U.S. Regulated Crypto Futures Era Begins with Cboe's 10-Year Contracts

Cboe Global Markets, Inc. announced plans to launch bitcoin and ether Continuous futures on its Cboe Futures Exchange (CFE), beginning November 10, 2025, pending regulatory review. The new product is designed to provide U.S. traders with simplified long-term exposure to digital assets, enabling them to execute trading strategies and manage risk in a U.S.-regulated, centrally cleared environment. Unlike traditional futures that require periodic rolling, Cboe Continuous futures are structured as single, long-dated contracts with a 10-year expiration, reducing the need for frequent position adjustments. These contracts will be cash-settled and aligned to real-time spot prices of bitcoin and ether, using a transparent and replicable funding rate methodology.

The launch represents a key development in Cboe’s product innovation roadmap, extending the company’s suite of offerings beyond its flagship Cboe Volatility Index (VIX) futures to include digital asset derivatives. At the HOOD Summit in Las Vegas, Catherine Clay, Global Head of Derivatives at Cboe, emphasized that perpetual-style futures have gained strong adoption in offshore markets and that the U.S. now has an opportunity to access similar utility in a trusted and transparent environment. The company expects these futures to attract both institutional and retail traders, particularly as demand for crypto derivatives continues to grow.

The bitcoin and ether Continuous futures will be cleared through Cboe Clear U.S., a CFTC-regulated derivatives clearing organization. This move aligns with Cboe’s broader strategy to expand its clearing capabilities and strengthen its role in the evolving crypto derivatives market. The Options Institute will also host educational sessions on Continuous futures on October 30 and November 20, offering the public an opportunity to learn more about the product. The educational initiative highlights the importance of ensuring market participants are well-informed about the mechanics and risks associated with the new derivatives.

The broader regulatory environment for digital assets is also shifting. On September 5, 2025, the Chairs of the SEC and CFTC issued a joint statement encouraging the exploration of regulatory frameworks that could bring perpetual-style derivatives into U.S. markets. This initiative is part of a broader effort by the Trump administration to position the U.S. as a global leader in cryptocurrency innovation. The joint statement emphasized the potential for "innovation exemptions" to support the introduction of novel products, including perpetual contracts. This regulatory shift could significantly influence the development and adoption of crypto derivatives in the U.S., providing a more harmonized and flexible market structure.

Market participants are now closely monitoring the implications of these regulatory developments. The prospect of onshoring perpetual contracts could attract a broader range of investors, including those previously hesitant due to the lack of U.S.-regulated options. The new products could also enhance market depth and liquidity by attracting both retail and institutional participants to a more transparent and regulated environment. However, the success of these products will depend on how effectively the regulatory framework is implemented and how quickly market participants adopt the new instruments.

The recent regulatory clarity follows a broader trend of increased institutional interest in crypto assets. For instance, Binance’s Bitcoin futures volume has surged to all-time highs, exceeding $700 trillion in aggregate volume. This trend reflects the growing appetite for leveraged exposure to cryptocurrencies and highlights the potential demand for regulated alternatives like the Continuous futures being introduced by Cboe. The Cboe’s launch is positioned to serve this demand by offering a regulated and intermediated alternative to offshore perpetual contracts.