Cboe Global Markets, Inc. (Cboe: CBOE), one of the world’s leading derivatives and securities exchange operators, has announced plans to launch Cboe Continuous Futures on its Cboe Futures Exchange (CFE) beginning 10 November 2025, subject to regulatory approval.
These contracts are designed to mirror the popular perpetual futures widely traded on offshore crypto exchanges, but with a structure that meets U.S. regulatory standards. Unlike traditional futures, which typically expire monthly or quarterly, Cboe’s new contracts will feature a 10-year expiry, allowing traders to maintain long-term exposure to bitcoin (BTC) and ether (ETH) without the need to continually “roll” positions.
Key Features of Continuous Futures
Cboe’s Continuous Futures will be cash-settled, meaning no bitcoin or ether will change hands. Settlement will be conducted in U.S. dollars, with contract payouts tied directly to the underlying spot price of the assets.
A key innovation is the daily cash adjustment mechanism, which aligns the futures contracts with spot market prices using a transparent, replicable funding rate methodology. This mechanism is intended to offer the same flexibility and near-spot exposure as perpetual futures, but in a U.S.-regulated environment.
By extending the contract horizon to 10 years, traders gain the ability to hold positions over the long term without incurring the costs and complexities associated with frequent rebalancing. For both professional institutions and retail investors, this structure simplifies portfolio management and reduces transaction costs.
Institutional-Grade Security with Retail Appeal
Cboe has emphasised that the new contracts will clear through Cboe Clear U.S., a derivatives clearinghouse regulated by the Commodity Futures Trading Commission (CFTC). This ensures that the products are supported by a robust, centrally cleared and intermediated framework.
Catherine Clay, Cboe’s Global Head of Derivatives
At the HOOD Summit in Las Vegas, Catherine Clay, Cboe’s Global Head of Derivatives, highlighted the dual appeal of the product:
“Perpetual-style futures have gained strong adoption in offshore markets. Now, Cboe is bringing that same utility to our U.S.-regulated futures exchange and enabling U.S. traders to access these products with confidence in a trusted, transparent and intermediated environment.”
Clay added that the contracts are expected to attract not only institutional investors and existing CFE clients, but also a growing base of retail traders looking for secure access to crypto derivatives.
Expanding Cboe’s Product Roadmap
The launch of Continuous Futures is part of Cboe’s broader effort to expand and diversify its derivatives portfolio. The exchange is already well-known for its flagship Cboe Volatility Index (VIX) futures and in recent years has broadened its offerings to include products tied to equity volatility, global fixed income and digital assets.
By bringing perpetual-style futures into a regulated U.S. market, Cboe is signalling its commitment to bridging the gap between traditional finance and the rapidly growing digital asset sector. The exchange also announced that its education arm, The Options Institute, will host public courses on Continuous Futures on 30 October and 20 November, to help market participants better understand the product’s structure and trading strategies.
Looking Ahead
The introduction of bitcoin and ether Continuous Futures represents a significant step forward for the U.S. crypto derivatives market. For traders, the product provides a longer-term, cost-efficient and transparent alternative to offshore perpetual futures, while ensuring compliance with domestic regulatory frameworks.
As U.S. regulators continue to tighten oversight of digital asset markets, Cboe’s initiative could set a precedent for how perpetual-style crypto products are offered in a regulated environment. If successful, Continuous Futures may pave the way for further innovation in bridging crypto-native trading structures with the safeguards of traditional finance.
