Cboe brings back S&P 500 binary options, following Polymarket and Kalshi's lead

Cboe is reintroducing S&P 500 binary options after shelving them in 2017, following the rise of prediction markets like Polymarket and Kalshi. The exchange is adding a new proportional payout feature, and Meta and Nasdaq are also entering the prediction market space.

• Cboe is reviving binary options on the S&P 500, a yes-or-no bet on whether the index crosses a set level
• The exchange first tried binary options in 2008 but pulled them in 2017 due to low interest
• Polymarket and Kalshi proved there is strong demand for outcome-based betting markets
• Cboe's new 'plus' feature pays proportionally as the index moves, not all-or-nothing
• Meta and Nasdaq are also building prediction market products, signaling mainstream adoption

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Last updated 25 Jun 2026