Cboe Aims to Bring Trust to Crypto Trading with 10-Year Futures

Cboe Global Markets, Inc. has announced plans to launch Continuous futures for Bitcoin and Ether on its Cboe Futures Exchange (CFE), beginning November 10, 2025, subject to regulatory approval. These new products aim to provide U.S. traders with an efficient and long-term mechanism to access exposure to digital assets while managing risk within a regulated framework. Unlike traditional futures that require frequent rolling, these Continuous futures will be structured as single contracts with a 10-year expiration, reducing the need for traders to manage position rollovers.

The introduction of these futures aligns with Cboe’s broader strategy to expand its product offerings, particularly in the digital assets and derivatives space. The contracts will be cash-settled and adjusted daily to reflect the real-time spot market prices of Bitcoin and Ether. Cboe has designed a transparent funding rate methodology to ensure alignment with spot prices. This approach is expected to appeal to both institutional and retail traders who are seeking a more straightforward and reliable way to engage with crypto derivatives.

Catherine Clay, Global Head of Derivatives at Cboe, highlighted the growing popularity of perpetual-style futures in offshore markets and emphasized the value of bringing a similar product to the U.S.-regulated environment. She noted that the Continuous futures will offer the same utility while providing an additional layer of trust and transparency. The launch is also expected to serve as a catalyst for further innovation in CFE’s product suite, which already includes products based on equity volatility, global fixed income, and its flagship Cboe Volatility Index (VIX) futures.

The new Bitcoin and Ether Continuous futures will be cleared through Cboe Clear U.S., a derivatives clearing organization regulated by the Commodity Futures Trading Commission (CFTC), which underscores Cboe’s commitment to building a robust and secure global derivatives ecosystem. This move is also expected to enhance Cboe’s clearing capabilities and support the expansion of its clearing services across multiple asset classes.

To facilitate market understanding and adoption, the Options Institute, a subsidiary of Cboe, will host educational courses on these Continuous futures on October 30 and November 20. These sessions will be open to the public and will cover the technical and strategic implications of trading in these instruments.

The launch of these futures reflects a broader trend in the financial markets toward the institutionalization of crypto derivatives. By providing a regulated, transparent, and intermediated environment, Cboe is addressing key concerns around market integrity and risk management, which are critical for both institutional and retail participants. As the market for crypto derivatives continues to evolve, the availability of these products is likely to influence the broader adoption and integration of digital assets within mainstream financial markets.