Cboe Aims to Bridge Crypto and Mainstream Markets with 10-Year Futures

Cboe Global Markets Inc. is set to introduce Bitcoin and Ethereum Continuous Futures on November 10, 2025, pending regulatory approval, marking a significant step in the integration of crypto derivatives into mainstream U.S. financial markets. These "continuous futures" are designed as long-dated contracts with a 10-year expiration, eliminating the need for frequent rolling that characterizes traditional futures. The contracts will be cash-settled and adjusted daily to align with real-time spot prices, employing a transparent and replicable funding rate methodology. This innovation aims to provide traders with a more efficient and accessible way to gain long-term exposure to digital assets within a regulated framework.

The launch of Continuous Futures aligns with the growing demand for structured, regulated crypto trading products in the U.S. market. Perpetual-style futures have dominated offshore trading, with derivatives accounting for over 75% of all trading activity in crypto markets. As of mid-2025, perpetual futures represented 68% of Bitcoin trading volume, showing a slight increase from 66% in 2024 according to a report by Kaiko. The daily trading volume of perpetual futures on crypto exchanges ranges from $10 billion to $30 billion, depending on market conditions. Cboe's move to introduce these products in a regulated U.S. environment reflects its broader strategy to innovate and expand its product offerings, especially in the digital asset space.

Cboe's Continuous Futures will be cleared through Cboe Clear U.S., a derivatives clearing organization regulated by the Commodity Futures Trading Commission (CFTC), reinforcing the exchange's commitment to regulatory compliance and risk management. The new contracts will be available on Cboe Futures Exchange (CFE) and are expected to attract both institutional investors and a growing segment of retail traders who are increasingly interested in crypto derivatives. The company's Global Head of Derivatives, Catherine Clay, emphasized that these products will offer U.S. traders a safer, more transparent alternative to offshore perpetual futures. The introduction of Continuous Futures represents a strategic expansion of CFE's product suite, which includes VIX futures, equity volatility products, and fixed-income derivatives.

The announcement comes at a time when U.S. regulators are actively discussing how to address new financial instruments such as perpetual futures and 24/7 trading. SEC Chairman Paul Atkins recently indicated that the agency and the CFTC are collaborating to evaluate how these products fit within existing regulatory frameworks. Cboe's launch is part of a broader global trend where established exchanges are adapting popular crypto trading tools to fit traditional market structures. For example, the Singapore Exchange launched perpetual Bitcoin futures for institutional clients earlier this year. The move by Cboe reflects the competitive landscape where traditional exchanges are responding to growing demand for regulated alternatives to offshore trading venues.

Educational initiatives will accompany the launch, with the Options Institute hosting two sessions on Continuous Futures on October 30 and November 20 to help traders understand the mechanics and risks involved. This initiative underscores Cboe's commitment to fostering an informed and capable trading community. The company's broader efforts include expanding its product innovation roadmap, with a focus on digital assets and other derivative instruments. The success of these new products will likely depend on the clarity of regulatory guidance and the continued interest from both institutional and retail investors in crypto derivatives. As the market evolves, Cboe's ability to adapt and innovate will be critical in maintaining its leadership in the derivatives and securities exchange space.