The Chicago Board Options Exchange (CBOE.US) focuses on VIX perpetual contracts: the most popular high-leverage instrument in the crypto industry, is moving towards traditional finance

The Zhitong Finance App learned that the Chicago Board Options Exchange (CBOE.US) is considering launching a perpetual futures contract based on the Cboe Volatility Index (VIX). Currently, US exchanges are racing to introduce highly leveraged instruments that dominate the cryptocurrency market into new asset classes.

VIX measures the expectations of S&P 500 options traders for the next 30 days. As a widely quoted indicator, VIX currently doesn't have a way to directly trade its points, which is quite rare. But that may be about to change.

Rob Hocking, Cboe's head of global derivatives, said that once the US regulations on perpetual futures become more clear, CBoE will explore the launch of VIX perpetual contracts.

“One of the varieties we are currently exploring is VIX,” he said during a panel discussion on perpetual futures at the Industry Research Derivatives Market Structure Conference held in New York City.

At the event on September 30, he said, “There is currently no way to directly trade VIX spot. This has always been the market demand for Cboe. 'How can I get access to VIX's stock? ' There's no good way right now.”

CBoE has listed VIX futures and options. There are also exchange-traded funds (ETFs) that track VIX in the market, but these ETFs hold VIX derivatives at the bottom, which only approximate indicators of volatility, and may be expensive for investors under normal market conditions. For example, the short-term futures panic index ETF-ProShares (VIXY.US) has dropped 34% in 2026.

“I think perpetual futures might be a very good solution,” Hocking said.

According to information, perpetual futures have no expiration date and include a funding rate mechanism aimed at anchoring the contract price to the current spot price. These instruments use leverage and can amplify gains and losses. Robinhood (HOOD.US) revealed this week that it will provide US customers with up to 10x leverage for Bitcoin and Ether perpetual contracts, while other cryptocurrency perpetual contracts will provide up to 3x leverage.

Perpetual futures are the main product of offshore cryptocurrency exchanges such as Binance, OKX, and Hyperliquid. Coinbase Global Inc. (COIN.US) and Kalshi currently offer cryptocurrency perpetual contracts in the US, and Kalshi also offers gold perpetual contracts.

Hocking, a former Goldman Sachs stock volatility trader, also said that options have significant advantages over perpetual futures.

He said, “I think you can get similar leverage in options, but the difference is that options have an asymmetric return structure that linear products don't have. Using options, you can get asymmetric returns: if you buy an option, you can get almost parabolic upside — when the market moves in a favorable direction, the profit grows faster.”

Unlike perpetual futures, options buyers lose up to the premium paid.

Cboe's flagship product, the S&P 500 Index options, has a nominal daily trading volume of approximately $4.5 trillion. Short-term options are very popular among retail traders who prefer risk. This week, the exchange operator signed a 25-year renewal of an exclusive licensing agreement with S&P Dow Jones Indices, driving its stock price higher.

Hocking called on regulators to provide more clear guidance on how so-called perpetual contracts can be regulated.

He said, “There are huge opportunities to use this tool and innovate around it, but we need regulatory clarity. We need to know the rules of the game before we get involved.”