Key Takeaways
- Overall options activity hit new highs in Q1 2026, with market-wide Average Daily Volume (ADV) reaching 68.6 million contracts.
- Index and ETF options led the growth: index options ADV rose approximately 22% and ETF options volume increased about 24% above 2025 levels
- VIX options posted the second-best quarter on record.
- FLEX volume climbed 35.8% to 1.9 million contracts per day and reached a 4.1 million single-day record
The options market experienced significant growth and dynamic shifts during the first quarter of 2026, marked by record-setting volumes across major index, ETF, and single stock contracts. There was robust activity in both established and newly launched products, as well as evolving regulatory and structural developments. In his quarterly State of the Options Industry report, Henry Schwartz, Vice President, Market Intelligence, highlights key trends, notable achievements, and emerging areas of interest that shaped the options landscape in the early months of the year.
Market-wide options ADV was 68.6 million contracts in the first quarter, compared to 60.4 million in the first quarter of 2025. ETF options volume was 24.6% above 2025 levels, near 28 million contracts per day, while index option flow rose 22.3% and single stock flow increased 3%.
Average Daily Volume by Product Type
Source: Cboe LiveVol
Index options volume increased 22% in the first quarter, averaging 6.1 million contracts daily. S&P 500 Index options (SPX) reached a record ADV of 4.9 million. Mini-SPX Index options (XSP) volume also reached a new record, rising 47% quarter-over-quarter to 187,000 contracts — a 78% increase compared to first-quarter 2025. VIX options ADV was one million contracts, its second-best quarter on record. 98.2% of index option volume traded on exchanges operated by Cboe.
Average Daily Volume - Top Index Products
Source: Cboe LiveVol
FLEX options volume rose another 35.8% to 1.9 million contracts daily. A single-day record of 4.1 million FLEX contracts traded on March 20, representing 5% of the market volume.
Average Daily FLEX Volume by Product Type
Source: Cboe LiveVol
In January, short-dated Monday and Wednesday expiration cycles were added for eight single stock classes and the iShares Bitcoin Trust (IBIT) ETF. Within days volume in these contracts grew to nearly 3 million contracts per day, with Tesla (TSLA) and Nvidia (NVDA) making up more than half the flow.
NVDA and TSLA Options Average Daily Volume Monday/Wednesday Expirations versus Friday Expirations
TSLA Options
NVDA Options
Download the full State of the Options Industry report for a more in-depth analysis of the options industry in Q1 2026.
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