Cboe Aims to Redefine U.S. 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), set to begin trading on November 10, 2025, pending regulatory approval. These contracts aim to provide U.S. investors with a simplified and efficient method for gaining long-term exposure to digital assets while operating within a U.S.-regulated, centrally cleared, and intermediated framework. Unlike traditional futures, which typically require periodic rolling, the new Continuous futures will be structured as single, long-dated contracts with a 10-year expiration, reducing the need for frequent position adjustments and enhancing ease of management.

The contracts will be cash-settled and aligned to real-time spot prices of bitcoin and ether, using a transparent and replicable funding rate methodology for daily adjustments. Catherine Clay, Global Head of Derivatives at Cboe, emphasized that the move aligns with the rising popularity of perpetual-style futures in offshore markets and aims to bring this utility to U.S. traders in a trusted environment. She noted that the product is expected to appeal to both institutional and retail investors, particularly those seeking access to crypto derivatives without the complexities of offshore platforms.

This launch is part of Cboe's broader strategy to expand its product offerings on the CFE, which includes its flagship VIX futures, as well as innovative products in equity volatility, digital assets, and global fixed income. The new futures will be cleared through Cboe Clear U.S., a derivatives clearing organization regulated by the U.S. Commodity Futures Trading Commission (CFTC), further strengthening Cboe’s role in the U.S. derivatives market. The firm also plans to offer educational courses on the Continuous futures through its Options Institute in October and November 2025.

The regulatory landscape for digital assets in the U.S. appears to be shifting in favor of onshore trading. On September 2, 2025, the Securities and Exchange Commission (SEC) and CFTC jointly issued a statement affirming that registered exchanges are not prohibited from offering certain spot crypto asset products. This move is part of broader efforts to promote market choice and bring digital asset innovation under U.S. regulatory oversight. SEC Chairman Paul Atkins and CFTC Acting Chairman Caroline D. Pham both highlighted the importance of fostering competition and supporting the U.S. as a global leader in the crypto space. The joint effort aligns with the SEC’s “Project Crypto” and the CFTC’s “Crypto Sprint,” both of which aim to modernize regulatory frameworks for digital assets.

Cboe’s Continuous futures represent a strategic response to the evolving regulatory and market conditions. By offering a U.S.-regulated alternative to offshore perpetual futures, the firm is positioning itself to capture a growing segment of traders who seek to manage risk and execute strategies on digital assets without navigating the complexities of international markets. The alignment with the recent regulatory developments underscores the potential for greater innovation and product diversity in the U.S. crypto derivatives market.