Cboe Plans 10-Year Bitcoin and Ethereum Continuous Futures for US Traders
Cboe Global Markets, the derivatives exchange affiliated with the Chicago Board Options Exchange, announced plans to launch continuous futures contracts for Bitcoin (BTC) and Ether (ETH) with a 10-year expiry date. The launch is scheduled for November 10, pending approval from US regulators.
Unlike traditional futures contracts that require periodic rolling due to shorter expiry periods, Cboe’s continuous futures offer a single long-dated contract, simplifying position management for traders by reducing the need to roll over positions. This product structure closely resembles perpetual contracts, which are widely used in decentralized finance (DeFi) and offshore crypto exchanges but are relatively new to US-regulated markets.
Cash-Settled and Spot-Linked Contracts
Cboe’s continuous futures will be cash-settled and aligned to the spot prices of Bitcoin and Ether through transparent funding mechanisms. Catherine Clay, global head of derivatives at Cboe, emphasized that perpetual-style futures have gained significant traction in offshore markets, and Cboe aims to bring this utility to US-regulated futures trading.
According to Kaiko research, perpetual contracts currently represent approximately 68% of all Bitcoin trading volume in the crypto market for 2025, with open interest in crypto perpetuals reaching $876 billion, according to CoinMarketCap data.
Expanding Crypto Derivatives Amid Regulatory Shifts
This initiative marks a strategic return by Cboe to the crypto derivatives space after previously scaling back its offerings. The new continuous futures differ from Cboe’s earlier Bitcoin futures products launched in 2017, reflecting innovation in contract design tailored for modern crypto trading needs.
US financial regulators have historically limited the introduction of such products, but recent regulatory attitudes have become more permissive, facilitating the development of diverse crypto derivatives under a more accommodating framework.
Competition in US Crypto Perpetual Futures Market
Cboe is not the first to provide perpetual futures in the US market. Bitnomial pioneered US-perpetual futures contracts in April, followed by Coinbase, which launched nano Bitcoin and Ether perpetual futures in July. These developments indicate growing competition and innovation in US-regulated crypto derivatives.
FinOracleAI — Market View
Cboe’s planned introduction of 10-year continuous Bitcoin and Ethereum futures represents an important innovation in US crypto derivatives by simplifying position management and aligning with popular perpetual contract structures. This move could attract institutional and retail traders seeking longer-dated, cash-settled crypto exposure under regulated conditions. However, regulatory approval remains a key risk, and market adoption will depend on how these contracts compete with existing perpetual products from Bitnomial and Coinbase. Investors should monitor regulatory developments and trading volumes closely following launch.
Impact: positive
