Key Takeaways
Cboe Global Markets to launch continuous futures for Bitcoin (BTC) and Ethereum (ETH) on Nov. 10, pending regulatory approval.
Contracts will function like perpetual futures but with a 10-year expiry, offering simplified position management.
The move marks Cboe’s return to expanding crypto derivatives after stepping back in prior years.
US regulators now show greater openness to perpetual-style products under the Trump administration.
Cboe Brings DeFi-Inspired Futures to US Markets
Cboe Global Markets, the derivatives arm of the Chicago Board Options Exchange, announced plans to launch continuous futures contracts for Bitcoin (BTC $113,172) and Ethereum (ETH $4,304) on Nov. 10, subject to regulatory clearance.
The contracts are designed to reduce the burden of rolling short-dated futures positions by offering a single long-dated instrument with a 10-year expiry. This structure mirrors perpetual swaps, which dominate offshore exchanges and decentralized finance (DeFi) platforms.
“Perpetual-style futures have gained strong adoption in offshore markets. Now, Cboe is bringing that same utility to our US-regulated futures exchange,” said Catherine Clay, Cboe’s global head of derivatives.
Cash-Settled and Spot-Aligned
The new instruments will be cash-settled and pegged to transparent BTC and ETH spot prices through funding mechanisms. By offering long-dated exposure, Cboe aims to attract both institutional traders and hedgers seeking reduced operational overhead.
According to Kaiko research, perpetuals account for 68% of all Bitcoin trading volume in 2025, underscoring demand for products that replicate their features. Total crypto perps open interest currently stands at $876 billion.
Competitive Landscape: Bitnomial and Coinbase Moved First
Cboe’s initiative follows other US entrants:
Bitnomial launched the first US perpetual futures in April.
Coinbase rolled out nano Bitcoin and nano Ether perpetuals in July.
Still, Cboe’s 10-year expiry design differentiates it as a hybrid between traditional futures and perpetual swaps, potentially broadening adoption in regulated markets.
Regulatory Shift Paves Way
Historically, US regulators blocked perpetual-style products. But under the Trump administration, regulators have adopted a friendlier stance toward crypto derivatives, opening the door for more sophisticated trading products.
The Nov. 10 launch will mark Cboe’s return to crypto derivatives expansion after scaling back earlier offerings that began in 2017.
If approved, Cboe’s continuous futures could attract significant institutional interest, bridging the gap between traditional futures and perpetual contracts in US markets. Traders will gain new tools for long-term exposure without the constant need to roll contracts.
