Cboe Unveils First U.S.-Regulated 10-Year Crypto Futures to Meet Institutional Demand

Cboe Global Markets is set to revolutionize U.S. crypto derivatives with the launch of its Bitcoin and Ether Continuous Futures on December 15, 2025, offering institutional investors a regulated alternative to offshore perpetual futures. The new products, named PBT and PET, will feature 10-year expirations and daily cash adjustments to align with spot prices, eliminating the need for contract rollovers according to CoinCodex. This innovation addresses a growing demand for long-term crypto exposure while adhering to U.S. regulatory frameworks, marking the first time such instruments are available domestically.

The contracts will be cash-settled and centrally cleared through Cboe Clear U.S., a CFTC-regulated clearinghouse, mitigating counterparty risk and enabling cross-margining with existing CFE-listed products like Financially Settled Bitcoin (FBT) and Ether (FET) futures. Trading will occur on a 23×5 schedule, running from Sunday at 6 p.m. ET to Friday at 5 p.m. ET, accommodating both U.S. and international participants. Rob Hocking, Cboe's Global Head of Derivatives, emphasized the product's appeal: "As perpetual futures have historically been traded offshore, Cboe is excited to help expand access to these products within a U.S.-regulated, transparent, and intermediary-friendly environment" according to BeInCrypto.

The launch reflects broader regulatory shifts under the Trump administration, which has signaled openness to crypto innovation. In March, the CFTC requested public feedback on perpetual derivatives, and Bitnomial recently became the first exchange to list CFTC-regulated XRP futures. Cboe's Continuous Futures aim to bridge the gap between traditional futures and the perpetual swaps popular on offshore platforms, offering capital efficiency and risk management tools to institutional investors.

Anne-Claire Maurice of Kaiko, which provides real-time reference rates for the contracts, noted the product's potential to reduce operational friction: "These continuous futures eliminate the operational friction of rolling positions while maintaining the transparency and oversight that regulated markets provide" according to PR Newswire. The daily "Funding Amount" mechanism will adjust open positions to mirror spot prices, ensuring alignment with market conditions.

Cboe's move also coincides with global competition in crypto derivatives. Singapore Exchange (SGX) recently launched its own perpetual futures on November 24, benchmarking to CoinDesk indices. However, Cboe's U.S.-regulated structure differentiates it by catering to domestic institutional demand while adhering to stricter compliance standards.

To support adoption, Cboe's Options Institute will host educational webinars on December 17 and January 13, 2026, detailing use cases and technical specifications according to PR Newswire. The company's institutional investor base, which holds 82.67% of Cboe shares, is expected to drive initial demand for the contracts.