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Cboe Global Markets plans to launch “continuous futures” contracts for Bitcoin and Ether, bringing a popular trading product from decentralized finance onto US markets.&nbsp;
Cboe Global Markets, a derivatives exchange under the Chicago Board Options Exchange, <a href="https://ir.cboe.com/news/news-details/2025/Cboe-Plans-to-Launch-Continuous-Futures-for-Bitcoin-and-Ether-Beginning-November-10/default.aspx" rel="noopener noreferrer nofollow" target="_blank">said</a> on Tuesday that it will launch the product on Nov. 10, pending regulatory review.
The continuous futures in Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow" target="_self">BTC</a>) and Ether (<a href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow" target="_self">ETH</a>) will offer US traders “single, long-dated contracts with a 10-year expiration, reducing the need to roll positions over time and simplifying position management.”
Unlike traditional futures contracts that may require periodic rolling, continuous futures function like <a href="https://cointelegraph.com/news/crypto-perp-futures-coming-very-soon-cftc-s-mersinger" rel="noopener noreferrer nofollow">perpetual contracts</a>, which have no expiry date and are popular in DeFi and offshore exchanges
<h2 id="cash-settled-contracts">Cash-settled contracts&nbsp;</h2>
Cboe’s contracts will be aligned to the spot prices of BTC and ETH using transparent funding and cash settled.&nbsp;
“Perpetual-style futures have gained strong adoption in offshore markets. Now, Cboe is bringing that same utility to our US-regulated futures exchange,” said Catherine Clay, global head of derivatives at Cboe.&nbsp;
Perps account for 68% of all Bitcoin trading volume in crypto so far in 2025, <a href="https://www.kaiko.com/reports/perps-are-coming-to-america" rel="noopener noreferrer nofollow" target="_blank">according</a> to Kaiko research.&nbsp;
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2025-09/019931f0-5100-783f-8b04-c6ddf9d753f8" title="" alt="Cboe plans 10-year-dated Bitcoin and Ethereum futures for US">
 <figcaption style="text-align: center;">
 Crypto perpetuals open interest is $876 billion. Source: <a href="https://coinmarketcap.com/charts/derivatives-market/" rel="noopener noreferrer" target="https://coinmarketcap.com/charts/derivatives-market/">CoinMarketCap</a>
 </figcaption>
</figure>
<h2 id="more-exotic-crypto-derivatives">More exotic crypto derivatives&nbsp;</h2>
These new continuous futures represent a different product structure than Cboe’s previous Bitcoin futures offerings, which began in 2017.
The launch marks Cboe’s return to expanding its crypto derivatives products after previously stepping back from the market.
Related: <a href="https://cointelegraph.com/news/coinbase-launching-crypto-tech-stocks-futures-index" rel="noopener noreferrer nofollow">Coinbase mixes crypto and tech stocks in upcoming futures index</a>
US financial regulators have previously prevented exchanges from launching such products in the past, but have taken a friendlier approach to crypto under the Trump administration, opening the door to more crypto derivatives products.&nbsp;
<h2 id="bitnomial-and-coinbase-first-to-launch-perps">Bitnomial and Coinbase first to launch perps&nbsp;</h2>
Cboe is not the first exchange to offer crypto perpetuals to US traders.&nbsp;
<a href="https://cointelegraph.com/news/bitnomial-drops-lawsuit-against-sec-ahead-xrp-futures-us-launch" rel="noopener noreferrer nofollow">Bitnomial</a> launched the first US perpetual futures contracts in April. Coinbase <a href="https://cointelegraph.com/news/crypto-perpetual-futures-gain-momentum-united-states" rel="noopener noreferrer nofollow">followed suit</a> and launched its nano Bitcoin Perpetual Futures and nano Ether Perpetual Futures in July.&nbsp;
Magazine: <a href="https://cointelegraph.com/magazine/bitcoin-price-50k-bear-market-forecast-justin-sun-world-liberty-financial-hodlers-digest/" rel="noopener noreferrer nofollow">Bitcoin may sink ‘below $50K’ in bear, Justin Sun’s WLFI saga: Hodler’s Digest</a>

Cboe plans 10-year-dated Bitcoin and Ethereum futures for US

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