Micro/Mini-DAX Futures surge in Asia, mirroring European momentum

Institutional and retail traders across Asia are increasingly trading Eurex’s Micro-DAX^® and Mini-DAX^® futures during Asian trading hours, seeking to gain exposure to the German and European markets and capitalize on the contracts’ recent growth. 

The DAX^® index tracks the 40 largest German companies. As the benchmark index of the world's fourth-largest economy, the DAX^® is a key indicator of the German economy, boasting a diverse range of companies across various industrial sectors.  

Eurex offers a range of futures and options on the DAX^®. The main index contract with a multiplier of EUR 25 per index point was introduced in 1990. Eurex subsequently introduced Mini-DAX^® Futures in 2015.  

In 2021, Eurex added Micro-DAX^® futures to its product range to meet investor demand for smaller-sized futures contracts. The product launch ranks among the most successful global launches in recent years.   

The Micro-DAX^® contracts are particularly popular among retail traders due to their lower contract size. This reduced contract size allows retail traders to gain exposure to the German economy while also enabling larger investors to fine-tune their exposures. The growing volumes and liquidity have further increased the appeal of the Micro-DAX^® futures for retail traders.  

The growth of Micro-DAX^® and Mini-DAX^® futures and options accelerated in 2025. Year-on-year ADV growth in Micro-DAX^® futures was 49.5% in the first five months of 2025, while open interest in Mini-DAX^® contracts reached EUR 1 billion at the end of May 2025. Overall, open interest in DAX^® futures stood at EUR 26.1 billion at the end of May 2025, and DAX^® options had increased by 55.6% year-on-year. 

These bite-sized contracts have democratized access for retail traders while empowering institutional players with surgical precision. This surge in popularity, driven by enticing valuations, favorable ECB policy, and a strategic shift to European markets, has fueled volume growth, particularly during Asian hours.  

Options trading was a major driver of this volume growth, as traders sought protection against downside risk.  

While the German elections ignited increased trading activity, the themes that excite market participants are broad. Notably, increased volumes have been driven by both non-European and domestic traders.  

Trading volume during Asian hours grew by 98% year-on-year in the Micro-DAX^® futures contract during Q1 this year, while the Mini-DAX^® futures volume grew by 24%. This has brought a variety of new strategies and investors to the market.  

Trends in Asia  

Asia boasts a diverse and fast-growing investor base across both retail and institutional markets. Over the past five years, the sophistication of the investor base across Asia has grown significantly. At the same time, these investors are broadening their strategies and expanding internationally.  

Lian Tuck Lee, Head of Listed Derivatives Asia at StoneX, says that he sees a wide range of investment objectives among his client base in Asia: “Common themes that we observe include artificial intelligence and automation, sustainable and ESG investments and gold as a potential hedge against inflation,” he says. 

When it comes to trading on the DAX^® product suite specifically, Asian investors are seeking unique exposures that the index offers.  

Xing Wai Lim, Senior Vice President, Sales APAC at Eurex, puts the growth from Asia down to several factors. “We see increasing demand across APAC from both retail and professional investors.” 

“These investors are trading more on Eurex as they are looking to benefit from the lower corporate valuations against peers in other markets, favorable monetary policies by the ECB and diversification out of the U.S.”  

Eurex has also witnessed a growing appetite for its DAX^® Daily Options, reflecting traders’ increasing demand for precision, a characteristic not limited to the retail community. Many traders on Eurex had utilized Daily DAX^® Options to manage short-term risk, as they did in March when the exchange faced a spike in activity.  

Indeed, the foundations of a good marketplace are the same for many market participants, whether retail or institutional investors.  

“When trading listed derivatives on the German market—particularly on Eurex, one of the world’s largest derivatives exchanges— clients typically look for a combination of market access, liquidity, risk management tools and cost efficiency,” says Lian Tuck Lee. 

“Institutional clients often value the deep liquidity Eurex provides to execute large orders while corporate treasuries usually look to hedge interest rate, FX and equity risks.” 

Lim says that Eurex is continually evaluating ways to enhance liquidity and market access for institutional and retail investors in Asia. “We are continuously improving liquidity for market participants during all trading sessions, including the Asian hours, to ensure that clients across the continent have access to a deep liquidity pool and tight spreads for trading.” 

“In addition, we continue to educate the market and grow awareness of our products and the opportunities in our markets for Asia-based retail investors.”