Bitcoin News Today: Cboe's Perpetual Futures Bridge Offshore-U.S. Crypto Divide

Cboe Global Markets, the world's leading derivatives and securities exchange network, announced on Nov. 17 that its Cboe Futures Exchange (CFE) will begin trading Bitcoin and Ether Continuous Futures (PBT and PET) on Dec. 15, 2025, pending regulatory approval. This marks the first time U.S.-regulated markets will offer perpetual-style crypto exposure, a product traditionally available only on offshore exchanges.

The Continuous Futures contracts are designed to provide institutional and retail investors with long-term, capital-efficient exposure to Bitcoin and Ether. Unlike traditional futures, which require periodic rolling of positions, these contracts feature a 10-year expiration and daily cash adjustments to align pricing with spot markets. This structure mirrors perpetual swaps while adhering to U.S. derivatives regulations. The contracts will be cash-settled and centrally cleared through Cboe Clear U.S., mitigating counterparty risk and ensuring compliance with CFTC standards.

"Perpetual futures have historically been traded offshore, but Cboe is excited to expand access to these products within a U.S.-regulated, transparent environment," said Rob Hocking, Global Head of Derivatives at Cboe. He emphasized that the product's design streamlines portfolio and risk management while offering controlled leveraged exposure to digital assets according to Cboe's announcement.

The PBT and PET futures will track Cboe Kaiko Real-Time Rates for Bitcoin and Ether, with a daily "Funding Amount" applied to open positions to maintain price alignment. Anne-Claire Maurice, Managing Director of Derived Data at Kaiko, noted that the product addresses institutional demand for efficient, long-term crypto exposure by eliminating the operational friction of rolling expiring contracts.

Trading will occur 23 hours a day, five days a week, from Sunday 6 p.m. ET to Friday 5 p.m. ET. Investors will also benefit from cross-margining capabilities with existing CFE-listed products, such as Financially Settled Bitcoin (FBT) and Ether (FET) futures according to Cboe's schedule.

To aid market participants, Cboe's Options Institute will host educational sessions on Dec. 17, 2025, and Jan. 13, 2026, covering contract specifications, funding mechanisms, and strategic use cases according to Cboe's announcement. The launch aligns with growing institutional interest in regulated crypto derivatives, particularly amid the expansion of ETF markets.

The move reflects Cboe's broader strategy to innovate within the U.S. regulatory framework, offering tools that balance transparency with market efficiency. As the first U.S.-regulated perpetual-style futures, the product could redefine how investors engage with crypto markets, bridging the gap between offshore flexibility and domestic oversight.

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