Binary Options Fees Get a New Tiered Menu at Cboe
Published Date: 10/21/2026
Notice
Summary
Cboe Exchange is changing how it charges fees for certain binary options trades, switching from fixed fees to a tier-based system that could save some traders money. They’re also adding Investors Exchange LLC to a specific fee category. These changes took effect right away on October 8, 2026, so traders should check how this impacts their costs.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Index Binary options change to price‑based fee formula
Cboe replaced fixed premium‑range fees for Index Binaries (currently XSPBX) with a continuous, price‑based formula: Transaction Fee = (k * p * (1 - p) * c * 100). The constants are k = 1.2% for Customer orders and k = 1.4% for Clearing TPH proprietary, Broker‑Dealer, certain other non‑Customer capacities, and electronic Market‑Maker/DPM/LMM orders that remove liquidity; the maximum per‑contract fees remain $0.30 for Customers and $0.35 for other listed capacities. Cboe kept existing flat fees of $0.05 (electronic liquidity‑adding) and $0.15 (manual) for Market‑Maker/DPM/LMM adding/manual orders; the change was proposed effective October 1, 2026.
IEX added to $0.25 routing fee category (Fee code RD)
Cboe added Investors Exchange LLC (IEX) to fee code RD so Customer orders routed to IEX through Cboe will be assessed $0.25 per contract under Fee code RD. The filing notes IEX is launching an options market on October 2, 2026, and the $0.25 per‑contract charge for fee code RD remains unchanged.
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