Cboe says perpetual futures differ structurally from 0DTE options as regulated crypto trading expands in the U.S.

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Cboe: perpetual futures vs 0DTE

Highlights

Cboe states that perpetual futures averaged $230 billion in daily notional value in 2023, representing 90% of their trading on centralized crypto exchanges.
SPX 0DTE options reached a record $2.3 trillion average daily notional volume in Q2 2026 due to expanded expiry dates including Tuesday and Thursday.
Cboe highlights that a 10x leveraged short perpetual on a 0.94% SPX intraday drop gained 9.4%, while an at-the-money 0DTE put surged 404% and an out-of-the-money 0DTE put soared 617%.

Product structure and market growth

As outlined by Cboe Global Markets, the comparison between perpetual futures and zero-day-to-expiration options weakens once investors move beyond headline similarities and examine how each product functions in practice. The exchange operator says perpetual futures are linear instruments that do not expire, with pricing tied back to the spot market through periodic funding payments between long and short holders.

Perpetual futures were originally conceived in 1992 by economist Robert Shiller and later entered crypto markets in 2016 through BitMEX. Cboe says roughly 90% of perpetual futures volume, averaging about $230 billion in daily notional value last year, trades on centralized crypto exchanges.

0DTE options, by contrast, are standard listed options traded on the day they expire. Cboe says their recent growth comes from the expansion of expiry dates for S&P 500 Index options, after Tuesday and Thursday expiries were added in 2022 to the existing Monday, Wednesday and Friday cycle, helping average daily notional volume reach a record $2.3 trillion in the second quarter of 2026.

Risk profile and trading implications

The exchange says the main distinction is convexity. A perpetual futures position moves in a linear way with the underlying asset, while an option can become more sensitive to price changes as it moves further in the money, allowing gains to accelerate differently from losses.

In a case study tied to a 0.94% intraday decline in the SPX on April 21, 2026, Cboe says a 10 times leveraged short perpetual gained 9.4%, while an at-the-money SPX 0DTE put rose 404% and an out-of-the-money 0DTE put climbed 617%. In the reverse scenario, the perpetual would lose the full 9.4%, while the options would lose only their premium, which Cboe says represents a much smaller predefined downside.

Cboe says that difference helps explain why perpetuals are mainly speculative tools carrying leverage, liquidation and funding-cost risks, while SPX 0DTE options are used across hedging, income generation and tactical trading. The company adds that 0DTE options activity has continued through both calm and volatile markets, whereas perpetual futures activity tends to rise in bull markets and retreat in bear markets.

Our earlier article on the sharp rebound in U.S. equities highlighted how bullish options positioning surged as investors unwound bearish bets and piled into upside exposure, especially in Nasdaq 100-linked contracts. We noted that out-of-the-money QQQ call prices spiked and overall options volumes picked up as falling yields, softer oil, and strong earnings expectations helped power the rally and broaden participation beyond megacap tech.

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