Capped-risk structures account for about 92% of S&P 500 Index (SPX) options traded on expiration day, showing how same-day index options are commonly arranged compared with leveraged perpetual futures.
These are known as 0DTE options, meaning they are traded on the day they expire. In the second quarter of 2026, SPX 0DTE options averaged record daily notional volume of $2.3 trillion and exceeded 60% of SPX options volume on a typical day.
The figure measures how traders structure SPX 0DTE positions, rather than how the positions perform. An option buyer risks the premium paid, while sellers often use spreads to cap their potential losses. Perpetual futures track an underlying asset directly, so leverage magnifies the effect of price changes on a position.
The Commodity Futures Trading Commission (CFTC) authorized a futures listing for KalshiEX, LLC’s BTCPERP on May 29, 2026. The contract is tied to Bitcoin (BTC)’s spot price, and the decision covers only this listing.
