Cboe compares Bitcoin perpetual futures with 0DTE options on risk

A new Cboe research paper argues that defined-risk options spreads give traders protection that perpetual futures structurally lack Cboe Global Markets has weighed in on one of the hottest debates in derivatives: are Bitcoin perpetual futures and same-day options basically the same thing? Its answer, delivered with a market-structure researcher’s restraint, is no. On July 14, 2026, Cboe’s Market Intelligence team published a paper titled “Crossed Wires: Separating Perception from Reality.” It compares Bitcoin perpetual futures, known as perps, with zero-days-to-expiration options, known as 0DTE. The core argument is that options traders can cap their losses with spreads, while perp traders have no equivalent built-in brake. A perpetual future is a futures contract that never expires, so traders can hold a leveraged position as long as they keep it funded.

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