Cboe Global Markets usher in a new era in crypto derivatives in the United States. The exchange operator announced today that Cboe Futures Exchange (CFE) will begin offering Bitcoin (PBT) and Ether (PET) continuation futures on December 15, 2025, pending final regulatory review.
This marks the first time that a U.S. regulated market will host perpetual-style crypto exposure, which has traditionally been offered only on offshore exchanges.
Cboe introduces perpetual-style crypto futures to US regulators
The new product is designed to provide professional investors with long-term, capital-efficient exposure to two of the largest digital assets. This eliminates the operational complexity associated with expiring futures trading.
Each contract has a term of 10 years and is subject to daily cash adjustments. This mirrors the mechanics of perpetual swaps while being fully compliant with US derivatives regulations.
Perpetual futures, one of the most traded crypto products worldwide, have historically thrived in offshore venues. This is due to US regulatory constraints.
Cboe's move brings a familiar but closely monitored version of this measure to the agency's desk. We want transparency, clear protections, and regulatory consistency.
“Perpetual futures have historically been traded offshore, so Cboe is excited to help expand access to these products in a regulated, transparent and intermediary-friendly environment in the United States,” said Rob Hocking, global head of derivatives at Cboe.
He added that this structure allows for more efficient portfolio and risk management. At the same time, investors should be provided with a controlled path to leveraged digital asset exposure.
Continuous futures are cash settled, centrally cleared and managed by CFTC regulated standards through Cboe. Clear US margin requirements are followed by standard derivatives oversight.
Traders can leverage CFE’s existing Financial Settlement Bitcoin (FBT) and Ether (FET) futures to benefit from cross-margining.
Designed for capital efficiency and long-term exposure
The contract tracks Cboe Kaiko real-time rates for both BTC and ETH. A daily “funding amount” similar to the funding payments used in perpetual swaps is applied to open positions. This keeps futures prices in line with the spot market.
“Bringing perpetual-style futures to a U.S. regulated market addresses a real need for institutional investors seeking efficient, long-term crypto exposure,” said Anne-Claire Maurice, Managing Director of Derivative Data at Kaiko.
He emphasized that this structure eliminates rolling risk while maintaining transparency and oversight. This is in line with what Youngsun Shin, head of product at Flipster, recently said in an interview with BeInCrypto. According to Shin, risk management should be built into the innovation itself.
Trading is available 5 days a week, 23 hours a day, from Sunday evening to Friday afternoon (ET). Notably, this mirrors the existing CFE crypto derivatives schedule.
Begin education and market readiness
Recognizing the complexity and novelty of these products, CBOE's Options Institute will host two public education sessions on December 17, 2025 and January 13, 2026.
These courses help traders understand:
- Fund calculation, and
- Strategic use cases, from hedging and volatility trading to comprehensive long-term positioning.
Cboe's Continuous Futures could be one of the most important structural upgrades for U.S. crypto derivatives in years, especially as the ETF market expands and institutional investor demand for regulated crypto exposure increases.
The post Cboe Introduces First US Perpetual Style Bitcoin and Ether Continuous Futures appeared first on BeInCrypto.
