Cboe Global Markets will roll out bitcoin BTC$84,021.60 and ether ETH$2,737.58 “continuous futures” on Dec. 15, positioning itself as the first U.S. exchange to introduce regulated crypto derivatives modeled after perpetual futures. The contracts are designed for institutions seeking long-duration crypto exposure without relying on offshore platforms or navigating frequent contract rollovers.
The Bitcoin Continuous Futures (PBT) and Ether Continuous Futures (PET) will list on the Cboe Futures Exchange. Each product carries a 10-year expiration at launch, settles entirely in cash, and incorporates daily funding adjustments so contract prices stay closely aligned with spot BTC and ETH. Cboe’s design aims to replicate the utility of perpetual futures while maintaining the structure and safeguards required in U.S. markets.
Cboe unveiled these products in September, pointing to growing demand for perpetual-style derivatives that dominate offshore crypto exchanges. Although the perpetual futures concept dates back to 1993, traditional financial markets never adopted it widely. Crypto traders, however, embraced the instrument for its ability to support continuous, leveraged positioning.
Unlike offshore perpetuals, Cboe’s contracts are built to meet U.S. regulatory standards. All clearing will take place through Cboe Clear U.S., a CFTC-regulated clearinghouse, offering institutions a compliant alternative to overseas trading environments.
“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,” said Rob Hocking, Cboe’s global head of derivatives.
The contracts use cash settlement, and a daily funding payment — mirroring mechanisms familiar to perpetual futures traders — will adjust positions based on the Cboe Kaiko Real-Time Rate for bitcoin and ether.
The new instruments are expected to appeal to hedge funds, asset managers, and advanced retail traders who have been hesitant to use offshore derivatives due to counterparty and regulatory risks. The futures will support margin trading, shorting, and potential cross-margining with Cboe’s existing financially settled Bitcoin (FBT) and Ether (FET) products.
Trading will operate nearly 24/7, beginning Sunday at 6 p.m. and running through Friday at 5 p.m. ET, pausing only for a one-hour daily maintenance window.
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