Cboe Global Markets is considering perpetual futures tied to the Cboe Volatility Index, but wants clearer US regulatory guidance before exploring a listing, Bloomberg reported.
Rob Hocking, Cboe’s global head of derivatives, discussed the potential product at the Bloomberg Intelligence Derivatives Market Structure Conference in New York on September 30. He said VIX perpetuals could address requests for direct exposure to the index’s current level.
The VIX measures the volatility that S&P 500 options traders expect over the next 30 days. Investors cannot currently trade the index level directly, according to Bloomberg.
Cboe already offers VIX futures and options. Exchange-traded funds that hold VIX derivatives provide an imperfect proxy for the index and can be costly in normal market conditions. The ProShares VIX Short-Term Futures ETF had lost 34% in 2026 at the time of the report.
Perpetual futures have no expiration date. They use a funding mechanism intended to keep the contract price close to the underlying spot price, while leverage magnifies both gains and losses.
Robinhood said this week that it would offer US clients up to 10 times leverage on Bitcoin and Ether perpetuals and up to three times leverage on other crypto perpetuals, Bloomberg reported.
Hocking said options retain advantages over perpetual futures because their payouts can be asymmetric. An option buyer’s maximum loss is the premium paid, while potential gains can accelerate as the position moves in the buyer’s favor.
Cboe’s S&P 500 Index options trade about $1 trillion in daily notional value. The exchange operator this week signed a 25-year extension of its exclusive licensing agreement with S&P Dow Jones Indices, sending its shares higher, according to Bloomberg.
Hocking called for regulators to clarify how perpetual futures would be overseen before exchanges develop new products.
