Cboe Targets Tokenized Options as S&P 500 Expands Into 24/7 Trading

Cboe and S&P Dow Jones Indices are exploring tokenized options contracts, potentially bringing one of Wall Street’s largest derivatives markets deeper into blockchain-based trading infrastructure.

The discussions come as S&P DJI has already expanded 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 S&P 500 exposure 24 hours a day, seven days a week.

Tokenized options would represent another step toward taking traditional market structures onchain rather than simply creating blockchain wrappers around stocks.

Cboe Could Bring a Huge Options Market Onchain

Cboe already sits at the center of S&P 500 derivatives trading.

Its flagship SPX options provide exposure to the index through cash-settled, European-style contracts, and recently carried more than 22 million contracts of open interest.

Moving some version of that market onto blockchain infrastructure could introduce features more familiar to crypto traders, including continuous settlement, programmable collateral and potentially broader trading windows.

That fits a wider shift toward tokenized stocks, where blockchain is increasingly being used to change how traditional securities trade, settle and move between platforms.

The S&P 500 Is Already Moving Onchain

The tokenized-options discussion is not happening in isolation.

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.

Then came the Hyperliquid perpetual.

The S&P 500 now supports more than $1 trillion in daily trading across linked futures, options, ETFs and structured products, making even a small shift toward digital infrastructure potentially significant.

The broader market is already moving in the same direction. Tokenized-stock trading recently reached almost $3 billion in weekly volume, while NYSE is developing a separate platform for 24/7 tokenized securities trading.