Cboe Plans to Offer ‘Continuous’ Futures for Bitcoin, Ether

(Bloomberg) — Cboe Global Markets Inc. is pushing to bring one of crypto’s most speculative trading tools into mainstream US markets. The exchange said it plans to launch long-dated versions of perpetual Bitcoin and Ether futures on Nov. 10, pending regulatory approval.

Perpetual futures, which never expire, have long been the engine of offshore crypto bets, powering massive trading volume on venues such as Binance and OKX. They let traders make constant, leveraged bets on prices without ever taking delivery of the tokens.

Cboe’s “continuous futures” aim to capture that demand in a regulated setting, offering contracts with 10-year terms and daily price adjustments. The design is meant to strip out the hassle of rolling contracts while still fitting US market rules.

The exchange argues the new products will give both institutional and retail traders a safer way to make long-term wagers on crypto. They will be cleared through Cboe’s own US-regulated clearinghouse. The structure of the Cboe contracts is similar to the perpetual-style futures products made available by crypto exchange Coinbase Global Inc. earlier this year.

The move echoes Singapore Exchange’s March announcement that it will launch perpetual Bitcoin futures for institutional clients, part of a global race among established bourses to adapt crypto’s most popular products for mainstream use. Other traditional exchanges are weighing similar products as demand grows for regulated alternatives to offshore trading.

Derivatives account for over 75% of all trading activity in crypto markets. Through mid-June, perpetual futures accounted for 68% of all Bitcoin trading volume this year, up from 66% in 2024, according to a research report by Kaiko. The average daily trading volume of so-called perps on crypto exchanges ranges from $10 billion to $30 billion, depending on the week.KaikoKaiko

Last week, US Securities and Exchange Commission Chairman Paul Atkins said the agency and the Commodity Futures Trading Commission will discuss regulation of new product categories and market developments, from prediction markets and perpetual futures to 24/7 trading in both their markets.

Shares of Chicago-based Cboe fell less than 1% to $232.61. The stock has risen about 20% this year.

—With assistance from Katherine Doherty and Bernard Goyder.

(Adds share price in the last paragraph.)

©2025 Bloomberg L.P.

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