Cboe Unveils First US Perpetual-Style Bitcoin and Ether Continuous Futures

Cboe Global Markets is ushering in a new era for US crypto derivatives. The exchange operator announced today that its Cboe Futures Exchange (CFE) will begin offering Continuous Futures for Bitcoin (PBT) and Ether (PET) on December 15, 2025, pending final regulatory review.

This marks the first time that US-regulated markets will host perpetual-style crypto exposure, which has traditionally been offered only on offshore exchanges.

Cboe Brings Perpetual-Style Crypto Futures Into the US Regulatory Fold

The new products are designed to provide professional investors with long-term, capital-efficient exposure to the two largest digital assets. It eliminates the operational friction of rolling expiring futures.

Each contract will have a 10-year expiration and feature a daily cash adjustment. With this, it mirrors the mechanics of perpetual swaps while remaining fully compliant with US derivatives regulations.

Perpetual futures, one of crypto’s most traded products globally, have historically thrived on offshore venues. This is due to regulatory constraints in the US.

Cboe’s move brings a familiar, yet heavily supervised, version of this instrument to institutional desks. It seeks transparency, clear protections, and regulatory alignment.

“As perpetual futures have historically been traded offshore, Cboe is excited to help expand access to these products within a US-regulated, transparent, and intermediary-friendly environment,” said Rob Hocking, Global Head of Derivatives at Cboe.

He added that the structure enables more efficient portfolio and risk management. At the same time, it must provide investors with a controlled path to leveraged digital asset exposure.

Continuous Futures will be cash-settled, centrally cleared, and governed by CFTC-regulated standards via Cboe. Clear US Margin requirements will follow standard derivatives oversight.

Traders may gain cross-margining benefits with CFE’s existing Financially Settled Bitcoin (FBT) and Ether (FET) futures.

Designed for Capital Efficiency and Long-Term Exposure

The contracts will track Cboe Kaiko Real-Time Rates for both BTC and ETH. A daily “Funding Amount” similar to funding payments used in perpetual swaps will be applied to open positions. This will keep futures pricing aligned with spot markets.

“Bringing perpetual-style futures to US regulated markets addresses a real need for institutional investors seeking efficient, long-term crypto exposure,” said Anne-Claire Maurice, Managing Director of Derived Data at Kaiko.

She emphasized that the structure removes rolling risks while preserving transparency and oversight. This aligns with recent remarks from Youngsun Shin, Head of Product at Flipster, in an interview with BeInCrypto. According to Shin, risk management should be built into innovation itself.

Trading will be available 23 hours a day, five days a week, from Sunday evening to Friday afternoon (ET). Notably, this mirrors existing CFE crypto derivatives schedules.

Education and Market Preparation Begin

Recognizing the complexity and novelty of these products, Cboe’s Options Institute will host two public education sessions on December 17, 2025, and January 13, 2026.

These courses will help traders understand:

• Contract specifications,

• Funding calculations, and

• Strategic use cases, ranging from hedging and volatility trading to synthetic long-term positioning.

With institutional demand for regulated crypto exposure rising, especially amid expanding ETF markets, Cboe’s Continuous Futures could become one of the most significant structural upgrades to US crypto derivatives in years.