Cboe Global Markets, Inc. (Cboe: CBOE) announced plans to launch its new Cboe Bitcoin Continuous Futures (PBT) and Cboe Ether Continuous Futures (PET) on the Cboe Futures Exchange (CFE) beginning December 15, 2025, pending regulatory review. The products aim to give traders long-term, perpetual-style exposure to bitcoin and ether under a U.S.-regulated framework.
When they are first listed, the continuous futures contracts will expire in 10 years. They will also have a daily cash adjustment that mimics the economics of perpetual futures, which are common on offshore crypto exchanges. This means that traders won't have to roll their positions every so often. By introducing these contracts to a U.S. exchange, Cboe is bringing a popular derivative format into the regulated market space.
Building a bridge between traditional and digital asset markets
Cboe's continuous futures are meant to give investors many of the benefits they look for in traditional futures, like managing volatility, tactical trading, and the ability to set up short exposure. With the new structure, participants will gain a long-term instrument for hedging or speculative purposes.
“As perpetual futures have historically been traded offshore, Cboe is excited to help expand access to these products within a U.S.-regulated, transparent, and intermediary-friendly environment,” said Rob Hocking, Global Head of Derivatives at Cboe.
“The structure of Cboe's Continuous Futures is designed to enable streamlined and efficient portfolio and risk management, while providing investors a controlled way to gain some leveraged exposure to digital assets. We are excited to keep diversifying CFE's offerings to meet growing customer demand, and equally focused on expanding our education efforts to help market participants understand the utility of these new futures.”
Key contract design and clearing features
Both the PBT and PET contracts will reference the Cboe Kaiko Real-Time Rate for bitcoin and ether, respectively. This benchmark will serve as the underlying price reference for the futures. Each open position will receive a Funding Amount, or daily cash adjustment, to ensure alignment between the futures price and the spot market price.
“Bringing perpetual-style futures to U.S. regulated markets addresses a real need for institutional investors seeking efficient, long-term crypto exposure,” said Anne-Claire Maurice, Managing Director of Derived Data at Kaiko. “These continuous futures eliminate the operational friction of rolling positions while maintaining the transparency and oversight that regulated markets provide. We're pleased our real-time rates can support this innovation.”
Cboe's continuous futures will be settled in cash and cleared through Cboe Clear U.S., which is meant to lower the risk of counterparty failure. According to Cboe, margin requirements will comply with Commodity Futures Trading Commission (CFTC) regulations, and cross-margining offsets could be available with other CFE-listed digital asset products, including the Financially Settled Bitcoin (FBT) and Financially Settled Ether (FET) futures.
Trading hours and accessibility
Trading for the contracts will operate nearly around the clock, 23 hours a day, five days a week, from Sunday 6 p.m. ET to Friday 5 p.m. ET. This expanded schedule is intended to mirror the continuous nature of global crypto markets while remaining aligned with regulatory standards.
Cboe’s educational arm, The Options Institute, will host dedicated sessions on December 17, 2025, and January 13, 2026, to help investors understand the mechanics and potential strategies associated with continuous futures. These sessions will be open to the public, underscoring Cboe’s commitment to investor education and transparency.
Expanding Cboe’s digital asset product lineup
The introduction of the Bitcoin and Ether Continuous Futures marks another step in Cboe’s strategy to diversify its offering and strengthen its presence in the digital asset derivatives space. The exchange operator, which runs equities and derivatives marketplaces across North America, Europe, and Asia-Pacific, has been steadily extending its digital asset initiatives to meet institutional and professional investor demand.
This move also reflects a broader evolution in the U.S. exchange landscape. The CFTC recently solicited feedback on the potential benefits and risks of perpetual-style derivatives, signaling growing regulatory openness to such instruments when properly structured and supervised.
By providing a regulated and centrally cleared platform for continuous-style derivatives, Cboe could serve growing investor demand for efficient, transparent, and institutionally compliant tools to manage exposure to cryptocurrency markets.
Looking ahead
Pending regulatory approval, the debut of Cboe’s Continuous Futures could represent a major milestone for both traditional finance and digital asset integration. The contracts aim to bridge the gap between crypto-native trading structures and established U.S. regulatory standards, allowing market participants to access long-term crypto exposure without the oversight risks of offshore venues.
Oleksii Shumak
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