# Fireside Chat with Giovanni Vicioso (CME Group) and Joshua Lim (FalconX) at ETHConf

- Channel: [ETHGlobal](https://streameth.org/ethglobal)
- Date: 2026-07-09
- Duration: 20:18
- Topics: CME Group, Giovanni Vicioso, Joshua Lim, FalconX, ETHConf, derivatives, futures, options, volatility indices, implied volatility, VIX, Bitcoin futures, Ether futures, staking yield, basis trade, open interest, institutional adoption, hedge funds, prime brokerage, 24/7 trading, CME gap, tokenized cash, collateral, Google Cloud Universal Ledger, BMO, Hyperliquid, perpetuals, DeFi convergence, altcoins, Solana, XRP, crypto indices, regulatory clarity, Genius Act, spot ETFs, MSTR
- Watch: https://streameth.org/watch/yt-4cECiTJxfl8
- YouTube: https://www.youtube.com/watch?v=4cECiTJxfl8

## Description

In this fireside chat, Joshua Lim, who runs the trading division at prime brokerage FalconX, sits down with Giovanni Vicioso, global head of cryptocurrency products at CME Group, to discuss the state of the derivatives market across both institutional and onchain venues. Giovanni notes CME is the world's leading derivatives marketplace, having entered crypto in 2016 with a reference rate, launched Bitcoin futures in December 2017, Ether futures in January 2021, and now lists futures and options on nine cryptocurrencies. They open on CME's newer volatility indices, 30-day forward-looking products referencing implied volatility from Bitcoin options (analogous to the equity VIX), which let institutions trade volatility directly rather than trading and delta hedging a series of options. Joshua explains these let firms take a view on uncertainty rather than direction, citing how summer option sellers were caught as uncertainty around Michael Saylor's MSTR holdings spiked implied vol from the 30s into the 50s.

Giovanni shares striking growth data: Bitcoin futures volume decreased in 2025 for the first time after seven years of growth, while Ether futures volume tripled, now around 40% of Bitcoin futures volume (up from under 20% in 2024) with open interest around 45% of Bitcoin's, which he attributes to Ethereum's proof-of-stake upgrades, staking yield, and the Genius Act driving stablecoin settlement interest. Joshua notes more altcoin tooling (Solana, XRP, Stellar) helps token-picking and long-short funds express dispersion views in a regulated format, and that as the basis trade compressed below 5%, capital still chasing yield moved into options overwriting and onchain farming rather than leaving. On the convergence of DeFi and traditional markets, Giovanni argues it is not winner-take-all but coexistence with hybrid models, noting newer protocols like Hyperliquid remain relatively untested for large institutions who need someone to call when code breaks. He covers CME's new 24/7 trading (closing the CME gap, over $300 million traded on a recent weekend with strong retail microcontract activity), the tokenized cash collateral solution being built with Google Cloud Universal Ledger and BMO to move value on weekends, and how expanding the tradable universe depends on regulatory clarity and customer demand.

00:00 Introduction
00:40 Introducing the Panelists
00:58 Why the Ether Conference Energy Is Different
01:18 CME as the Leading Derivatives Marketplace
01:59 FalconX and the Prime Brokerage View
02:34 What Volatility Indices Are
02:58 CME's Regulated Volatility Product
03:38 How Bitcoin Volatility Futures Work
04:05 Bringing Operational Simplicity to Volatility
04:30 Trading Uncertainty, Not Direction
04:45 How the MSTR Story Spiked Implied Vol
05:21 The Cost of Holding Crypto and Staking Rates
05:55 Is CME Exploring a Staking Rate Product
06:16 Why Bitcoin Futures Volume Fell as Ether Tripled
06:51 The Genius Act and Growing Ether Interest
07:18 Ether Notional Volume Reaches 40% of Bitcoin
07:46 Why Ethereum Upgrades Drive Institutional Demand
08:13 How Altcoin Tooling Helps Token-Picking Funds
08:46 Dispersion and Long-Short Opportunities
09:14 The Basis Trade and Spot ETFs
09:35 Why Basis Compressed Below 5%
10:02 Why Volume and Open Interest Still Grew
10:27 Where Yield-Seeking Capital Is Going Now
11:02 The Convergence of DeFi and Traditional Markets
11:35 How CME Coexists With Hyperliquid
12:38 Why Institutions Need Someone to Call
13:11 Why CME Moved to 24/7 Trading
14:07 Strong Volume on the Second Weekend
14:55 Closing the CME Gap and Arbitrage Opportunities
15:16 A Mix of Retail and Institutional Participants
15:38 The Need for Weekend Collateral Movement
16:23 The Tokenized Cash Solution With Google and BMO
17:06 Why This Benefits Onchain Stablecoin Firms
17:48 Expanding the Universe of Tradable Assets
18:22 Why Regulatory Clarity Comes First
19:05 Why Customer Demand Drives New Listings
19:32 The Rise of Crypto Indices
19:56 Closing

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