MIAX Shatters Records with Q2 Options Market Dominance

MIAX just flexed its muscles in the options arena—Q2 numbers don't lie.

While legacy exchanges nap, MIAX eats their lunch.

Another proof that innovation beats inertia—even in the stodgy world of finance.

Miami International Holdings, Inc. (MIH), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, reported June 2025 trading results for its U.S. exchange subsidiaries—MIAX®, MIAX Pearl®, MIAX Emerald® and MIAX Sapphire(collectively, the MIAX Exchange Group), and MIAX Futures.

• Total multi-listed options volume for the MIAX Exchange Group reached 164.4 million contracts in June 2025, a 42.9% increase year-over-year (YoY), bringing total year-to-date (YTD) volume to a record 1.1 billion contracts. June 2025 market share reached 16.2%, an 18.4% increase YoY. MIAX Exchange Group volume and market share reached record quarterly levels in Q2 2025 at 543.6 million contracts and 16.7%, respectively.
• MIAX Sapphire reached a monthly volume of 32.4 million contracts, with June 2025 market share reaching 3.2%. Volume and market share reached record levels in Q2 2025 at 104.8 million contracts and 3.2%, respectively. MIAX Sapphire launched trading on August 12, 2024 and now has over 3,800 classes available for trading.
• MIAX Options reached a monthly volume of 73.1 million contracts, a 42.7% increase YoY. June 2025 market share reached 7.2%, an 18.2% increase YoY. YTD volume and market share reached record levels at 463.3 million contracts and 7.2%, respectively.
• MIAX Pearl Options reached a monthly volume of 24.6 million contracts, a 23.4% decrease YoY. June 2025 market share reached 2.4%, a 36.5% decrease YoY.
• MIAX Emerald reached a monthly volume of 34.2 million contracts, an 8.3% increase YoY. June 2025 market share reached 3.4%, a 10.3% decrease YoY. YTD volume and market share reached record levels at 249.9 million contracts and 3.9%, respectively.
• In U.S. equities, MIAX Pearl Equities reached a monthly volume of 3.7 billion shares, a 23.6% increase YoY and representing a market share of 1.0%, a 23.6% decrease YoY.

• In U.S. futures, MIAX Futures, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), reached a monthly volume of 470,612 contracts, a 36.0% increase YoY. YTD volume totaled a record 2.2 million contracts, a 36.6% increase YoY.

Sourc: MIAX