Cboe Bridges U.S. and Offshore Crypto Trading With 10-Year Futures

Cboe Global Markets has announced plans to introduce 10-year cash-settled Bitcoin and Ethereum futures, set for a potential launch on November 10, 2025, subject to regulatory approval. The new product, termed “Continuous Futures,” aims to bridge a gap between U.S. markets and offshore exchanges, where perpetual-style contracts have gained widespread adoption. These long-dated futures will allow traders to maintain a single position for up to a decade, eliminating the need for frequent contract rollovers and offering a more streamlined approach to managing crypto exposure.

The Continuous Futures will be cash-settled and designed to closely mirror the spot prices of Bitcoin and Ether through transparent daily adjustments and a funding rate mechanism. This structure is intended to provide U.S. traders with a regulated alternative to offshore perpetual contracts, which account for a significant portion of global crypto trading volume. According to data from Kaiko, perpetual futures account for 68% of Bitcoin trading volume in 2025. Cboe’s move reflects a broader industry trend of bringing more sophisticated crypto derivatives into the U.S. regulatory framework.

Catherine Clay, Global Head of Derivatives at Cboe, emphasized the innovation’s potential to attract both institutional and retail investors by offering a simplified and cost-effective way to trade digital assets. The contracts will be listed on Cboe Futures Exchange (CFE) and cleared through Cboe Clear U.S., a CFTC-regulated clearinghouse, reinforcing the exchange’s commitment to a transparent and secure trading environment. Cboe also plans to hold educational sessions on October 30 and November 20 to help traders understand the mechanics of Continuous Futures.

The launch is part of Cboe’s broader strategy to expand its derivatives offerings beyond its flagship VIX futures. In April 2025, the exchange had previously announced a partnership with FTSE Russell to launch the Cboe FTSE Bitcoin Index futures (XBTF), which are cash-settled on the last business day of each month. This development marks Cboe’s return to expanding its crypto derivatives product lineup after a previous strategic pause in the market.

The regulatory landscape for crypto derivatives has shifted in recent months, with U.S. financial regulators adopting a more accommodating stance under the Trump administration. This shift has enabled exchanges like Bitnomial and Coinbase to launch perpetual futures for U.S. traders earlier this year. However, Cboe’s 10-year-dated futures represent a distinct product innovation, as they combine long-term exposure with a structured, regulated U.S. framework.

Cboe’s new offering reflects the growing institutional interest in crypto markets and the demand for more flexible and durable trading tools. The continuous futures could also facilitate greater participation from U.S. investors who previously relied on offshore platforms for perpetual contracts. As the market evolves, the success of these products will depend on liquidity development and trader adoption.