Cboe Global Markets is preparing to launch bitcoin BTC$84,021.60 and ether ETH$2,737.58 “continuous futures” on Dec. 15, introducing the first U.S.-regulated crypto derivatives that closely mirror the mechanics of perpetual futures. The contracts are tailored for professional traders and institutions seeking long-term crypto exposure without depending on offshore exchanges or managing regular futures rollovers.
The new Bitcoin Continuous Futures (PBT) and Ether Continuous Futures (PET) will trade on the Cboe Futures Exchange. Each contract will debut with a 10-year expiration period, use cash settlement, and feature daily funding adjustments designed to keep prices aligned with real-time spot market levels. This structure aims to replicate the convenience of perpetual futures within a fully regulated framework.
Cboe announced the products in September as a response to the growing popularity of perpetual futures on offshore platforms. While perpetual-style derivatives were conceptualized decades ago, they gained traction primarily in the crypto industry due to their ability to support indefinite leveraged exposure.
In contrast, Cboe’s continuous futures are built to meet U.S. regulatory requirements. Clearing services will be provided by Cboe Clear U.S., a CFTC-regulated clearinghouse, offering traders a compliant alternative to offshore markets where counterparty and regulatory risks remain a concern.
Rob Hocking, Cboe’s global head of derivatives, said the new structure is intended to simplify portfolio and risk management while enabling investors to take controlled, leveraged positions in digital assets.
The contracts settle in cash, and daily funding payments—similar to those used in perpetual futures—will be calculated using the Cboe Kaiko Real-Time Rate for bitcoin and ether.
These offerings are likely to attract hedge funds, asset managers, and sophisticated retail participants wary of trading on offshore crypto venues. The contracts will support shorting, margin activity, and potential cross-margining with Cboe’s existing financially settled Bitcoin (FBT) and Ether (FET) futures.
Trading will run nearly around the clock, beginning Sunday at 6 p.m. and ending Friday at 5 p.m. ET, with a one-hour maintenance window each day
