Cboe Global Markets has revealed plans to introduce Cboe Continuous Futures on its Cboe Futures Exchange (CFE), with the debut slated for November 10, 2025, pending regulatory approval. This innovative product line will initially feature Bitcoin and Ether contracts, offering U.S. traders a distinctive opportunity to gain long-term exposure to digital assets in a regulated environment.
The continuous futures will differ from traditional futures contracts, which generally have monthly or quarterly expirations and require traders to roll positions into new contracts. Instead, these new contracts are designed as single, long-dated offerings with a 10-year expiration. Cboe asserts that this structure will streamline position management and significantly lower costs associated with frequent rollovers.
Catherine Clay, Global Head of Derivatives at Cboe, emphasized at the HOOD Summit in Las Vegas the growth of perpetual-style futures in offshore markets, noting the absence of a regulated counterpart in the U.S. She stated, “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.” The continuous futures are expected to attract both institutional and retail crypto traders.
This new offering signifies a continuation of Cboe’s strategy to broaden its CFE product suite beyond its flagship Cboe Volatility Index (VIX) futures. In recent years, Cboe has expanded its derivatives lines to include those tied to equities, digital assets, and global fixed income. The continuous futures will be cleared through Cboe Clear U.S., a clearinghouse regulated by the Commodity Futures Trading Commission (CFTC), reinforcing Cboe’s commitment to establishing a robust global exchange and clearing infrastructure.
In preparation for the November launch, the Cboe Options Institute will conduct educational sessions on October 30 and November 20, designed to help traders navigate the nuances of continuous futures.
This announcement follows a series of digital asset initiatives from the Chicago-based exchange. For instance, in April 2025, Cboe was set to roll out Cboe FTSE Bitcoin Index futures (XBTF) in collaboration with FTSE Russell, a subsidiary of the London Stock Exchange Group. These contracts will also be cash-settled, occurring on the last business day of each month, based on the FTSE Bitcoin Reduced Value Index.
Furthermore, the XBTF futures are intended to complement the options linked to the Cboe Bitcoin U.S. ETF Index that was introduced in November 2024. Cboe aims to offer traders enhanced flexibility, enabling them to hedge or speculate on Bitcoin’s price movements without the necessity of directly holding the asset.
As part of its expansion in the crypto market, Cboe is consolidating its offerings. The exchange lists several U.S. spot Bitcoin and Ether exchange-traded funds (ETFs) on its BZX Equities Exchange and has recently launched cash-settled Bitcoin index options in both standard and mini contract sizes. Additionally, Cboe’s margined Bitcoin and Ether futures, currently traded on the Cboe Digital Exchange, are scheduled to migrate to CFE in the second quarter of 2025.
Moreover, Cboe Clear Europe has expanded its clearing services this year, incorporating securities financing transactions for European equities and ETFs. Recently, Cboe BZX Exchange has sought approval from the U.S. Securities and Exchange Commission (SEC) to add staking features to the Fidelity Ethereum ETF.
In a related context, the U.S. Commodity Futures Trading Commission (CFTC) is reportedly preparing to approve perpetual futures contracts for cryptocurrencies, as indicated by outgoing commissioner Summer Mersinger. She stated that applications for these products are under review and could be available on the market “very soon.” Perpetual futures have been a significant part of global crypto derivatives volume but have largely operated offshore due to U.S. regulatory restrictions. Mersinger noted the potential positive impact of bringing these contracts back onshore for both the industry and the U.S. economy.
This regulatory shift resonates with moves made by exchanges such as Coinbase, which has been expanding its regulated derivatives offerings. In May, Coinbase initiated 24/7 Bitcoin and Ether futures trading, marking it as the first CFTC-regulated platform in the U.S. to provide around-the-clock access. The platform further broadened its derivatives offerings in July by introducing CFTC-regulated perpetual futures for retail traders, including nano Bitcoin and nano Ether contracts with leverage up to 10x.
