What Cboe said on the record
Cboe is evaluating whether to list perpetual futures that reference the Cboe Volatility Index, or VIX, the market's 30 day barometer for expected swings in the S&P 500.
Cboe currently offers VIX futures and options. Still, Hocking said the firm would look into launching VIX perpetuals after the US provides clearer rules on the regulation of perpetual futures. "I think perpetual futures could be a very good solution," he said.
Why perpetuals are getting attention
US venues are racing to adapt the crypto market's favorite contract to traditional assets. Perpetual futures do not roll off, and their periodic funding payments are intended to keep prices anchored near spot. The structure also supports leverage that magnifies outcomes. This week, Robinhood said it will offer US customers up to 10x leverage on Bitcoin and Ether perpetuals, with other crypto perps capped at 3x.
Perps are standard fare on offshore crypto platforms like Binance, OKX and Hyperliquid. In the US, Coinbase Global Inc. and Kalshi list cryptocurrency perpetuals, and Kalshi additionally lists gold contracts of this type.
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How VIX exposure works today
Investors can't trade "VIX cash" directly, which is why they rely on VIX futures, options and certain ETFs. Those funds hold VIX derivatives, so they are an imperfect stand in for the index and can be expensive to own in normal markets. One example: the ProShares VIX Short-Term Futures ETF is down 34% in 2026.
Hocking, who previously traded equity volatility at Goldman Sachs Group Inc., argued that options retain key advantages over linear instruments like perps. "I think you can get similar leverage in options, but the difference is you can have asymmetric payouts that don't exist in a linear product," he said. "With options, you have asymmetric payouts: if you buy an option, you can get almost parabolic upside - as your gain moves in your favor, the gain accelerates." And unlike perpetuals, an option buyer's loss is limited to the premium.
What regulators and investors should watch
Cboe's flagship S&P 500 Index options complex moves around $4.5 trillion in notional value daily, and very short dated contracts are a hit with risk seeking retail traders. This week, the company inked a 25 year extension to its exclusive licensing deal with S&P Dow Jones Indices, and the stock climbed.
Hocking urged agencies to spell out how perps will be overseen. "There's massive opportunity out there to use this, to innovate around this, but we need regulatory clarity," he said. "We need to know what are the rules of the game before we can play the game." Translation for your wallet: if VIX perps arrive, how they trade and the leverage allowed will hinge on those rules.
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