Cboe Global Markets Inc (CBOE.US) Sets Its Sights on VIX Perpetual Futures: The Hottest High-Leverage Tool in Crypto Is Now Storming Traditional Finance

Cboe Global Markets Inc (CBOE.US) is considering offering perpetual futures contracts based on the Cboe Volatility Index (VIX). U.S. exchanges are currently racing to bring the high-leverage tool that dominates the cryptocurrency market into new asset classes. The VIX measures the expected volatility over the next 30 days as priced by S&P 500 index options traders. As a widely cited indicator, the VIX currently has no direct way to trade its levela rather unusual situation. But that could soon change. Rob Hocking, Cboe's global head of derivatives, said that once U.S. regulation of perpetual futures becomes clearer, Cboe will explore launching VIX perpetual contracts. "One of the products we're exploring right now is the VIX," he said during a panel discussion on perpetual futures at an industry research derivatives market structure conference in New York City. "Right now there's no way to trade VIX spot directly. That's been a constant demand from the market to Cboe. 'How do I get exposure to VIX spot?' There's no good way right now," he said at the September 30 event. Cboe already lists VIX futures and options. There are also exchange-traded funds (ETFs) that track the VIX, but these ETFs hold VIX derivatives underneath and can only approximate the volatility index, and may be costly for investors under normal market conditions. For example, the Short-Term Futures VIX ETF-ProShares (VIXY.US) has fallen 34% in 2026. "I think perpetual futures could be a really good solution," Hocking said. It is understood that perpetual futures have no expiration date and include a funding rate mechanism designed to anchor the contract price to the current spot price. These instruments use leverage, which can amplify gains and losses. Robinhood (HOOD.US) disclosed this week that it will offer U.S. customers up to 10x leverage on Bitcoin and Ether perpetual contracts, and up to 3x leverage on other cryptocurrency perpetual contracts. Perpetual futures are a major product on offshore cryptocurrency exchanges such as Binance, OKX, and Hyperliquid. Coinbase Global Inc. (COIN.US) and Kalshi currently offer cryptocurrency perpetual contracts in the U.S., and Kalshi also offers gold perpetual contracts. Hocking, who previously worked as an equity volatility trader at Goldman Sachs Group, Inc., also said that options have significant advantages over perpetual futures. "I think you can get similar leverage in options, but the difference is that options have an asymmetric payoff structure that linear products don't have. With options, you can get asymmetric returns: if you buy an option, you can get nearly parabolic upsidegains accelerate as the market moves in your favor," he said. Unlike perpetual futures, options buyers' losses are capped at the premium paid. Cboe's flagship product, S&P 500 index options, has a daily notional trading volume of approximately $4.5 trillion. Short-term options are very popular among risk-preferring retail traders. This week, the exchange operator signed a 25-year renewal of its exclusive licensing agreement with S&P Dow Jones Indices, pushing its stock price higher. Hocking called on regulators to provide clearer guidance on how so-called perpetual contracts should be regulated. "There's a huge opportunity to utilize this tool and innovate around it, but we need regulatory clarity. We need to know the rules of the game before we participate," he said.