Crypto derivatives are moving into the regulated mainstream. Following the 2024 launch of spot Bitcoin ETFs, the CFTC approved Kalshi's Bitcoin perpetual futures contract on May 29, 2026 — the first time this once-exotic crypto product has landed on a regulated U.S. exchange. CFTC Chair Selig has signaled that approvals for other asset classes are likely to follow, and in a recent interview he compared perpetual futures to "zero day options." That comparison has prompted a wave of investor questions about how perpetual futures ("perpetuals") stack up against zero-day-to-expiration (0DTE) options. Cboe's latest Volatility Insights report argues the comparison, while understandable on the surface, breaks down once you look past leverage and into payoff structure, risk, and actual investor behavior. ▶️ Download the paper to read the research:

Goldman derivatives head Brian Garrett: "many thought a hawkish Jackson hole could bring longer end yields lower given increase in perceived fed credibility/independence, the opposite happened (10y 4bps higher on the session, and now 25bps higher on the quarter)."

Chainlink Derivatives Are Heating Up Again Chainlink’s derivatives market is rebuilding leverage even though LINK remains far below its pre-crash level, Santiment reported on Aug. 17. Coin-denominated open interest (OI) has climbed to nearly 29 million ethereum:0x514910771af9ca656af840dff83e8264ecf986ca. That puts open interest above its October 9 level for the first time since the liquidation cascade. Dollar-denominated OI remains around $279 million, roughly half its pre-crash level. Funding has stayed positive throughout the buildup, suggesting long positions dominate the rebound.