Cboe reports 1.9M average daily volume for FLEX options in Q1 2026

Cboe Global Markets is watching its FLEX options business turn into something of a juggernaut. Average daily volume for FLEX options hit 1.9 million contracts in the first quarter of 2026, a 35.8% jump compared to the same period a year earlier. For a product category that averaged roughly 60,000 contracts per day just over a decade ago, that trajectory is worth paying attention to.

The momentum peaked on March 20, 2026, when FLEX options notched a single-day record of 4.1 million contracts, accounting for nearly 5% of total market volume that day.

What FLEX options actually are, and why they’re booming

FLEX stands for FLexible EXchange options. They were introduced back in 1993 as a way to bring bespoke, over-the-counter-style contracts onto a regulated exchange with central clearing through the Options Clearing Corporation (OCC). Traders can customize strike prices, expiration dates, exercise styles, and settlement methods. Expirations can stretch out as far as 15 years, which makes them attractive for long-dated hedging strategies that standard options simply can’t accommodate.

The growth curve tells its own story. From about 60,000 contracts per day in 2014, FLEX options climbed to nearly 800,000 daily contracts in 2024. That works out to a 26% compound annual growth rate over a decade.

Electronic trading technology has made it far easier to execute and manage these customizable contracts at scale. Better data products, including daily FLEX trade execution reports and enhanced position analytics available through Cboe’s DataShop platform, have given institutional desks the transparency they need to commit real capital.

The Bitcoin ETF connection

One of the more notable developments came in January 2026, when Cboe launched short-dated FLEX expiration cycles for the iShares Bitcoin Trust (IBIT) ETF, alongside eight single-stock classes. Short-dated FLEX options on IBIT give traders the ability to construct precise hedges or yield-enhancement strategies around their Bitcoin ETF positions, with customizable terms that standard weekly or monthly options don’t offer.

Rather than relying on crypto-native exchanges with varying degrees of regulatory oversight, institutional players can now manage Bitcoin ETF risk through Cboe’s regulated infrastructure, with OCC clearing standing behind every trade.