According to data provided by analytics firm CoinGlass, Chicago-based trading giant CME Group has climbed to the second spot by open interest (OI), leaving behind exchange giant Binance. They are currently at $1.27 billion and $1.22 billion
The Bitget cryptocurrency exchange, so far, remains in first place with $1.6 billion.
It is worth noting that the term "open interest" refers to the total number of outstanding futures and options contracts.
Some of the other trading platforms in the top 5 include Gate, OKX, MEXC, KuCoin, and upstart Hyperliquid.
$18 billion
Recent data shared by CME Group shows that XRP futures have already logged $18.3 billion in notional volume.
As reported by U.Today, the Chicago-based trading behemoth previously announced that XRP managed to break the record for the fastest contract to reach $1 billion in open interest. Some analysts believe that this could be a positive signal of strong future demand for XRP ETFs.
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The trading giant initially launched XRP futures back in May to much fanfare. Earlier this month, CME Group also confirmed that it would introduce options on SOL as well as XRP futures.
The famed exchange initially entered the cryptocurrency market with the launch of Bitcoin futures in early 2018, quickly becoming a dominant force and competing with crypto-native platforms. It then rolled out Ethereum (ETH) futures before wading into more obscure altcoins due to broader cryptocurrency acceptance and growing demand for diversification.
Last month, CME's crypto futures topped $30 billion in notional trading volume for the first time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team