Cboe Brings Perpetual-Style Futures to U.S. Markets with Regulated Long-Term Crypto Contracts

Cboe Global Markets announced plans to launch continuous futures contracts for Bitcoin (BTC) and Ether (ETH) with a 10-year expiration, pending regulatory approval, starting November 10, 2025. The products will be offered on the Cboe Futures Exchange (CFE) and will provide U.S. traders with a simpler and more efficient method to access long-term exposure to digital assets. These continuous futures contracts differ from traditional futures, which require periodic rolling, and instead operate similarly to perpetual futures, eliminating the need for frequent contract rollover and simplifying position management.

The contracts will be cash-settled and aligned to real-time spot prices through a transparent funding rate methodology. This mechanism will help maintain price parity with the underlying assets while offering the benefits of a regulated, centrally cleared, and intermediated trading environment. Catherine Clay, Global Head of Derivatives at Cboe, emphasized that perpetual-style futures have gained significant traction in offshore markets, and Cboe aims to extend this utility to U.S. markets.

This launch represents a strategic shift for Cboe, which previously expanded its crypto derivatives offerings but later stepped back from the market. The new products are intended to serve both institutional and retail traders, reflecting a broader demand for crypto derivatives within the U.S. financial landscape. The continuous futures will be cleared through Cboe Clear U.S., a derivatives clearing organization regulated by the U.S. Commodity Futures Trading Commission (CFTC), further reinforcing the regulatory compliance and risk management framework associated with the product.

In the broader crypto derivatives market, perpetual futures account for 68% of Bitcoin trading volume as of 2025, with the open interest in crypto perpetuals reaching $876 billion, according to CoinMarketCap. This trend highlights the growing interest in long-term exposure to digital assets and underscores the potential demand for regulated products like Cboe’s continuous futures. The company’s move also reflects a more favorable regulatory climate in the U.S., particularly under the current administration, which has shown increased openness to crypto innovation compared to previous regulatory approaches.

The announcement builds on recent developments in the U.S. crypto derivatives market, where exchanges like Bitnomial and Coinbase have already launched perpetual futures contracts. Bitnomial introduced the first U.S.-based perpetual futures in April, and Coinbase followed with its nano Bitcoin and Ether Perpetual Futures in July. Cboe’s entry into the market with continuous futures signals a broader industry trend of integrating offshore-style products into regulated U.S. exchanges, potentially increasing access and liquidity for a wider range of market participants.

As the market evolves, Cboe’s decision to expand its product suite to include continuous futures could influence regulatory and industry dynamics, particularly in the context of growing institutional interest in digital assets. The exchange has also announced educational initiatives to support traders, with the Options Institute hosting courses on these new contracts in late October and early November.