Cboe Unveils First US Perpetual-Style Bitcoin and Ether Continuous Futures
Cboe will launch perpetual-style Bitcoin and Ether continuous futures on December 15, 2025, pending regulatory approval.Summary
Cboe Global Markets announced that its Cboe Futures Exchange (CFE) plans to launch Continuous Futures for Bitcoin (PBT) and Ether (PET) on December 15, 2025, subject to final regulatory review. This marks the introduction of perpetual-style crypto exposure into a US-regulated market for the first time, traditionally only available offshore.
The new contracts feature a 10-year expiration and a daily cash adjustment, mirroring perpetual swap mechanics while adhering to US derivatives regulations. Rob Hocking of Cboe stated the move expands access to these products in a transparent, regulated environment. The futures will be cash-settled, centrally cleared under CFTC standards, and may offer cross-margining benefits with existing CFE futures.
The contracts will track Cboe Kaiko Real-Time Rates, using a daily "Funding Amount" to align futures pricing with spot markets. Cboe's Options Institute will host educational sessions in late 2025 and early 2026 to familiarize traders with contract specifications and strategic use cases.
(Source：BeInCrypto)