TLDR
- Cboe Global Markets plans to launch 10-year Bitcoin and Ethereum continuous futures contracts on November 10, 2025
- These contracts function like perpetual futures, eliminating the need for traders to roll positions over time
- The products will be cash-settled and aligned to spot prices through daily adjustments using transparent funding rates
- This marks Cboe’s expansion into perpetual-style crypto derivatives for US regulated markets
- Bitnomial and Coinbase previously launched similar perpetual futures products for US traders in 2025
Cboe Global Markets announced plans to introduce continuous futures contracts for Bitcoin and Ethereum on November 10, 2025. The launch is pending regulatory approval from US financial authorities.
JUST IN: 🇺🇸 World's leading derivatives exchange CBOE to "launch continuous futures for Bitcoin" 🚀
Bullish! pic.twitter.com/GDc1fV5XCp
— Bitcoin Magazine (@BitcoinMagazine) September 9, 2025
The new product suite will debut on Cboe Futures Exchange (CFE) with Bitcoin and Ethereum continuous futures. These contracts offer a different structure compared to traditional futures products currently available in US markets.
Unlike standard futures contracts that require periodic rolling, Cboe’s continuous futures feature single contracts with 10-year expiration dates. This design reduces the administrative burden of position management for traders.
The contracts will be cash-settled and aligned to real-time spot market prices of Bitcoin and Ether. Daily cash adjustments will maintain price alignment using what Cboe describes as a transparent and replicable funding rate methodology.
Perpetual-Style Trading Comes to US Markets
Catherine Clay, Global Head of Derivatives at Cboe, spoke about the product launch at the HOOD Summit in Las Vegas. She noted that perpetual-style futures have gained strong adoption in offshore markets.
The continuous futures aim to provide US traders access to perpetual-style products within a regulated framework. This represents a shift from offshore crypto trading platforms to US-regulated exchanges.
Perpetual contracts currently account for 68% of all Bitcoin trading volume in crypto markets during 2025, according to Kaiko research. The total open interest for crypto perpetuals stands at $876 billion.
Competition in US Crypto Derivatives
Cboe is not the first exchange to offer perpetual-style crypto products to US traders. Bitnomial launched the first US perpetual futures contracts in April 2025.
Coinbase followed with its nano Bitcoin Perpetual Futures and nano Ether Perpetual Futures in July 2025. These earlier launches paved the way for additional exchanges to enter the market.
The new Cboe contracts will be cleared through Cboe Clear US, a CFTC-regulated derivatives clearing organization. This provides institutional-grade clearing and settlement services for the products.
Cboe expects the continuous futures to appeal to both institutional market participants and retail traders. The exchange sees growing demand from retail traders seeking access to crypto derivatives.
The Options Institute will host educational courses on continuous futures on October 30 and November 20. Registration for these courses is open to the public.
This launch represents the next phase of Cboe’s product innovation roadmap for its futures exchange. The exchange has been working to expand its crypto derivatives offerings beyond its original Bitcoin futures launched in 2017.
US financial regulators have taken a more favorable approach to crypto derivatives under current market conditions. This regulatory environment has enabled exchanges to introduce products that were previously restricted.
