Cboe Aims to Redefine Crypto Trading with Regulated 10-Year Futures

Cboe Global Markets has announced plans to launch Continuous futures for Bitcoin and Ethereum, a product designed to provide U.S. traders with long-term exposure to digital assets without the need for frequent contract rollovers. The exchange plans to introduce these contracts on November 10, 2025, pending regulatory review. These futures will be structured as single, long-dated contracts with a 10-year expiration, offering a simplified approach to position management compared to traditional futures that require periodic rollovers.

The Continuous futures will be cash-settled and aligned with real-time spot market prices for Bitcoin and Ethereum through a transparent and replicable funding rate methodology. This mechanism will be adjusted daily, ensuring that the futures remain reflective of current market conditions without the need for physical delivery of the underlying assets. The products aim to combine the efficiency of perpetual-style futures, which have gained popularity in offshore markets, with the regulatory oversight and intermediated environment of a U.S. exchange. Catherine Clay, Global Head of Derivatives at Cboe, emphasized that the launch would provide U.S. traders with access to a trusted and transparent framework for trading crypto derivatives.

This move represents a significant step in Cboe’s broader strategy to expand its product offerings, particularly in the crypto derivatives space. The company has previously offered Bitcoin futures since 2017 but paused the expansion of new contracts during a market downturn. With the recent resurgence in crypto market activity, Cboe has been re-entering the market, including efforts to list exchange-traded funds linked to specific digital assets. The 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 maintaining robust regulatory standards.

The launch is expected to attract both institutional and retail traders. According to Cboe, the structure of these futures will make them appealing to a broad range of market participants, including existing customers of the Cboe Futures Exchange (CFE) and a growing number of retail investors seeking crypto derivatives. The introduction of these contracts also follows a trend of increasing regulatory acceptance of crypto-related products in the U.S., especially under the Trump administration, which has adopted a more favorable stance toward cryptocurrency markets.

Cboe is not the first to enter this space; Bitnomial and Coinbase have already launched crypto perpetual futures for U.S. traders. However, the Cboe offering distinguishes itself by combining the characteristics of perpetual futures with a U.S.-regulated structure, potentially broadening the appeal to a wider audience. The exchange has also indicated that it will provide educational resources to help traders understand the mechanics of Continuous futures, further supporting their adoption within the market.