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: