Cboe Bridges Gap Between Onshore and Offshore Crypto Trading with 10-Year Futures

Cboe Global Markets, Inc. (CBOE: CBOE) announced on September 9, 2025, plans to launch Continuous Futures for Bitcoin and Ethereum on the Cboe Futures Exchange (CFE) starting on November 10, 2025, pending regulatory approval. These contracts are designed to offer U.S. traders a streamlined and efficient way to gain long-term exposure to digital assets within a U.S.-regulated and centrally cleared framework. Unlike traditional futures contracts, which may require periodic rolling, Cboe Continuous Futures will be structured as single, long-dated contracts with a 10-year expiration. This design aims to reduce the need for frequent position adjustments and simplify portfolio management for traders.

Cboe’s Continuous Futures will be cash-settled and aligned to real-time spot market prices through daily cash adjustments using a transparent and replicable funding rate methodology. The structure is intended to mirror the utility of offshore perpetual futures while operating under U.S. regulatory oversight. Catherine Clay, Global Head of Derivatives at Cboe, emphasized the adoption of perpetual-style futures in offshore markets and highlighted how Cboe’s offering brings this utility to U.S. traders in a trusted and intermediated environment. These futures are expected to appeal to both institutional and retail traders, expanding access to crypto derivatives within a regulated ecosystem.

The launch aligns with Cboe’s broader strategy to innovate and diversify its product offerings. It follows the exchange’s flagship Cboe Volatility Index (VIX) futures and expands into digital assets and global fixed income. The new Bitcoin and Ethereum Continuous Futures will be cleared through Cboe Clear U.S., a CFTC-regulated derivatives clearing organization, further strengthening Cboe’s role in building a robust global derivatives exchange and clearing ecosystem. The Options Institute, part of Cboe, will also offer educational courses on Continuous Futures in October and November to enhance market understanding and adoption.

The move reflects a growing demand for regulated alternatives to offshore crypto trading. Perpetual futures, which dominate offshore trading platforms like Binance and OKX, account for a significant portion of crypto trading volume. In 2025, perpetual futures made up 68% of Bitcoin trading volume, up from 66% in 2024, according to research by Kaiko. These contracts allow traders to maintain leveraged positions indefinitely without the need to physically deliver the underlying assets. By bringing a similar product to U.S. markets, Cboe aims to bridge the regulatory and structural gap between offshore and onshore trading environments.

The launch of Continuous Futures is also part of a broader global effort by traditional exchanges to adapt to the evolving crypto landscape. For instance, the Singapore Exchange announced in March 2025 that it would launch perpetual Bitcoin futures for institutional clients, signaling a trend toward regulated innovation in crypto derivatives. Other exchanges are also evaluating similar products as they seek to compete with the high volumes and liquidity seen in offshore markets. Cboe’s entry into this space positions it as a key player in bringing mainstream adoption to crypto derivatives within the U.S. regulatory framework.

This development comes amid broader regulatory developments in the U.S. The U.S. Securities and Exchange Commission (SEC) has been reviewing proposals to streamline the approval process for cryptocurrency ETFs and other digital asset products. If adopted, these measures could significantly reduce the approval period for new funds from 240 days to just 60–75 days. This shift could pave the way for ETFs tied to altcoins like Solana, XRP, and Dogecoin, aligning the U.S. with regulatory frameworks in the EU, Hong Kong, and Singapore. The SEC is expected to issue a decision on these proposals by September 2025. If approved, this regulatory evolution could complement Cboe’s Continuous Futures by enhancing the overall accessibility and innovation of the U.S. crypto market.