Cboe Unveils Continuous Futures for Bitcoin and Ether in the US

TLDR

• Cboe unveils 10-year Bitcoin & Ether Continuous futures pending approval
• Bitcoin & Ether get 10-year Continuous futures via Cboe’s U.S. exchange
• Cboe brings perpetual-style Bitcoin & Ether futures into U.S. regulation
• Long-term Bitcoin & Ether exposure coming with Cboe’s Continuous futures
• Cboe launches U.S.-regulated Continuous crypto futures for BTC & ETH

Cboe Global Markets has announced it will launch Continuous futures for Bitcoin and Ether on November 10, 2025, pending regulatory approval. These Continuous futures are designed to offer long-term exposure in a regulated U.S. framework without the need for contract rolling. The new product suite marks a major shift in how crypto derivatives could be traded domestically.

Bitcoin Continuous Futures Target Long-Term Trading Efficiency

Cboe plans to introduce Continuous futures for Bitcoin that feature a 10-year expiration, offering a distinct alternative to monthly futures. The product will allow U.S. traders to maintain uninterrupted market exposure while avoiding the repeated cost of rolling contracts. Since these contracts are cash-settled, traders will only receive payouts tied to Bitcoin’s spot price.

Cboe will apply a daily adjustment based on a transparent funding rate mechanism to align these contracts with real-time Bitcoin prices. This approach ensures a consistent valuation process and mimics the structure of perpetual futures, which are widely used on offshore platforms. However, the key difference lies in regulatory oversight and structure tailored to U.S. standards.

The contracts will be cleared through Cboe Clear U.S., a CFTC-regulated clearinghouse, which will enhance trust in the product’s risk management. Cboe aims to simplify how traders execute long-term strategies and hedge crypto market exposure. By focusing on structure, duration, and regulation, the exchange intends to attract both experienced and newer market participants.

Ether Continuous Futures Extend Market Access

Cboe’s launch will include Ether Continuous futures built under the same long-duration and cash-settled model. The Ether contracts will also feature a 10-year term, reducing friction and operational challenges for traders looking for steady exposure to Ethereum. Like their Bitcoin counterpart, these futures use daily adjustments based on spot market values.

The funding rate model will determine daily settlements, ensuring that Ether Continuous futures maintain price relevance throughout their duration. These features address common challenges in crypto futures, such as funding costs and forced rollovers. The exchange believes that a longer time frame and predictable adjustment process will appeal to a broader range of traders.

With institutional participants increasingly engaging with Ethereum-related assets, Cboe’s product offers a regulated route to participate without direct asset ownership. These Ether futures serve strategic use cases like portfolio diversification, directional trading, and hedging in compliance-focused environments. By launching these products in tandem, Cboe addresses demand for both leading digital assets.

Cboe Builds U.S.-Regulated Path for Continuous Futures

Cboe’s move responds to strong offshore demand for perpetual-style futures while delivering a U.S.-compliant solution with significant structural improvements. Continuous futures provide a simplified alternative by eliminating the need to roll contracts, which adds cost and complexity for traders. The longer expiration window allows more efficient execution of trading plans.

The new contracts will be accessible to both institutional and retail participants via the Cboe Futures Exchange (CFE). As part of the preparation, The Options Institute will offer education courses on October 30 and November 20 to support trader readiness. Cboe believes education and transparency are essential to building adoption in a highly regulated space.

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