Cboe Global Markets is preparing to introduce a new class of cryptocurrency derivatives that mirrors the mechanics of perpetual futures, with trading set to begin December 15 pending final regulatory approval. The products, called “continuous” bitcoin and ether futures, will list on the Cboe Futures Exchange and aim to give traders long-term exposure to the two largest digital assets without the need to constantly roll contracts.
According to Cboe, each contract will carry a 10 year expiration and include a daily cash adjustment meant to keep futures prices in line with spot market levels. The structure is designed to resemble the convenience of perpetual futures, which dominate trading volumes on many offshore crypto platforms.
Rob Hocking, Cboe’s global head of derivatives, said the exchange wants to offer a regulated path to instruments that have historically been available mainly through overseas markets. He noted that the continuous futures format is intended to support more efficient portfolio management and offer a controlled way for investors to access leveraged crypto exposure. Cboe initially hoped to launch the products in early November but pushed the date as regulatory review continued.
Interest in perpetual style futures has been climbing across the industry. In September, trading volume on decentralized exchanges offering perps surpassed 1 trillion dollars, setting a new record. Centralized exchanges saw nearly 7 trillion dollars in futures activity last month, driven largely by demand for perpetual contracts on platforms such as Binance and OKX.
Cboe’s versions, named PBT for bitcoin and PET for ether, will trade from Sunday evening through Friday afternoon on a nearly round the clock schedule. Pricing will reference Cboe Kaiko Real Time Rates, and open positions will include a daily funding amount to stay aligned with market movements. The contracts will be cash settled and cleared through Cboe Clear U.S., with margin requirements following CFTC standards. Cross margining may also be available alongside other crypto futures already listed on the exchange.
Anne Claire Maurice, managing director of derived data at Kaiko, said the arrival of perpetual style futures on a U.S. regulated platform fills a growing need among institutions. She added that the continuous futures format removes the operational work of rolling positions while keeping the oversight investors expect in a supervised market.
The U.S. is not the only region expanding access to these products. Singapore Exchange announced earlier the same day that it plans to launch its own bitcoin and ether perpetual futures on November 24 to address rising institutional demand.
