Cboe Brings Perpetual Crypto Futures to U.S. Markets With 10-Year Contracts

Cboe Global Markets, Inc. has announced its intention to launch Continuous futures for Bitcoin and Ether on November 10, 2025, subject to regulatory approval. These futures are designed to provide U.S. traders with efficient long-term exposure to digital assets within a regulated, centrally cleared framework. The products are expected to simplify position management by eliminating the need for frequent contract rolling, a common requirement in traditional futures trading. Instead, these new contracts will have a 10-year expiration and will be cash-settled, aligning with real-time spot prices through daily adjustments using a transparent and replicable funding rate methodology [1].

The launch represents a strategic move by Cboe to expand its product offerings in the Cboe Futures Exchange (CFE) suite. These Continuous futures aim to bring a perpetual-style futures structure, which has gained popularity in offshore markets, to the U.S.-regulated environment. Catherine Clay, Global Head of Derivatives at Cboe, emphasized that the products will cater not only to institutional investors and existing CFE customers but also to a growing segment of retail traders seeking access to crypto derivatives [1].

One of the key advantages of these futures is the reduction in operational complexity and cost for traders. Unlike traditional futures, which require active rollover of positions before expiration, Cboe’s Continuous futures are structured as single, long-dated contracts, offering a simplified approach to managing exposure over extended periods. This structure is expected to lower the total cost of ownership by reducing roll costs and minimizing the administrative burden typically associated with frequent contract adjustments [4].

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). This approach ensures that the products are accessible within a robust and transparent infrastructure, reinforcing the credibility and security of the trading environment. The move aligns with Cboe’s broader strategy to expand its clearing capabilities and reinforce its role as a comprehensive derivatives exchange and clearing ecosystem [1].

Cboe’s initiative also highlights the evolving landscape of U.S. cryptocurrency derivatives. By introducing products that mirror perpetual futures available in offshore markets, Cboe is bridging a regulatory gap that has previously limited access to such instruments for U.S. traders. The launch is expected to attract both institutional and retail participants who are looking for exposure to digital assets with the added safeguards of a regulated market infrastructure [4].

Educational support for the new product is also being provided. The Options Institute will host educational courses on these futures on October 30 and November 20, offering public registration for those interested in understanding the technical aspects and trading strategies associated with the new offerings [1]. This reflects Cboe’s commitment to fostering market understanding and adoption of the products, particularly as the digital asset derivatives market continues to grow and mature.

The launch of these Continuous futures underscores Cboe’s ongoing product innovation roadmap, building upon its existing suite of derivatives products. In addition to its flagship VIX futures, the company has expanded into equity volatility, digital assets, and global fixed income products. The new Bitcoin and Ether Continuous futures further diversify Cboe’s offerings, reinforcing its role as a leading global derivatives and securities exchange network [1].

Source:

[1] Cboe Plans to Launch Continuous Futures for Bitcoin and Ether, Beginning November 10 (https://www.prnewswire.com/news-releases/cboe-plans-to-launch-continuous-futures-for-bitcoin-and-ether-beginning-november-10-302550957.html)

[2] Cboe to Launch Continuous Bitcoin, Ether Futures on Nov 10 (https://www.stocktitan.net/news/CBOE/cboe-plans-to-launch-continuous-futures-for-bitcoin-and-ether-ua01ym5fv9ft.html)