Derivatives exchange Cboe has revealed plans to launch continuous futures for Bitcoin and Ethereum. These Cboe continuous futures will aim to provide perpetual-style exposure in a U.S.-regulated environment for traders.
Cboe Resets Launch Plan for Bitcoin and Ethereum Futures
In a press release, the exchange revealed that the trading of Bitcoin Continuous Futures (PBT) and Ethereum Continuous Futures (PET) will start from December 15, 2025. The rollout is subject to regulatory review. Both will be listed with 10-year expiries and have a daily cash adjustment to reflect the underlying asset prices.
CoinGape had earlier reported that the Cboe continuous futures were to launch on November 10. However, that didn’t happen due to some regulatory procedures.
According to the exchange, the design can accommodate traditional futures-related functions. These are capital efficiency, volatility management, tactical positioning, and access to short exposure. The long horizon is intended to minimize operational effort for traders looking for a regulated, stable exposure to crypto.
Rob Hocking, Cboe Global Head of Derivatives, said the products come in response to an increasing interest in regulated perpetual-style instruments. The exchange plans to provide a structure that comports with U.S. market rules, he added. He also emphasized the importance of an education effort to market participants in advance of these contracts.
The price of PBT and PET will be pegged to the Cboe Kaiko Real-Time Rate Organization. This indicator aims to represent real-time price action for each digital asset. The daily allocation amount will be the main control lever. It is designed to maintain a close link between futures and spot prices.
The approach takes out operational friction associated with regular contract rolls, said Anne-Claire Maurice, Managing Director of Derived Data at Kaiko. This way, traders keep accountability and oversight, she said. Many institutional traders also aim for longer-term exposure, without the added operational complexity, she added.
Clearing Process and Margin Framework
Settlement and clearing of the Cboe Bitcoin and Ethereum continuous futures will be through CBOE Clear U.S. This structure is designed to control counterparty risk. The exchange assured that all margin requirements would comply with the CFTC’s rules. However, transparent margin levels will continue to be a central element of the framework.
The platform also emphasized that some traders could receive a cross-margining offset. These offsets may be invoked when clearing member positions coincide with the positions in other CFE-listed products cleared by CBOE, Clear U.S., such as FBT and FET futures. Such a move could increase capital efficiency for eligible portfolios, the exchange said.
However, previous plans had called for a November 10 launch. That timeline was altered after the regulatory process. The exchange currently shows the planned start date for trading the continuous futures series as December 15, 2025. The exchange now has the new continuous futures series scheduled to launch once all other remaining administrative procedures are clear.
Source: https://coingape.com/cboe-to-list-bitcoin-and-ethereum-continuous-futures-on-dec/
