Cboe Considering Launching Perpetual Futures Based on VIX

Source: PANews2026/10/02 19:39

Analysis

Cboe's exploration of VIX-based perpetual futures signals that the perpetual contract structure, long a crypto-native instrument, is being considered for mainstream volatility products, which would blur the line between crypto derivatives and traditional index markets. The key constraint is regulatory: Cboe explicitly ties any listing to clearer U.S. rules on perpetual futures, so the timeline depends on policy rather than product design. Rob Hocking's comments also reveal internal tension, since he argues options retain advantages such as non-linear payoffs and capped buyer losses, suggesting Cboe may position perpetuals as a complement rather than a replacement. Watch for formal regulatory guidance on perpetuals in the U.S., any Cboe filing or product consultation, and whether crypto venues such as Hyperliquid face new institutional competition if a regulated VIX perpetual emerges.

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PANews reported on October 2, citing Bloomberg, that Cboe Global Markets is considering launching perpetual futures based on the CBOE Volatility Index (VIX). Since the VIX index itself cannot currently be traded directly, Cboe will explore listing related contracts once U.S. regulation of perpetual futures becomes clearer. Rob Hocking, Cboe's global head of derivatives, said clients have been asking how to gain spot exposure to the VIX, but there has been no good way to do so, and perpetual futures could be a good solution. He also noted that options have significant advantages over perpetual futures, including non-linear returns and the fact that buyers' losses are limited to the premium paid. He called on regulators to provide clearer guidance on the regulation of perpetual contracts.

Cboe Considering Launching Perpetual Futures Based on VIX

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