Global Markets
Tradable Products
Cboe Data Vantage
Analytics & Execution
Access Solutions
Indices
Other Solutions
In the third quarter of 2025, listed options trading saw unprecedented levels of activity driven by double-digit returns for equity investors and increased volatility through macroeconomic events. Total volume in 2025 is on track to top 13.8 billion contracts, a sixth straight annual record. Through September 2025, market-wide volume averaged a record 59 million daily contracts, a 22% increase from 2024.
Source: Cboe Data Shop
When looking at volume by product type, single stock flow increased 25%, ETF options increased 18% and index options increased 17% year-to-date. FLexible EXchange (FLEX) options volume has increased nearly 50% to 1.3 million daily contracts – ten times the level traded in 2019. In each product category, options volumes continue to increase year-over-year underscoring the growing awareness and appetite for options products.
Source: Cboe LiveVol, LLC
Source: Cboe LiveVol, LLC
Looking closer at FLEX options, the charts above depict a substantial increase in FLEX options activity over the years. Broken down by the type of FLEX options, single stock FLEX options dominate the activity at 958,157 thousand contracts traded in 2025 followed by ETF FLEX options at 300,941 contracts traded and Index FLEX options at 29,070 contracts traded.
So far in 2025, total options volume was more than 70 million contracts on 21 days and exceeded 80 million contracts on five days. On April 4, 2025, investor fears of an escalating trade war and tariff relation from China correlated with an all-time options volume record of 101.9 million contracts traded. Options volumes beat that record on October 10 when further tariff retaliation announcements continued to spark economic uncertainty. Total volume exceeded a record 110 million contracts across the U.S. options industry that day, with 33.2 million of those contracts trading on Cboe’s markets, including a record 6.4 million S&P 500 Index options contracts. With growing economic uncertainty and increased volatility, options volumes broke records and helped market participants manage risk.
Source: Cboe Data Shop
In the third quarter of 2025, index options volume rose to nearly 4.9 million daily contracts, including a record ADV of 858,000 contracts in Cboe Volatility Index options (VIX Index options) and a record 3.8 million in SPX Index options. 2.15 million, or 57%, of that SPX Index options ADV was comprised of zero-days-to-expiry (0DTE) options.
The growth in index options is tied to numerous factors, including increased retail engagement as retail traders were responsible for nearly half the total daily options volume. Additionally, a resurgence in large-block institutional trades over 1,000 contracts in size drove the growth in index options as they made up nearly 10 million contracts per day alongside sustained periods of high realized and implied volatility.
As we head into the end of the year, regulatory and brokerage trends favor further growth, with FINRA moving to ease the pattern day trading rule for small accounts. Plus, leading retail brokers are expanding product offerings to include a wider range of derivatives and prediction markets, bringing greater access and diversification to market participants.
For more Q3 options industry insights from Henry Schwartz, download the full report here.
There are important risks associated with transacting in any of the Cboe Company products discussed here. Before engaging in any transactions in those products, it is important for market participants to carefully review the disclosures and disclaimers contained at: https://www.cboe.com/us_disclaimers/. These products are complex and are suitable only for sophisticated market participants. In certain jurisdictions, Cboe Company products are only permitted for investment professionals, certified sophisticated investors, or high net worth corporations and associations. These products involve the risk of loss, which can be substantial and, depending on the type of product, can exceed the amount of money deposited in establishing the position. Market participants should put at risk only funds that they can afford to lose without affecting their lifestyle. © 2025 Cboe Exchange, Inc. All Rights Reserved.
