Three-Month SOFR specifications
Chicago Mercantile Exchange (CME), interest rate
- Tick
- $12.500.005 per tick
- One point
- $2,500per contract
- Initial margin
- $539exchange, as of 27 Oct 2026
- Front contract
- SR3Z26roll by 9 Mar 2027
Specs checked as of How we source this
Contract terms
| Symbol | SR3 |
|---|---|
| Exchange | Chicago Mercantile Exchange (CME) |
| Contract unit | $2,500 × IMM index (100 − rate); $25 per basis point |
| Price quotation | IMM index points |
| Tick size * | 0.005 |
| Tick value | $12.50 per contract |
| Value of one point | $2,500 per contract |
| Currency | USD |
| Contract months * | Mar (H), Jun (M), Sep (U), Dec (Z) |
| Settlement | Cash-settled |
| Trading hours | CME Globex. Sunday open 17:00 CT, Friday close 16:00 CT, 60-minute daily maintenance break. Hours in your time zone |
| Expiry | Last trade: business day before the 3rd Wednesday of the month three months after the contract month (end of the reference quarter). Cash settled. Next expiries |
| Exchange specification | https://www.cmegroup.com/markets/interest-rates/stirs/three-month-sofr.contractSpecs.html |
* Not confirmed against the exchange. See below.
Not verified
tick_size: 0.005 ($12.50) for most months; CME uses 0.0025 ($6.25) for the nearest expiring contract month. Not cross-checked against a secondary source.contract_months: Quarterly months shown; CME also lists serial months near the front.
What these terms mean
The Three-Month SOFR futures contract (SR3) is listed on Chicago Mercantile Exchange. One contract represents $2,500 × IMM index (100 − rate); $25 per basis point, and prices are quoted in IMM index points. The minimum price movement, or tick, is 0.005, worth $12.50 per contract. A move of one full point is therefore worth $2,500 per contract, and every profit, loss and margin figure for SR3 scales from those two numbers.
SR3 is listed for these contract months: Mar (H), Jun (M), Sep (U), Dec (Z). SR3 is cash-settled: positions still open at expiry are closed against a final settlement price, with no delivery of anything. The rollover page lists the next expiries and the dates that matter for each.
The values on this page come from the exchange's own contract specification and were last checked on 27 Oct 2026. Exchanges amend contract terms from time to time, most often trading hours and tick sizes. Where a value here disagrees with the exchange, the exchange is right; the methodology page explains how each field is checked, and any field we have not confirmed against the exchange is marked on this page.
Sources
- https://www.cmegroup.com/markets/interest-rates/stirs/three-month-sofr.contractSpecs.html: primary reference for all contract terms; linked, not machine-read (cmegroup.com blocks automated access) 2026-10-27
Questions
- What is the tick size of SR3?
- The minimum price movement of Three-Month SOFR futures is 0.005, worth $12.50 per contract.
- How much is one point of SR3 worth?
- One full point is worth $2,500 per contract.
- Is SR3 cash-settled or physically delivered?
- SR3 is cash-settled.