CME to list Uniswap and Bitcoin Cash futures from October 19

CME Group will start trading Uniswap and Bitcoin Cash futures on October 19, giving institutions a regulated US venue to bet on or hedge the two tokens.

The Chicago Mercantile Exchange certified the listing with the Commodity Futures Trading Commission on September 23. The filing was signed by Maureen Guilfoile, CME's managing director and chief regulatory counsel. Trading opens on the CME Globex platform for the October 19 session, with clearing through CME ClearPort.

What the two contracts cover

Each standard Uniswap contract represents 10,000 UNI. A smaller micro contract covers 1,000 UNI, aimed at traders who want less size. At $7.23 a token, one micro contract controls about $7,200 of Uniswap. Bitcoin Cash futures come in two sizes too, at 250 BCH and 25 BCH. All four are cash-settled. No coins change hands. Buyers and sellers settle the difference in US dollars at expiry.

Settlement uses a once-a-day reference rate from CF Benchmarks, measured over a window from 3:00 to 4:00 p.m. London time. CME uses the same method to settle its dollar bitcoin futures. The contracts carry the Globex codes UNI and MUN for Uniswap, and BCA and MCH for Bitcoin Cash.

Why a DeFi token on a futures exchange matters

Uniswap is the governance token of the largest decentralized exchange, where users swap tokens without a middleman. Listing it moves a piece of DeFi onto the same regulated rails as stock and oil futures. Several outlets called it CME's first futures tied to a DeFi governance token, a label CME itself did not use in its filing.

Giovanni Vicioso, CME's global head of cryptocurrency products, framed the launch around demand. "As crypto markets continue to mature, participants require broader, regulated tools," he said. A regulated contract lets a fund take a position without holding the token, or short it to offset spot risk.

Regulators have been pulling crypto derivatives into their remit. Coinbase recently opened Deribit options and perpetuals to US institutions, and the CFTC has drafted its first rulebook for crypto trading venues.

A muted price response

Both tokens jumped when CME announced the plan on September 22. UNI rose about 5.5% to $9.28, and Bitcoin Cash climbed more than 25% to around $338, according to Decrypt. The gains did not hold.

By October 18 both had slipped back. UNI traded at $7.23 and Bitcoin Cash at $276.79 at 05:12 UTC, according to CoinGecko, with market values near $4.5 billion and $5.5 billion. A futures listing does not create spot demand on its own. It gives traders a new way to express a view, nothing more.

What to watch

The launch still sits under regulatory review, and CME has not said the contracts have cleared that step. Trading has not started. The real test comes after October 19: whether open interest and volume build, or the contracts stay thin. Each monthly contract stops trading at 4 p.m. London time on the last Friday of its month.