- Cboe will debut US-regulated perpetual-style Bitcoin and Ethereum futures on December 15, pending approval.
- The 10-year contracts aim to offer long-term exposure without position rollovers, backed by Cboe’s clearing and Kaiko’s price benchmarks.
Cboe Global Markets plans to introduce “perpetual-style” futures for Bitcoin and Ethereum, offering long-term exposure through contracts with 10-year expirations. The products are scheduled to go live on December 15, pending regulatory approval. Cboe is one of the largest derivatives exchanges in the United States.
Cboe first shared the plans for these continuous futures back in September.
Cboe said it will list the new contracts, that is, the Cboe Bitcoin Continuous Futures (PBT) and Cboe Ether Continuous Futures (PET), on the Cboe Futures Exchange. The products are designed to replicate the economic effect of perpetual futures while operating within the US regulatory framework.
Cboe’s launch makes it the first U.S. exchange to offer crypto derivatives designed to function like perpetual futures.
The futures will maintain a 10-year expiration at listing and include daily cash adjustments. This will give traders extended exposure without the need to roll over positions. Cboe described the structure as a way to offer the benefits of traditional futures, such as capital efficiency, hedge utility, and shorting capabilities, without operational friction.
Rob Hocking, Global Head of Derivatives at Cboe said:
“As perpetual futures have historically been traded offshore, Cboe is excited to help expand access to these products within a US-regulated, transparent, and intermediary-friendly environment,”
Cboe emphasized that the continuous futures are built for hedge funds, asset managers, and advanced retail traders seeking long-term, capital-efficient exposure to crypto. Many of these firms avoid offshore platforms due to regulatory uncertainty, counterparty risk, and the lack of transparency around settlement and leverage.
What Risks Do Cboe’s Cash-Settled Futures Reduce?
The PBT and PET contracts will reference the Cboe Kaiko Real-Time Rate for Bitcoin and Ethereum to help keep prices aligned with the spot market. The products will be cash-settled and cleared through Cboe Clear US to reduce counterparty risk.
The exchange also noted that traders may qualify for cross-margining between the new contracts and Cboe’s existing financially settled Bitcoin (FBT) and Ether (FET) futures. This could increase capital efficiency for firms operating multi-product crypto derivatives portfolios.
Margin requirements will have to meet CFTC standards, and traders may qualify for cross-margining against other Cboe crypto futures
Anne-Claire Maurice, Managing Director of Derived Data at Kaiko, said the structure “eliminates operational friction” while preserving market transparency and regulatory oversight.
The platform noted that the futures will trade 23 hours a day, five days a week, from Sunday evening through Friday.