Cboe Global Markets will introduce bitcoin BTC$84,021.60 and ether ETH$2,737.58 “continuous futures” on Dec. 15, becoming the first U.S. exchange to roll out crypto derivatives built to emulate perpetual futures within a regulated framework. The contracts are engineered for institutions seeking long-term crypto exposure without the complications of rolling expiring futures or relying on offshore venues.
The products — Bitcoin Continuous Futures (PBT) and Ether Continuous Futures (PET) — will trade on the Cboe Futures Exchange. Each contract launches with a 10-year expiration, settles in cash, and includes a daily funding mechanism that adjusts open positions to keep them closely aligned with spot bitcoin and ether prices. This format is intended to give traders a perpetual-style experience while preserving the structure and protections of U.S. derivatives markets.
Cboe originally unveiled the initiative in September, positioning the contracts as a regulated alternative to the perpetual futures that dominate offshore crypto exchanges. While the perpetual futures concept dates back to 1993, it has seen limited adoption in traditional finance but has become one of the most widely used instruments in crypto due to the ability to maintain leveraged positions indefinitely.
Unlike offshore offerings, Cboe’s continuous futures meet U.S. regulatory requirements. Clearing will be handled by Cboe Clear U.S., a CFTC-regulated clearinghouse, providing institutional-grade safeguards for participants.
“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 rely on cash settlement rather than physical delivery, and daily funding payments—mirroring the mechanics of perpetual futures—will be calculated using the Cboe Kaiko Real-Time Rate for both BTC and ETH.
These offerings are expected to attract hedge funds, asset managers, and sophisticated traders who have been hesitant to engage with offshore derivatives platforms due to regulatory uncertainty and counterparty risk. The contracts will support shorting, margin trading, and potential cross-margining with Cboe’s existing Financially Settled Bitcoin (FBT) and Ether (FET) futures.
Trading hours will run nearly continuously—from Sunday at 6 p.m. through Friday at 5 p.m. ET—with a one-hour maintenance pause each day.
