursday, trading firms FalconX and StoneX completed the first-ever SOL futures trades on CME, they said.

“Solana has come a long way in the last five years,” Chris Chung, founder of Solana-based swap platform Titan, told Cointelegraph on Friday.

“Solana futures are going live on the CME today, and SOL [exchange-traded funds] will surely follow shortly behind,” Chung said.

CME listed SOL futures on Friday. Source: CME

ETF approval odds

On Monday, Chung said he expects the SEC to approve asset managers VanEck and Canary Capital’s proposed spot Solana ETFs as soon as May.

At least five ETF issuers have filed with the US Securities and Exchange Commission to list spot Solana ETFs. The regulator has until October 2025 to make a final decision on the filings.

According to Bloomberg Intelligence, there is a 70% chance that SOL ETFs will ultimately be approved.

Futures contracts are standardized agreements to buy or sell an underlying asset at a future date. They are commonly used for hedging and speculation by retail and institutional investors. Futures also play a crucial supporting role for spot cryptocurrency ETFs because regulated futures markets provide a stable benchmark for measuring a digital asset’s performance.

CME already lists futures contracts for Bitcoin BTC and Ether ETH. US regulators approved ETFs for both of those cryptocurrencies last year.