CME Group U.S. Treasury Open Interest Surges to Record High of 36.3 Million Contracts

Rhea-AI Summary

CME Group (NASDAQ:CME) reported a record open interest (OI) of 36,328,151 contracts in U.S. Treasury futures and options on February 19, 2026, surpassing the prior record of 35,120,066 from November 2025. Additional curve-wide records include 2-, 5-, 10- and 30-year products.

The company noted over $25 billion in daily margin savings, a record 2,100 large open interest holders in the CFTC Feb. 10 report, and separate OI records: 2-year 5.8M, 5-year 7.9M, 10-year 12.6M, and 30-year 3.6M contracts.

Positive

• Record open interest: 36,328,151 contracts on Feb 19, 2026
• Prior record comparison: 35,120,066 contracts in Nov 2025
• $25 billion+ in daily margin savings cited by the company
• Record OI across key maturities: 2y 5.8M, 5y 7.9M, 10y 12.6M, 30y 3.6M
• CFTC report noted 2,100 large open interest holders

Negative

• Rising open interest is linked to growing monetary policy uncertainty
• Higher OI can indicate elevated market volatility for rates markets

Key Figures

Record Treasury OI: 36,328,151 contracts Prior OI record: 35,120,066 contracts Daily margin savings: over $25 billion +5 more

8 metrics

Record Treasury OI 36,328,151 contracts U.S. Treasury futures and options open interest on Feb. 19

Prior OI record 35,120,066 contracts Previous U.S. Treasury OI record in November 2025

Daily margin savings over $25 billion Estimated daily margin savings from interest rate complex

2-Year OI record 5.8 million contracts 2-Year U.S. Treasury Note futures and options OI

5-Year OI record 7.9 million contracts 5-Year U.S. Treasury Note futures OI

10-Year OI record 12.6 million contracts 10-Year U.S. Treasury Note futures and options OI

30-Year OI record 3.6 million contracts 30-Year U.S. Treasury Bond futures and options OI

Large open interest holders 2,100 holders U.S. Treasury futures LOIH in Feb. 10 CFTC report

Market Reality Check

Price: $319.03 Vol: Volume 2,371,763 vs 20-da...

normal vol

$319.03 Last Close

Volume Volume 2,371,763 vs 20-day average 2,302,738, indicating activity slightly above recent norms before this record OI news. normal

Technical Price 319.03 is trading above the 200-day MA at 275.43, reflecting a pre-news uptrend into this record open interest announcement.

Peers on Argus

CME gained 1.92% ahead of this news, while key peers like ICE, NDAQ, SPGI, COIN,...

CME gained 1.92% ahead of this news, while key peers like ICE, NDAQ, SPGI, COIN, and MCO also showed gains, but the momentum scanner did not flag a coordinated sector move, suggesting a more stock-specific backdrop.

Historical Context

5 past events · Latest: Feb 19 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 19	Crypto trading expansion	Positive	-0.2%	Announced 24/7 trading for regulated cryptocurrency futures and options.
Feb 13	Event contracts milestone	Positive	+0.5%	Reported 100 million event contracts traded within eight weeks of launch.
Feb 12	Board slate update	Neutral	-0.3%	Named director nominees for election at upcoming annual shareholder meeting.
Feb 12	Dividend declarations	Positive	-0.3%	Declared annual variable dividend and Q1 2026 regular dividend for shareholders.
Feb 12	New oil futures launch	Positive	-0.3%	Planned launch of four South Asia edible oil futures contracts, pending review.

Pattern Detected

Recent product and dividend announcements have often met with modest or even negative next-day moves, showing a mix of alignment and divergence between positive news and price reaction.

Recent Company History

Over recent months, CME has highlighted growth across multiple franchises, including crypto derivatives, event contracts, and new South Asia edible oil futures, alongside a substantial $6.15 variable dividend and regular dividends. Despite generally positive operational and capital return updates, next-day price reactions ranged between -0.28% and 0.47%, with several positive catalysts followed by slight declines. The new record in U.S. Treasury open interest fits this narrative of expanding product usage and liquidity across CME’s platforms.

Market Pulse Summary

This announcement highlights record U.S. Treasury futures and options open interest of 36,328,151 co...

Analysis

This announcement highlights record U.S. Treasury futures and options open interest of 36,328,151 contracts, along with new highs across 2-, 5-, 10-, and 30-year products and 2,100 large open interest holders. In recent months, CME has also reported growth in event and crypto contracts and introduced new regional futures. Investors may watch how these volume and open interest trends contribute to revenue and margin performance in future earnings updates, alongside any further product or liquidity milestones.

Key Terms

open interest, U.S. Treasury futures, options, portfolio margining, +3 more

7 terms

open interest financial

"announced that open interest (OI) in its deeply liquid U.S. Treasury futures"

Open interest is the total number of outstanding futures or options contracts that have been created but not yet closed or settled. Think of it like the number of active tickets in a queue — higher open interest means more traders are involved and the market is more liquid, which helps price moves be more reliable and shows the strength of investor interest or conviction in a trend.

U.S. Treasury futures financial

"open interest (OI) in its deeply liquid U.S. Treasury futures and options set a new record"

U.S. Treasury futures are standardized contracts traded on exchanges that promise the delivery or cash settlement of U.S. government bonds or notes at a set price on a future date. They let investors lock in or bet on future interest rates and bond prices—similar to reserving a product today at a fixed price—so they are widely used to protect portfolios from interest-rate swings, speculate on rate moves, and gauge market expectations for U.S. borrowing costs.

options financial

"U.S. Treasury futures and options set a new record of 36,328,151 contracts"

Options are contracts that give investors the right to buy or sell an asset at a specific price within a certain time frame. They function like a reservation or a ticket that allows for potential profit or protection against price changes, making them useful tools for managing investment risks or speculating on market movements.

portfolio margining financial

"U.S. Treasury and SOFR futures are also eligible for portfolio margining with other"

A broker service that lets an investor treat all their holdings together to calculate how much cash or borrowed money is needed to support their trades, taking offsets between positions into account. Like combining items in one shopping cart to get a better deal, it can lower the amount of capital required and increase buying power, but it also allows larger swings in gains and losses, so investors face higher risk exposure.

cross-margining financial

"as well as cross-margining with FICC-cleared cash U.S. Treasury notes"

Cross-margining is a brokerage practice that lets an investor use cash or collateral from one account or position to meet margin requirements for other accounts or related trades, effectively reducing the total amount of cash they must hold. Think of it like combining several wallets so a shortfall in one can be covered by money in another; this frees up capital and lowers costs but also links the risks, so losses in one area can more quickly affect your entire portfolio.

repo financial

"Treasury notes, bonds and certain Repo transactions."

A repo, short for repurchase agreement, is a short-term loan where one party sells securities, like government bonds, to another with the promise to buy them back later at a slightly higher price. It functions like a temporary loan secured by the securities, providing quick cash for the seller. Investors pay attention to repos because they influence liquidity and interest rates in financial markets.

central counterparty clearing financial

"world's leading central counterparty clearing providers, CME Clearing."

A central counterparty clearing (CCP) is a specialized financial intermediary that sits between buyers and sellers of securities or derivatives, becoming the buyer to every seller and the seller to every buyer to guarantee trades are completed. Like an insurance-backed referee, it manages the risk of someone failing to pay by requiring collateral, pooling resources, and simplifying many trades into smaller net payments, which helps investors by lowering the chance of loss from a counterparty default and improving market stability and liquidity.

AI-generated analysis. Not financial advice.

• Additional OI records in 2-, 5-, 10-, and 30-year products

CHICAGO, Feb. 24, 2026 /PRNewswire/ -- CME Group, the world's leading derivatives marketplace, today announced that open interest (OI) in its deeply liquid U.S. Treasury futures and options set a new record of 36,328,151 contracts on February 19. The company's previous OI record hit in November 2025 with 35,120,066 contracts.

"With open interest surpassing 36 million contracts, clients are continuing to turn to our U.S. Treasury markets in record numbers as uncertainty grows around monetary policy, government spending and other inflationary pressures," said Agha Mirza, CME Group Global Head of Rates and OTC Products. "By combining record liquidity on CME Globex with over $25 billion in daily margin savings, our interest rate complex offers the unparalleled execution and capital efficiencies that clients need in this volatile environment."

Additional OI records across the yield curve include:

• Record 2-Year U.S. Treasury Note futures and options OI of 5.8 million contracts
• Record 5-Year U.S. Treasury Note futures OI of 7.9 million contracts
• Record 10-Year U.S. Treasury Note futures and options OI of 12.6 million contracts
• Record 30-Year U.S. Treasury Bond futures and options OI of 3.6 million contracts
• Record 2,100 U.S. Treasury futures large open interest holders (LOIH), as noted in the CFTC's February 10 Commitment of Traders report

CME Group is the world's leading interest rate market, offering futures and options for a broad range of benchmark products, including U.S. Treasuries, SOFR, Fed Funds, TBAs, credit and more. Its U.S. Treasury and SOFR contracts trade side-by-side on the CME Globex platform with BrokerTec cash securities.

CME Group U.S. Treasury and SOFR futures are also eligible for portfolio margining with other cleared interest rate swaps and futures, as well as cross-margining with FICC-cleared cash U.S. Treasury notes, bonds and certain Repo transactions.

For more information, visit our product page at cmegroup.com/rates.

As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, cryptocurrencies, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing. 

CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc.  NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a product of S&P Dow Jones Indices LLC ("S&P DJI"). "S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are trademarks of Standard & Poor's Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners. 

 CME-G

View original content:https://www.prnewswire.com/news-releases/cme-group-us-treasury-open-interest-surges-to-record-high-of-36-3-million-contracts-302696304.html

SOURCE CME Group

FAQ

What open interest record did CME (CME) report on February 19, 2026?

CME reported a record 36,328,151 contracts in U.S. Treasury futures and options on Feb 19, 2026. According to CME Group, this surpasses the previous high of 35,120,066 contracts from November 2025 and reflects heightened market activity.

Which U.S. Treasury maturities set open interest records at CME (CME)?

CME reported record OI in the 2-, 5-, 10- and 30-year products, including 2y 5.8M and 10y 12.6M contracts. According to CME Group, these records show increased client participation across the yield curve.

How does CME say the record OI affects margin efficiencies for CME (CME)?

CME cites more than $25 billion in daily margin savings tied to its interest rate complex. According to CME Group, portfolio margining and cross-margining contribute to this capital efficiency for market participants.

What did the CFTC report note about large open interest holders for CME (CME)?

The CFTC Feb. 10 Commitment of Traders report noted a record 2,100 U.S. Treasury futures large open interest holders. According to CME Group, this highlights broader participation among sizable market players.

Why is open interest rising in CME's Treasury markets in early 2026?

Open interest rise is attributed to growing uncertainty around monetary policy, government spending, and inflationary pressures. According to CME Group, those macro factors are driving clients to hedge and trade in record numbers.

Does the CME press release indicate any immediate risks to investors from the OI surge?

The release signals increased market activity and potential volatility rather than direct company risk. According to CME Group, higher OI reflects client demand amid uncertainty, which may translate into more volatile rate moves for traders.