Cboe Global Markets has announced plans to introduce “continuous futures” contracts for Bitcoin and Ether, set to debut on November 10, pending regulatory review. This move marks a significant shift, as Cboe aims to bring a trading product favored in decentralized finance (DeFi) to U.S. markets.
The new continuous futures contracts are designed to offer a streamlined trading experience for U.S. investors. Unlike traditional futures contracts, which require periodic rolling of positions due to their set expiration dates, these continuous futures will feature long-dated contracts with a 10-year expiration. This innovative structure simplifies position management, allowing traders to hold onto their investments without the frequent need for renewal.
Cboe’s contracts will be cash-settled and linked to the spot prices of Bitcoin (BTC) and Ether (ETH), ensuring transparency and a direct correlation with market conditions. Catherine Clay, the global head of derivatives at Cboe, emphasized the rising popularity of perpetual-style futures in offshore markets, signaling a robust appetite among traders for such products. Research from Kaiko indicates that perpetual futures accounted for 68% of all Bitcoin trading volume in early 2025, with crypto perpetuals’ open interest reaching $876 billion, as per CoinMarketCap.
These continuous futures represent a departure from Cboe’s historical offerings in the crypto space, as the exchange first ventured into Bitcoin futures in 2017. This launch also signifies Cboe’s renewed commitment to expanding its crypto derivatives portfolio after previously reassessing its position in the turbulent market.
While regulatory hurdles have historically posed challenges for exchanges seeking to introduce such products, there has been a noticeable shift in attitude from U.S. financial regulators, especially following changes in the administration, which seem to foster a more favorable environment for crypto derivatives.
Cboe is not alone in this venture; other players like Bitnomial and Coinbase have already stepped into the market. Bitnomial launched the first U.S. perpetual futures contracts earlier this year, followed by Coinbase’s introduction of nano Bitcoin and Ether Perpetual Futures.
As the landscape of cryptocurrency trading continues to evolve, Cboe’s continuous futures could reshape how U.S. traders engage with digital assets, offering them greater flexibility and long-term investment opportunities in a rapidly growing sector.
