Cboe Global Markets and S&P Dow Jones Indices are exploring tokenized options contracts, a move that could bring one of Wall Street’s largest derivatives markets onto blockchain-based trading infrastructure.
The push follows S&P DJI’s expansion of the S&P 500 beyond traditional exchange hours. In March, it licensed the index to Trade[XYZ] for an officially licensed perpetual contract on Hyperliquid, giving eligible non-U.S. traders leveraged 24/7 S&P 500 exposure.
Tokenized options would represent another step toward moving traditional market structures onchain rather than simply creating blockchain wrappers around stocks. Cboe’s flagship SPX options already provide cash-settled, European-style exposure to the index and recently carried more than 22 million contracts of open interest. A blockchain-based version could introduce continuous settlement, programmable collateral, and broader trading windows.
The conversation is part of a broader tokenization shift. S&P DJI first partnered with Centrifuge to bring the benchmark into onchain investment products, describing tokenization as a way to support programmable, real-time and potentially 24/7 index exposure. The S&P 500 now supports more than $1 trillion in daily trading across linked futures, options, ETFs and structured products, meaning even a small shift toward digital infrastructure could be significant.
Momentum is building elsewhere: tokenized-stock trading recently reached almost $3 billion in weekly volume, while NYSE is developing a separate platform for 24/7 tokenized securities trading.
