NSE derivatives market recorded its strongest quarter since launching in July 2019, with Q1 2026 turnover of KSh 317.6 million already exceeding the full-year 2025 total of KSh 248.7 million, as open interest doubled and monthly activity hit all-time highs, according to NSE and CMA data.
- •Open interest closed Q1 2026 at 11,983 contracts valued at KSh 54.36 million, up 102% from 5,936 contracts worth KSh 23.12 million at the end of Q4 2025.
- •The figure extends a near-vertical run from just a single open contract worth KSh 48,000 in Q1 2025, rising through three contracts in Q2 2025, 125 in Q3 2025, and 5,936 in Q4 2025.
- •February 2026 set the all-time monthly record for NEXT, posting KSh 140.9 million in turnover from 40,250 contracts across 265 deals, nearly three times the previous monthly record of KSh 50.8 million set in June 2021.
March moderated to KSh 129.3 million from 23,865 contracts and 240 deals, while January opened the quarter at KSh 47.4 million from 14,233 contracts and 144 deals.
NEXT offers single stock futures on ten NSE-listed companies and index futures on the NSE 25 and NSE 10 Share indices.
For the full quarter, deals rose 37.5% to 649 from 472 in Q4 2025, contract volume surged 1,241% to 78,348 from 48,594, and turnover more than doubled to KSh 318 million from KSh 149 million, a 113.3% increase.
The volume acceleration traces to July 2025, when monthly contract volume began climbing from 372 in July to 976 in August and 2,275 in September, before breaking into five-digit territory in Q4 2025 with monthly volumes of 13,718 to 17,690 contracts. Prior to July 2025, monthly volume had not exceeded 1,494 contracts since June 2021.
At contract level, Equity Group futures dominated March, with the June 2026 EQTY contract generating KSh 75.4 million from 10,106 contracts across 98 deals, equivalent to 58.3% of March total turnover. KCB Group contributed KSh 18.2 million, Co-operative Bank KSh 9.6 million, and Safaricom KSh 7.8 million.
February showed broader distribution, led by I&M Group futures at KSh 45.1 million, followed by NCBA at KSh 21.8 million, Equity Group at KSh 19.4 million, and ABSA at KSh 11.4 million across 20 distinct contract lines, the highest breadth in the quarter.
Q1 2026 NSE NEXT top 10 traded derivatives contracts by turnover
| Contract | Expiry | Deals | Volume | Turnover (KSh) |
|---|---|---|---|---|
| EQTY | Jun-26 | 114 | 11,450 | 85,538,718 |
| IHMP | Mar-26 | 60 | 5,941 | 28,464,059 |
| IHMP | Jun-26 | 15 | 4,676 | 22,895,560 |
| NCBA | Mar-26 | 53 | 3,956 | 36,065,728 |
| KCBG | Jun-26 | 28 | 1,919 | 14,074,279 |
| EQTY | Mar-26 | 50 | 3,417 | 24,223,812 |
| KEGN | Mar-26 | 33 | 9,058 | 8,619,772 |
| ABSA | Mar-26 | 37 | 4,390 | 12,907,102 |
| SCOM | Jun-26 | 47 | 5,479 | 17,569,433 |
| EABL | Mar-26 | 28 | 4,603 | 11,724,330 |
The Q1 2026 performance inverts the market's prior trajectory. After peaking at KSh 332.8 million in annual turnover in 2021, NEXT activity declined for two consecutive years, falling to KSh 127.4 million in 2022 and KSh 64.2 million in 2023 before recovering to KSh 129.6 million in 2024. The 2025-2026 resurgence, driven by volume rather than deal count alone, marks a different phase of activity from the retail-led deal surge of 2024.
NEXT offers single stock futures on ten NSE-listed companies and index futures on the NSE 25 and NSE 10 Share indices. The CMA has approved the introduction of options contracts on existing NEXT securities, which would expand the product suite beyond the current futures-only offering.
