Cboe Global Markets will launch continuous futures contracts for Bitcoin and Ethereum this November, introducing long-dated crypto derivatives to US markets.
On Tuesday, the company confirmed plans to launch continuous futures contracts for BTC and ETH. The contracts will go live in November, subject to regulatory clearance.
This move represents a significant shift for Cboe, which has a long history in derivatives but previously slowed its expansion into crypto. The exchange first offered Bitcoin futures in 2017 but later scaled back. Now, it is returning with a product designed for modern crypto traders.
What Makes Continuous Futures Different
Traditional futures contracts expire after a set period, often forcing traders to roll over their positions. This process can add both costs and complexity.
Cboe’s continuous futures aim to address this issue. Each contract will have a 10-year expiration, a longer term than standard futures contracts. This duration allows investors to manage positions with fewer adjustments over time.
The structure also draws inspiration from perpetual futures, a product popular in decentralized finance (DeFi) and on offshore exchanges. Unlike traditional futures, perpetuals have no expiry date and allow traders to hold positions indefinitely, supported by ongoing funding mechanisms.
Cash Settlement and Price Tracking
According to the announcement, the new contracts will be cash-settled, meaning traders will not receive or deliver the actual cryptocurrency. Instead, settlement values will follow the spot prices of Bitcoin and Ethereum.
Cboe stated that the pricing mechanism will use transparent funding methods to keep contracts closely aligned with underlying market movements. This ensures exposure to crypto price action without the operational challenges of holding digital assets directly.
Why It Matters for US Markets
Perpetual futures are already dominant globally. According to Kaiko, a cryptocurrency research firm, perpetuals account for 68% of Bitcoin’s trading volume in 2025. Until now, however, most of this activity has taken place on offshore platforms outside US regulation.
By offering a regulated version, Cboe aims to capture part of this growing demand.
Catherine Clay, Cboe’s global head of derivatives, noted that perpetual-style futures have seen significant adoption internationally, and the company is now introducing them on its U.S.-regulated futures platform.
Friendlier Regulatory Environment
For years, US financial watchdogs blocked exchanges from introducing perpetual futures. Concerns included excessive volatility and risks for retail investors.
However, under the current Trump administration, the stance toward crypto derivatives has shifted. Regulators have taken a more open approach, allowing firms to experiment with innovative products. Cboe’s upcoming launch highlights this changing policy environment.
Competing Exchanges Already Ahead
Although Cboe’s move is significant, it is not the first of its kind in the US. Bitnomial launched perpetual contracts earlier this year in April. Coinbase followed in July with nano Bitcoin and nano Ethereum perpetual futures.
Both platforms gained early traction by catering to retail and professional traders seeking exposure to perpetual-style products. Cboe now aims to challenge them by leveraging its established position in the derivatives market.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
