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There are key differences between short-dated options and perpetual futures. Leverage and convexity are among the most notable differences in how investors can utilize the two derivatives products.
As we’ve said many times, give the markets a sense of certainty and they will respond accordingly. The market direction is shifting with all three major indices moving to the upside as Treasury yields and crude oil prices slip in early trading after the Federal Reserve raised interest rates and vowed to curtail inflation.
Economic events can create some of the most compelling trading environments of the year – sharp, news-driving moves with defined timelines. Inflation reports, jobs data, and Federal Open Market Committee (FOMC) decisions can move markets, and with the right tools, like options, they can be traded with similar precision and defined risk that equity traders apply to earnings.
July was another strong month for Cboe’s Global Derivatives business with an Average Daily Volume (ADV) of 21.7 million contracts traded. Total Consolidated Volume (TCV) in the overall options industry had an ADV of 70.48 million contracts monthly.
Cboe reported record monthly and quarterly volume across its four options exchanges, with a quarterly Average Daily Volume (ADV) of 21.9 million contracts and a monthly ADV of 23.0 million contracts. Cboe’s overall proprietary index options set a quarterly ADV record of 6.2 million contracts.
European equity trading volumes shifted from Closing Auctions toward Central Limit Order Books and Non-Displayed venues during July, with Cboe remaining the largest exchange and the biggest market share gainer month over month.
Total U.S. equities market Average Daily Volume (ADV) fell 25.43% month-over-month (down 3.41% year-over-year) to 17.42 billion shares traded in July. Off-exchange volume expanded to 50.1%, up 126 basis points month-over-month.
In July 2026, Cboe FX Spot Average Daily Volume (ADV) reached $56.8 billion, a 24.6% increase versus July 2025's ADV of $45.6 billion. Cboe SEF ADV topped $4.3 billion, representing a 46.5% increase from $2.9 billion in July 2025. The LD4 venue recorded $1.1 billion in notional traded on July 31, a new single-day high-water mark.
