Cboe reports 1.9M average daily volume for FLEX options in Q1 2026
Cboe Global Markets reported average daily volume of 1.9M FLEX options contracts in Q1 2026, up 35.8% YoY. The peak was 4.1M contracts on March 20, 2026. FLEX options allow customization of terms and long-dated expirations. Cboe launched short-dated FLEX expirations for the iShares Bitcoin Trust (IBIT) ETF in January 2026, offering regulated hedging options for Bitcoin ETF positions.
How this was made

The 30-second read
Why it matters
The surge in FLEX volume suggests a shift toward longer‑dated, bespoke hedging strategies, which could reshape options market dynamics.
Market read
Growing FLEX activity may increase Cboe's fee income and influence pricing of related derivatives.
What to watch
Potential regulatory scrutiny of customized products could limit future expansion.
Background
Cboe's FLEX options allow customized strike, expiry, and settlement terms, attracting institutional hedgers.
Ticker impact
Cboe Global Markets reported average daily FLEX options volume of 1.9M contracts in Q1 2026, a 35.8% increase YoY.
CBOE may see modest upside as traders allocate more capital to FLEX products.
The volume jump is sizable for a large exchange, but the effect on stock price will depend on how investors value the incremental fee revenue.
Market effects
Indicates expanding interest in bespoke options, which could benefit other options exchanges and market makers.
U.S. options market sees increased activity; no direct regional effect beyond North America.
Highlights a trend that may spread to other global exchanges offering flexible derivatives.
Counterpoint
Volume growth may be temporary, driven by short‑term hedging needs rather than sustainable fee revenue.
Key entities
- ExchangeCboe Global Markets
Operator of the FLEX options platform.





