Cboe Global Markets posted its highest monthly options volume on record in June 2026, with average daily volume hitting 23.0 million contracts. The exchange also saw a single-day peak of 33.4 million contracts on June 5. The surge came as short-dated zero-days-to-expiry (0DTE) trading continued to drive activity, with SPX 0DTE average daily volume reaching about 3.3 million contracts for the month.
Record Volume and the 0DTE Factor
For the full second quarter, Cboe's average daily options volume was 21.9 million contracts. That's up from prior quarters, though the exchange didn't provide a year-ago comparison in the data released. The standout driver remains 0DTE trading on the S&P 500 index options. Those contracts, which expire the same day they're traded, averaged roughly 3.1 million contracts per day in Q2 and climbed to near 3.3 million in June. Short-dated trades have become a major volume engine for Cboe, reshaping the product mix and the revenue per contract the exchange earns.
Revenue Drivers and Product Mix
Cboe projected total options revenue per contract (RPC) of about $0.317 for Q2 2026. That figure fluctuates with product mix: index options carry higher economics than single-name options. As of early July, the company's shares were up about 11% year-to-date, with volatility acting as a tailwind. Exchange earnings come from transaction fees per contract, plus market data, connectivity, access, and listings. Data and connectivity revenue tends to be sticky, helping earnings hold up across different market regimes.
Volatility as a Tailwind
Higher volatility typically leads to more hedging and intraday trading, which lifts contract volume. That dynamic has been in play this year, and Cboe's record June numbers reflect it. The question for investors is how the product mix shift toward 0DTE trades will affect the RPC over time. While index options have higher per-contract economics, the rapid turnover of 0DTE could change the overall revenue picture. Cboe's next quarterly earnings report will show whether the $0.317 RPC estimate holds and how the mix is evolving.
