Regulated Long-Term Crypto Futures Set to Reshape Trading Landscape

Cboe Global Markets Inc. is set to introduce a new type of derivative product for Bitcoin and Ethereum, aiming to bring the functionality of perpetual futures into a U.S.-regulated environment. The exchange has announced plans to launch “continuous futures” for both cryptocurrencies on November 10, subject to regulatory approval. These contracts are designed to offer a long-term trading alternative, with terms extending up to 10 years, eliminating the need for frequent contract rollovers.

The continuous futures will be cash-settled and aligned to real-time spot prices through daily adjustments. This structure ensures that traders can maintain exposure to crypto markets over extended periods without the logistical challenges associated with traditional futures, which typically expire at fixed intervals. Cboe’s head of derivatives, Catherine Clay, emphasized that the new instruments will provide institutional and retail traders with a secure and transparent method to engage with crypto derivatives.

Derivatives dominate the majority of trading activity in the crypto markets, accounting for over 75% of all trading volumes. Perpetual futures, in particular, have seen strong adoption, with 68% of Bitcoin trading volume in the first half of the year coming from these contracts. The average daily trading volume for perpetual futures across exchanges ranges between $10 billion and $30 billion, depending on the week. By offering a regulated version of these products, Cboe is responding to growing demand for alternatives to offshore trading venues, where such instruments have traditionally been popular.

The move aligns with a broader trend among traditional exchanges seeking to adapt to the evolving landscape of crypto markets. For example, the Singapore Exchange announced its own perpetual Bitcoin futures for institutional clients earlier in 2025. Cboe’s continuous futures will be cleared through Cboe Clear U.S., a derivatives clearing organization regulated by the Commodity Futures Trading Commission (CFTC), further reinforcing the legitimacy and transparency of the product.

Cboe’s re-entry into the crypto derivative space marks a continuation of its strategy to expand its product offerings amid a bullish market. The exchange previously halted new crypto-related contracts around 2019 due to declining interest following a market downturn. However, with renewed enthusiasm in the crypto sector, Cboe has been actively pursuing the listing of exchange-traded funds linked to digital assets. The launch of continuous futures is expected to appeal to both institutional participants and a growing number of retail traders seeking access to crypto derivatives within a regulated framework.