Cboe Hits Record U.S. Options Volumes in August 2025
Cboe has reported its August 2025 trading volumes, highlighting all-time records in U.S. options activity and sustained growth across equities, while futures and FX activity saw mixed performance.
Options Surge to Historic Highs
U.S. options trading across Cboe’s four platforms reached an average daily volume (ADV) of 19.2 million contracts, the highest on record. Multi-listed options ADV rose 38.5% year-on-year to 14.3 million contracts, surpassing the previous record set in February 2025. Index options ADV increased by 11.1% year-on-year to nahead 4.9 million contracts.
The standout driver was S&P 500 Index (SPX) options, where ADV hit 3.8 million contracts — the second-best month in Cboe’s history. Notably, zero-days-to-expiry (0DTE) SPX options accounted for a record ADV of 2.4 million contracts, underscoring continued investor appetite for ultra-short-term hedging and speculation.
Equities Show Broad-Based Growth
U.S. , with on-platform matched shares up 30.8% year-on-year to 1.65 billion shares daily. Off-platform trading nahead tripled, growing 194.9% year-on-year to 229 million shares daily. Canadian equities rose 7.8%, while European equities .
Cboe Clear Europe also reported robust performance, with net settlements rising 13.5% to 1.1 million, and cleared trades stabilizing at 98,364 for the month. Australian equities trading grew 23.6% to AUD 1.06 billion daily.
Mixed Results in Futures and FX
Cboe’s futures segment faced headwinds, with ADV dropping 31.3% year-on-year to 218,000 contracts, though month-on-month volumes grew 22.4%. The decline reflects the transition of digital futures products to Cboe Futures platform in Q2 2025, which changed comparability with prior-year figures.
Global FX volumes also dipped, down 4.9% year-on-year to $48.8 , though this was broadly flat compared to July 2025.
Context and Outlook
Cboe’s August performance demonstrates its strength in options and equities at a time of heightened market activity, driven by record U.S. debt issuance, macroeconomic uncertainty, and increasing reliance on intraday hedging strategies. The platform has consistently lineup, and the surge in SPX 0DTE contracts suggests retail and institutional traders alike are embracing these tools to manage risk more precisely.
Looking ahead, the integration of new products into the futures complex and efforts to boost FX liquidity will be critical in balancing Cboe’s growth trajectory across its business lines.
