Cboe Bridges Offshore Crypto Trading Into Regulated U.S. Markets

Cboe Global Markets Inc. has announced plans to launch Bitcoin and Ether “Continuous futures” on its Cboe Futures Exchange (CFE) on November 10, 2025, contingent on regulatory approval. These contracts, designed as long-dated, cash-settled products with a 10-year expiration, aim to provide U.S. traders with continuous long-term exposure to the two largest digital assets by market capitalization. The structure of these futures eliminates the need for frequent contract rollovers, a common challenge in traditional futures markets, by incorporating daily adjustments tied to real-time spot prices.

The move is intended to bring the utility of offshore perpetual futures—popular in markets such as Binance and OKX—into a regulated U.S. setting. Catherine Clay, Global Head of Derivatives at Cboe, noted in a statement that the adoption of perpetual-style futures in offshore markets has been significant, and Cboe aims to offer U.S. traders access to similar products within a transparent and intermediated framework. These contracts will be cleared through Cboe Clear U.S., a derivatives clearinghouse regulated by the Commodity Futures Trading Commission (CFTC), ensuring compliance with U.S. market rules.

The introduction of Continuous futures marks a continuation of Cboe’s broader strategy to expand its CFE product suite. The company has also been active in the crypto exchange-traded fund (ETF) space, submitting rule change applications to the U.S. Securities and Exchange Commission (SEC) to facilitate the listing of funds tracking the spot price of major altcoins. In July, Cboe BZX filed for an Invesco Galaxy Solana ETF, aiming to bring Solana into regulated U.S. markets.

Derivatives make up a significant portion of cryptocurrency trading activity, with over 75% of all trades occurring in derivatives markets. In particular, perpetual futures have driven much of this volume, accounting for 68% of Bitcoin trading volume through mid-June 2025, according to research from Kaiko. The average daily trading volume for perpetual futures has ranged between $10 billion and $30 billion, depending on the week.

Cboe’s announcement aligns with a broader global trend among exchanges to adapt crypto derivatives for mainstream use. For example, the Singapore Exchange (SGX) announced in March that it would launch perpetual Bitcoin futures for institutional clients. The U.S. regulatory landscape is also evolving in response to these developments. Last week, SEC Chairman Paul Atkins indicated that the agency and CFTC would jointly address regulatory considerations for new product categories, including prediction markets, perpetual futures, and 24/7 trading.

Cboe’s Continuous futures contracts are expected to attract both institutional and retail traders, offering a streamlined and secure way to engage with crypto derivatives. The company anticipates these products will contribute to the further development of its global derivatives exchange and clearing ecosystem. The new offerings build on Cboe’s existing product lineup, which includes its flagship VIX futures and innovations in equity volatility and global fixed income.