Eris Innovations announced a new investment round backed by leading trading firms as institutional adoption of its Eris SOFR Swap futures accelerated ahead of the June launch of Eris Options.
The company said the financing round will support the rollout of Eris Options and the continued expansion of the Eris SOFR complex. Participants in the round included proprietary trading firms and affiliates such as DRW, DV Trading, BlackEdge Capital, Arb Trading Group, Chicago Trading Company, and TransMarket Group. DV Trading led the round, while CME Ventures also participated.
According to the company, open interest in Eris SOFR Swap futures increased from 237,000 contracts in January 2025 to a recent high of 713,000 contracts in April 2026, representing a threefold increase over a 16-month period. The number of market participants more than doubled during the same timeframe, driven by growing use among mortgage hedgers, regional banks, and asset managers.
Average daily trading volume surpassed 22,000 contracts during the first quarter of 2026, including a monthly record of 44,863 contracts in March. Eris Innovations said market participants are increasingly using Eris SOFR to hedge interest rate risk while achieving initial margin savings exceeding 60% compared with traditional OTC swaps.
The company said Eris Options are designed to provide swaption-like risk exposure in a standardized, exchange-traded format. The products are intended to extend the capital efficiency and operational benefits of Eris SOFR into the options market while giving participants additional tools to manage longer-dated SOFR rate risk.
Eris Options will complement existing U.S. Treasury and SOFR products at CME Group. The contracts feature futures-style margining and are designed to eliminate operational requirements associated with swap data repository reporting, uncleared margin rules, and manual trade confirmations.
Eris Innovations develops futures products through its patented Eris Methodology and partners with global financial exchanges to license the technology.
KEY QUOTES:
“The rapid adoption of Eris SOFR demonstrates strong demand for liquid, capital-efficient, listed alternatives to OTC interest rate products. This round aligns us with experienced liquidity providers critical to establishing deep, transparent markets for Eris Options.”
Michael Riddle, Chief Executive Officer, Eris Innovations
“Eris SOFR Swap futures unlocked a more efficient way to access swap spread risk, combining the precision of OTC markets with the efficiency of listed derivatives. The introduction of options extends that framework by offering more efficient ways of managing swap spread risk in the volatility space.”
Don Wilson, CEO, DRW
“Buy-side hedgers and fund managers are savvier than ever these days, constantly evaluating how to deploy their capital most efficiently to reach their investment objectives, lest they fall behind their competitors. Having provided liquid markets in Eris SOFR since inception, we are focused on bringing the same depth, consistency, and pricing discipline to Eris Options at launch.”
Jared Vegosen, Co-Founder, DV Trading
“SOFR underlies the vast majority of U.S. dollar floating-rate financing, and there is clear demand for more efficient tools to manage volatility in longer-dated exposures. As a leading market maker in CME Group’s interest rate options for more than a decade, BlackEdge is well positioned to help build deep, consistent markets for Eris Options.”
Josh Mateffy, Founder And Managing Partner, BlackEdge Capital
