Cboe Global Markets is exploring a perpetual futures contract tied to the VIX, Wall Street's volatility gauge, borrowing a no-expiry structure that already dominates crypto trading. The initiative has no published contract specifications, launch date or regulatory filing, and Cboe frames the pitch around giving futures-only traders easier access to volatility exposure.
Cboe Global Markets is exploring perpetual futures tied to the Cboe Volatility Index, often called Wall Street's fear gauge. The contracts would carry no expiration date, a feature that has made perpetuals the dominant instrument in crypto trading.
Why drop the expiry date
A standard futures contract works the same as a perpetual one, minus the end date. Standard VIX futures expire on a set schedule, so anyone holding long-term volatility exposure has to close an expiring contract and open a new one, a process called rolling. A perpetual removes that step entirely.
Cboe has not published contract specifications, launch dates or regulatory filings for the proposed product, and the initiative appears to be in an early, exploratory stage. The pitch, based on Cboe's direction, centers on access: a perpetual VIX contract could appeal to participants who trade CFTC-regulated futures but generally stay away from securities-based products.
Two decades of VIX futures
Cboe launched VIX futures on the Cboe Futures Exchange in 2004, cash-settled against the special opening quotation of the VIX Index. Each standard contract carries a multiplier of $1,000 per index point. Cboe's mini VIX contract carries a $100 multiplier for smaller traders.
The exchange now lists monthly and weekly VIX futures expirations, plus options on VIX futures that physically settle into front-month futures with daily expiries. Its product shelf also includes variance futures.
A pattern borrowed from crypto
In March 2026, Cboe introduced the BITVX index, which applies VIX methodology to measure expected 30-day Bitcoin volatility using options tied to the iShares Bitcoin Trust. Separately, Volmex launched a perpetual market on its BVIV index, a VIX-style Bitcoin volatility gauge, on Hyperliquid in September 2026.
For traders, the clearest benefit of a perpetual VIX product would be convenience: holding a volatility position without rolling contracts removes a recurring cost. Firms limited to CFTC-regulated futures would also gain another route into volatility hedging, which could deepen liquidity across the broader VIX complex.
What comes next is paperwork. A contract specification, regulatory filing or target launch date would signal that Cboe has moved past exploration and into execution.
Source: Crypto Briefing
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