Cboe Global Markets is preparing to bring a new class of crypto derivatives to the United States, with plans to introduce “Continuous futures” for bitcoin and ether on 10 November 2025, pending regulatory approval. The move marks a significant attempt to merge the appeal of perpetual-style contracts popular in offshore markets with the transparency and oversight of U.S. regulation.

Bridging the Gap Between Perpetuals and Regulation

Perpetual futures contracts, which allow traders to maintain exposure to assets without expiry, have become dominant on offshore crypto exchanges. However, regulatory constraints have limited their availability in the U.S. Cboe’s Continuous futures are designed to address this gap, replicating much of the utility of perpetuals but within a framework approved by the Commodity Futures Trading Commission (CFTC).

The contracts will trade on the Cboe Futures Exchange (CFE) and clear through Cboe Clear U.S., a CFTC-regulated derivatives clearing organisation. Catherine Clay, Global Head of Derivatives at Cboe, highlighted the aim of the product: “Now, Cboe is bringing that same utility to our U.S.-regulated futures exchange and enabling U.S. traders to access these products with confidence in a trusted, transparent and intermediated environment.”

Ten-Year Horizon Reduces Costly Rolling

Traditional futures contracts typically expire monthly or quarterly, requiring traders to “roll” their positions forward, incurring transaction costs and adding operational complexity. By contrast, Cboe’s Continuous futures will be structured as long-dated contracts with a ten-year expiry.

This extended horizon allows traders to hold positions for years without rebalancing, reducing the need for repetitive contract management. The contracts will be cash-settled, with payouts denominated in U.S. dollars, and linked to the spot prices of bitcoin and ether. No physical crypto will change hands.

Transparent Funding Mechanism

To align prices with the underlying spot market, Continuous futures will incorporate a daily cash adjustment system. This adjustment will use a transparent and replicable funding rate methodology, mirroring the mechanics of offshore perpetual contracts but tailored for U.S. regulatory requirements.

For traders, this means long-term exposure to digital assets can be maintained with far less friction, while the transparent funding model offers clarity in cost calculations. This feature is expected to appeal not only to institutional investors and existing CFE customers but also to a growing cohort of retail traders exploring crypto derivatives.

Expanding Cboe’s Product Suite

The introduction of Continuous futures forms part of Cboe’s broader strategy to diversify and grow its futures offerings. Alongside its flagship Cboe Volatility Index (VIX) futures, Cboe has steadily expanded into equity volatility, global fixed income and digital assets.

Educational outreach is also planned. The Options Institute, Cboe’s education arm, will host courses on Continuous futures on 30 October and 20 November, open to the public. These sessions aim to familiarise market participants with the mechanics and opportunities presented by the new products.

A New Era for U.S. Crypto Derivatives

With Continuous futures, Cboe is positioning itself at the intersection of institutional demand and retail adoption in crypto derivatives. By adapting the perpetual model into a U.S.-compliant product, the exchange is not only broadening access but also signalling a maturing approach to integrating digital assets within established financial markets.

If approved, the launch on 10 November will represent a milestone for both Cboe and the U.S. derivatives landscape offering traders a simplified, regulated and long-term tool for navigating bitcoin and ether markets.