Index Options Trading

Trade a variety of index options to diversify your investment portfolio.

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Option trading entails significant risks and is not suitable for all investors. Only eligible accounts may trade options. Investors can rapidly lose their entire investment in a short period of time and incur permanent loss beyond their initial deposit. Please read the Characteristics and Risks of Standardized Options before trading options. Regulatory and Exchange fees apply to options trades. If you want to know more details related to options trading, please go to Options Trading FAQ of Help Center.
Why trade index options with us?
Lower Fees
$0.00 commission, lower contract fees. No added platform fees or account minimums.
From Large to Small
With standard and mini contracts, choose a size that matches your investing goals.
Multi-Platform Accessibility
Trade index options on a secure, fast, and reliable platform. Get instant access to markets and customize your trading with our free trading tools.
Free Real-Time Quotes
Get free Cboe Global Indices Feed data to track market changes in real-time after registration.
One-Stop Trading Hub
Trade stocks, ETFs, options, index options, and more, with one Webull account.
Grow Your Knowledge
Level up your market knowledge and learn about investing with free online courses on Webull Learning Center.
Tradable index options and fee structure

Webull passes through proprietary index option fees to clients on a per contract basis. Certain exchanges charge a proprietary index option fee on select index options that only trade on their exchange. Webull charges an index option contract fee on a per contract basis for select index options. Please see the rates below.

* Relevant regulatory and exchange fees may apply. Please refer to our
Fee Schedule
for more details.
For simple VIX, a priority surcharge is assessed on contracts executed electronically that are Maker and not Market Turner by $0.20 more.
Free real-time market data​

Webull partnered with CBOE to provide users with the Cboe Indices Feed (CGIF), which offers real-time index values for over 400 products. ​Utilize real-time market data indicators to track market moves and make more informed decisions.

Apply for a trading account in a few steps
Sign up and open an account
Fund your account and start trading
Apply for options trading permission
Open an account
Frequently asked questions
Q: What is an index option?​
An index option is a contract that gives the holder the right to buy or sell the value of the underlying index at the specified strike price. Since index options are cash-settled, there is no transfer of any equity. Instead, there is a cash settlement given out to the holder based on the difference between the exercise settlement value and the strike price.
Q: Why trade index options?​
1. Index options can help traders diversify a portfolio and gain broad exposure with (in most cases) one trade. As compared to single stocks, index options reduce the probability of experiencing a gap move and help narrow the focus to market risk instead of individual company risks.​ ​2. Index options tend to have lower volatility than options on individual stocks. Volatility around earnings reports, mergers, and other news events can have a significant impact on stock options prices. But with index options, those volatile moves tend to smooth out.​ ​3. Index options are European style, meaning they cannot be exercised before expiration. Equity options, on the other hand, can be exercised anytime. Stock options settle to shares of the underlying stock, while index options settle to cash.​ ​4. Index options typically qualify for the 60% long-term, 40% short-term capital gains tax treatment.​ ​5. Index options often have narrower bid/ask spreads than single-stock options due to greater liquidity.​
*Under section 1256 of the Tax Code, profit and loss on transactions in certain exchange-traded options are entitled to be taxed at a rate equal to 60% long-term and 40% short-term capital gain or loss, provided that the investor involved and the strategy employed satisfy the criteria of the Tax Code. Investors should consult with their tax advisors to determine how the profit and loss on any particular option strategy will be taxed. Tax laws and regulations change from time to time and may be subject to varying interpretations.​
Q: How to place an index option trade on Webull
On the Webull App, you can search the underlying index you would like to trade first and then go to the index options page. Select the contract you would like to trade and tap to proceed to the order page. You can also double tap to view more information on the options detail page. Options that are AM-Expiration settled are labeled with an AM icon beside the expiration date. You can adjust the strategies, view the risk profile, modify the parameters and complete the order process on the order page.

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Securities trading is offered to self-directed customers by Webull Financial LLC, a broker dealer registered with the Securities and Exchange Commission (SEC). Webull Financial LLC is a member of the Financial Industry Regulatory Authority (FINRA), Securities Investor Protection Corporation (SIPC), The New York Stock Exchange (NYSE), NASDAQ and Cboe EDGX Exchange, Inc (CBOE EDGX).

Webull Financial, LLC is a CFTC registered Futures Commission Merchant and NFA Member. Futures and futures options trading involves substantial risk and is not suitable for all investors. Please read the Risk Disclosure Statement and other relevant Futures Disclosures located at www.webullbrokers.net/fcm-disclosures.aspx prior to trading futures products. Futures accounts are not protected by the Securities Investor Protection Corporation (SIPC).

Advisory accounts and services are provided by Webull Advisors LLC (also known as "Webull Advisors"). Webull Advisors is an Investment Advisor registered with and regulated by the SEC under the Investment Advisors Act of 1940. Registration does not imply a level of skill or training. See additional information on the Disclosures webpage. Trades in your Webull Advisors account are executed by Webull Financial LLC.

Webull Financial LLC is a member of SIPC, which protects securities customers of its members up to $500,000 (including $250,000 in any cash awaiting reinvestment). An explanatory brochure is available upon request or at www.sipc.org. Webull Financial LLC’s clearing firm Apex Clearing Corp has purchased an additional insurance policy. The coverage limits provide protection for securities and cash up to an aggregate of $150 million, subject to maximum limits of $37.5 million for any one customer’s securities and $900,000 for any one customer’s cash. Similar to SIPC protection, this additional insurance does not protect against a loss in the market value of securities.

Options trading entails significant risk and is not appropriate for all investors. Option investors can rapidly lose the value of their investment in a short period of time and incur permanent loss by expiration date. Losses can potentially exceed the initial required deposit. You need to complete an options trading application and get approval on eligible accounts. Please read the Characteristics and Risks of Standardized Options before trading options.

All investments involve risk, and not all risks are suitable for every investor. The value of securities may fluctuate and as a result, clients may lose more than their original investment. The past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit or protect against loss in a down market. There is always the potential of losing money when you invest in securities or other financial products. Investors should consider their investment objectives and risks carefully before investing.

Diversification does not eliminate the risk of experiencing investment losses. Margin trading increases risk of loss and includes the possibility of a forced sale if account equity drops below required levels. Margin is not available in all account types. Margin trading privileges are subject to Webull Financial, LLC review and approval. Leverage carries a high level of risk and is not suitable for all investors. Greater leverage creates greater losses in the event of adverse market movements.

Investors should be aware that system response, execution price, speed, liquidity, market data, and account access times are affected by many factors, including market volatility, size and type of order, market conditions, system performance, and other factors. Market volatility, volume and system availability may delay account access and trade executions.

Free trading of stocks, ETFs, and options refers to $0 commissions for Webull Financial LLC self-directed individual cash or margin brokerage accounts and IRAs that trade U.S. listed securities via mobile devices, desktop or website products. A $0.55 per contract fee applies for certain index options and a $0.10 per contract fee applies for oversized option orders. Relevant regulatory and exchange fees may apply. Please refer to our Fee Schedule for more details.

No content on the Webull Financial LLC website shall be considered as a recommendation or solicitation for the purchase or sale of securities, options, or other investment products. All information and data on the website is for reference only and no historical data shall be considered as the basis for judging future trends.

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