Cboe Global Markets is set to launch Bitcoin and Ether "continuous futures" on December 15, 2025, offering a novel approach to cryptocurrency derivatives in the U.S. market. These futures, which are designed to mimic perpetual-style contracts, aim to provide traders with long-term exposure to the leading digital assets without the complexities associated with rolling expiring futures contracts.
The new contracts, named Cboe Bitcoin Continuous Futures (PBT) and Cboe Ether Continuous Futures (PET), will be listed on the Cboe Futures Exchange (CFE) and cleared through Cboe Clear U.S., a CFTC-regulated derivatives clearing organization. Subject to regulatory review, these contracts will feature a 10-year expiration and a daily cash adjustment mechanism. This design effectively creates perpetual-style exposure, a type of contract that has historically been predominantly traded on offshore exchanges due to regulatory constraints in the U.S..
Cboe's entry into the perpetual-style futures market is driven by growing institutional interest in Bitcoin and Ether. The exchange aims to provide a transparent, regulated, and intermediary-friendly environment for U.S. traders to access these products. Rob Hocking, Global Head of Derivatives at Cboe, emphasized the company's excitement to expand access to perpetual futures within a U.S.-regulated environment. He noted that the structure of Cboe's continuous futures is designed to enable streamlined and efficient portfolio and risk management, while also providing investors with a controlled way to gain leveraged exposure to digital assets.
A key feature of these continuous futures is the daily cash adjustment, referred to as a "Funding Amount". This mechanism is designed to maintain price alignment between the futures contract and the underlying spot prices of Bitcoin and Ether. The PBT and PET futures will utilize the Cboe Kaiko Real-Time Rates to track the underlying digital assets, ensuring accurate and up-to-date pricing. Anne-Claire Maurice, Managing Director of Derived Data at Kaiko, stated that bringing perpetual-style futures to U.S. regulated markets addresses a real need for institutional investors seeking efficient, long-term crypto exposure.
The contracts will be available to trade 23 hours a day, five days a week, from Sunday evening through Friday afternoon Eastern Time. This extensive trading window aims to accommodate both domestic and international traders, offering broad access to the market. Furthermore, Cboe's Options Institute will host educational webinars on December 17 and January 13 to familiarize users with the new contract structure, potential use cases, and technical details. Registration for these webinars is open to the public.
Cboe's initial foray into Bitcoin futures occurred between 2017 and 2019 with the XBT contract, which shared some features with perpetual futures. After a period of discontinuation, the exchange is re-entering the market with these new continuous futures, reflecting a resurgence of mainstream interest and a more sophisticated approach to cryptocurrency trading. The introduction of these products marks a significant step in the evolution of U.S. crypto derivatives, offering a regulated and transparent avenue for investors to gain exposure to Bitcoin and Ether.
