Cboe Aims to Redefine Crypto Trading with Long-Term U.S. Futures

Cboe Global Markets has announced plans to launch 10-year continuous futures contracts for Bitcoin and Ether in the United States, subject to regulatory approval. If approved, the contracts are expected to begin trading on November 10. These products are modeled after perpetual futures contracts popular in decentralized finance (DeFi), allowing traders to hold positions for extended periods without the need for periodic rolling. The exchange emphasized that the contracts will be cash-settled and aligned with the spot prices of Bitcoin and Ether through transparent funding mechanisms.

The proposed products differ from Cboe’s earlier Bitcoin futures, which began trading in 2017. The new continuous futures reflect a return to crypto derivatives expansion for the exchange, which had previously stepped back from the space. Catherine Clay, Global Head of Derivatives at Cboe, stated that the product aims to bring the utility of perpetual futures—common in offshore markets—to a U.S.-regulated futures exchange. Perpetual-style contracts currently account for 68% of all Bitcoin trading volume in crypto for 2025, according to Kaiko research.

The move follows a broader regulatory shift toward accommodating crypto derivatives in the U.S. While previous administrations have been cautious about approving such products, the Trump administration has adopted a more favorable stance, creating a more hospitable environment for innovation in this segment. This regulatory evolution is seen as a key factor enabling exchanges like Cboe to introduce novel crypto derivatives.

Cboe is not the first U.S. exchange to enter the perpetual futures space. Bitnomial launched the first U.S. perpetual futures contracts in April, and Coinbase followed in July with its nano Bitcoin and Ether Perpetual Futures. These developments suggest growing interest among institutional and retail traders in more flexible and long-dated crypto derivatives. The total open interest in crypto perpetuals currently stands at $876 billion, according to CoinMarketCap.

Cboe’s initiative could potentially simplify position management for traders, reduce operational complexity associated with rolling futures, and offer more strategic flexibility in managing crypto exposure over extended periods. The exchange’s decision to introduce 10-year contracts aligns with a broader trend in the crypto market, where investors increasingly seek tools that provide long-term liquidity and risk management capabilities.