An academic concept that was written as early as 1993 has quietly been running for years in the crypto world—and now Wall Street has picked it up and fitted it onto its most core benchmark index.. What’s truly worth watching isn’t the product itself, but the direction..
💬 想聊行情的进群
Cboe is studying perpetual contracts on VIX—meaning making that “fear index” thing people have been talking about for decades into a contract with no expiration.. The news is still very early; there are no contract details yet, and no filings, but the direction has already been made clear..
Most people take it as “the exchange is adding another new product”.. But this time, what’s really worth watching is the product’s structure—how it flows in reverse from the crypto world into traditional markets..
The mechanism of perpetual futures was first proposed by economist Shiller back in 1993. What actually turned it into a business was the crypto exchanges.. It uses a funding rate to anchor the contract price to the spot price. With no expiration date, there’s no rolling/rollover cost.. And one of the main criticisms of traditional VIX futures is precisely that they have to roll their positions every month, with costs gradually eating away at returns..
In other words, what Wall Street wants to copy isn’t “volatility” as an underlying asset—it’s the contract wrapper that the crypto industry has been refining over these past few years.. That’s what’s really happening in this wave..
Why now? Because the market structures on both sides are quickly converging.. First, there were perpetual contracts linked to Bitcoin volatility running on-chain. Then traditional exchanges began researching and put the same mechanism back onto their own most familiar index.. If this trend continues, the next thing to become “perpetualized” won’t be just VIX—there could be more indices, more assets, and more indicators..
But there’s also a real-world issue that still has to be addressed: VIX itself is merely a calculated number. Unlike Bitcoin, it doesn’t have a spot market that can actually be traded.. Market makers can’t buy “spot” to hedge. Whether the funding rate can truly anchor the contract remains an open question even now.. As some analysts put it directly: removing the expiration date doesn’t mean removing hedging costs and basis risk..
So the key question has never been “whether Cboe will launch it,” but rather: when crypto’s structure starts exporting in reverse, who is holding the most seasoned toolkit?
💬 想聊行情的进群
Cboe is studying perpetual contracts on VIX—meaning making that “fear index” thing people have been talking about for decades into a contract with no expiration.. The news is still very early; there are no contract details yet, and no filings, but the direction has already been made clear..
Most people take it as “the exchange is adding another new product”.. But this time, what’s really worth watching is the product’s structure—how it flows in reverse from the crypto world into traditional markets..
The mechanism of perpetual futures was first proposed by economist Shiller back in 1993. What actually turned it into a business was the crypto exchanges.. It uses a funding rate to anchor the contract price to the spot price. With no expiration date, there’s no rolling/rollover cost.. And one of the main criticisms of traditional VIX futures is precisely that they have to roll their positions every month, with costs gradually eating away at returns..
In other words, what Wall Street wants to copy isn’t “volatility” as an underlying asset—it’s the contract wrapper that the crypto industry has been refining over these past few years.. That’s what’s really happening in this wave..
Why now? Because the market structures on both sides are quickly converging.. First, there were perpetual contracts linked to Bitcoin volatility running on-chain. Then traditional exchanges began researching and put the same mechanism back onto their own most familiar index.. If this trend continues, the next thing to become “perpetualized” won’t be just VIX—there could be more indices, more assets, and more indicators..
But there’s also a real-world issue that still has to be addressed: VIX itself is merely a calculated number. Unlike Bitcoin, it doesn’t have a spot market that can actually be traded.. Market makers can’t buy “spot” to hedge. Whether the funding rate can truly anchor the contract remains an open question even now.. As some analysts put it directly: removing the expiration date doesn’t mean removing hedging costs and basis risk..
So the key question has never been “whether Cboe will launch it,” but rather: when crypto’s structure starts exporting in reverse, who is holding the most seasoned toolkit?
