Cboe to Roll Out New ‘Perpetual-Style’ BTC and ETH Futures Products on Dec. 15

Cboe Global Markets is set to launch bitcoin BTC$84,021.60 and ether ETH$2,737.58 “continuous futures” on Dec. 15, marking the first time a U.S. exchange will offer crypto derivatives structured to behave like perpetual futures while remaining fully regulated. The contracts are designed for institutional traders seeking long-term crypto exposure without relying on offshore venues or managing frequent rollovers.

The Bitcoin Continuous Futures (PBT) and Ether Continuous Futures (PET) contracts will list on the Cboe Futures Exchange. Each will feature a 10-year lifespan at listing, be cash-settled, and incorporate daily funding adjustments to ensure pricing stays in line with underlying spot markets. The design targets market participants who want extended exposure to BTC and ETH without the operational friction created by traditional futures expirations.

Cboe first previewed the products in September, citing the strong adoption of perpetual futures on offshore platforms. Although the concept of perpetual-style contracts dates back to the early 1990s, they never gained traction in traditional finance but have become a cornerstone of crypto derivatives trading due to their ability to support indefinite leveraged positions.

A key distinction is that Cboe’s version adheres to U.S. regulatory requirements. Clearing will be managed by Cboe Clear U.S., a clearinghouse overseen by the Commodity Futures Trading Commission (CFTC), providing a regulated alternative to offshore perpetuals.

“The structure of Cboe’s Continuous Futures is designed to enable streamlined and efficient portfolio and risk management, while providing investors a controlled way to gain some leveraged exposure to digital assets,” said Rob Hocking, Cboe’s global head of derivatives.

The contracts settle in cash rather than physical delivery, with daily funding payments—similar to those used in perpetual futures—applied based on the Cboe Kaiko Real-Time Rate for bitcoin and ether.

These new derivatives may appeal to hedge funds, asset managers, and sophisticated retail traders who have avoided offshore exchanges due to counterparty and regulatory concerns. The contracts will support short exposure, margin trading, and potential cross-margining with existing Cboe products such as the Financially Settled Bitcoin (FBT) and Ether (FET) futures.

Trading will be available nearly around the clock, operating from Sunday at 6 p.m. through Friday at 5 p.m. ET, pausing only for a one-hour daily break.

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