Cboe Aims to Redefine Long-Term Crypto Trading with 10-Year Futures

Cboe Global Markets announced its plan to launch continuous futures contracts for Bitcoin and Ethereum on November 10, 2025, pending regulatory approval. These contracts will be structured as single, long-dated contracts with a 10-year expiration, aiming to provide continuous long-term market exposure without the need for periodic contract rolling. This approach mimics the features of perpetual futures, which are widely adopted in offshore markets, with 68% of all Bitcoin trading volume in 2025 attributed to perpetual-style futures.

The new Bitcoin and Ethereum continuous futures contracts will be cash-settled and aligned with real-time spot prices through a transparent funding rate mechanism. This model is intended to simplify position management for traders and reduce the logistical complexities associated with traditional futures contracts. Catherine Clay, Global Head of Derivatives at Cboe, emphasized that the launch would enable U.S. traders to access these products within a U.S.-regulated, transparent, and intermediated environment.

The launch of these futures marks Cboe's renewed focus on expanding its crypto derivatives product suite following a prior withdrawal from the market. The new products are part of a broader strategy to innovate and diversify Cboe's offerings, which include VIX futures, equity volatility products, and global fixed income instruments. Cboe's continuous futures will be cleared through Cboe Clear U.S., a CFTC-regulated derivatives clearing organization, reinforcing the exchange's commitment to building a robust global derivatives ecosystem.

The timing of the launch aligns with a more accommodating regulatory environment for crypto derivatives in the U.S., particularly under the Trump administration, which has allowed for greater innovation in this space. Bitnomial and Coinbase had previously introduced similar perpetual futures to U.S. traders in 2025, signaling growing demand for such instruments. Cboe's entry into this segment is expected to attract both institutional and retail traders, offering them a regulated alternative to offshore platforms where perpetual futures are prevalent.

Cboe plans to host educational courses on the new products in October and November 2025 to facilitate trader understanding and adoption. The exchange has emphasized transparency and risk management, noting that trading in futures involves significant risk, and investors should assess their suitability for such instruments. With the launch of these continuous futures, Cboe continues to position itself as a key player in the evolving landscape of crypto derivatives, catering to a growing market segment seeking long-term exposure to digital assets.