Cboe to Launch Bitcoin and Ether Continuous Futures

Key Highlights

• •
  Cboe will launch Bitcoin (PBT) and Ether (PET) continuous futures in the U.S. on December 15, 2025.
• •
  Each contract has a 10-year expiration with daily cash adjustments to track spot prices.
• •
  Trading is regulated, cash-settled, centrally cleared, and runs 23 hours a day, five days a week.

Cboe, a derivatives and securities exchange network, announced today that it is planning to launch new continuous futures for Bitcoin (PBT) and Ether (PET) on its Cboe Futures Exchange (CFE) starting December 15, 2025, pending final regulatory approval.

The contracts are designed to give traders long-term, capital-efficient exposure to the two largest cryptocurrencies while remaining compliant with U.S. regulations. Each contract will have a 10-year expiration and have a daily cash adjustment, called a “Funding Amount,” to keep the price of the futures close to the real market price.

First U.S.-Regulated Perpetual Crypto Futures

This marks the first time U.S. markets will offer perpetual-style crypto futures. Previously, these types of contracts were predominantly available on offshore exchanges. The new products are intended to enable professional investors to trade cryptocurrencies securely and efficiently, eliminating the need to manage the rolling of old futures contracts.

“As perpetual futures have historically been traded offshore, Cboe is excited to help expand access to these products within a U.S.-regulated, transparent, and intermediary-friendly environment,” stated Rob Hocking, Global Head of Derivatives at Cboe.

These new futures will be cash-settled and cleared through Cboe Clear U.S., an entity regulated by the CFTC. This infrastructure is designed to mitigate counterparty default risk. Traders may also benefit from cross-margining capabilities with existing Cboe Bitcoin and Ether futures, which will assist institutional users in managing their portfolios more effectively. The contracts will track real-time Bitcoin and Ether prices using Cboe Kaiko Real-Time Rates, with daily funding adjustments applied to open positions to align with spot pricing.

Flexible Trading Hours and Investor Education

Trading will be operational for 23 hours per day, five days a week, commencing Sunday evening and concluding Friday afternoon Eastern Time. This schedule is designed to accommodate both U.S. and international traders with ample trading opportunities.

To facilitate investor understanding of these new futures, Cboe’s Options Institute will conduct webinars on December 17, 2025, and January 13, 2026. These sessions will cover various use cases and technical specifications. Registration for these webinars is open to the public, allowing anyone interested to gain insight into the contract mechanics before their launch.

Anne-Claire Maurice, Managing Director of Derived Data at Kaiko, commented, “These continuous futures eliminate the operational friction of rolling positions while maintaining the transparency and oversight that regulated markets provide.” The futures are structured to support long-term investment strategies, risk management, and the ability to enter short positions.

Significance of the Launch

This forthcoming launch will provide U.S. investors with a secure and regulated avenue for trading prominent cryptocurrency products that have largely been confined to offshore markets. It aims to reduce associated risks, enhance transparency, and streamline the cryptocurrency investment process for professional participants.

In essence, investors will be able to engage in long-term planning, manage risk effectively, and trade these two key cryptocurrency products with nearly continuous availability, all within a robust and trusted regulatory framework.