Cboe to Launch Bitcoin and Ether Continuous Futures on December 15

TLDR

• Cboe Global Markets will launch Bitcoin and Ether “Continuous Futures” on Dec. 15, the first US exchange to offer perpetual-style crypto derivatives under CFTC regulation
• The contracts feature 10-year expirations with daily cash adjustments to track spot prices, eliminating the need to roll expiring positions
• Trading will run 23 hours per day, five days per week, with clearing through Cboe Clear US to reduce counterparty risk
• The products are designed for institutional investors and advanced retail traders seeking long-term crypto exposure within a regulated framework
• Open interest in crypto perpetuals reached approximately $767 billion on Monday, showing the massive size of this market

Cboe Global Markets announced plans to introduce Bitcoin and Ether “Continuous Futures” on December 15. This makes Cboe the first US exchange to offer crypto derivatives that function like perpetual futures contracts.

The new products will trade on the Cboe Futures Exchange under the tickers PBT for Bitcoin and PET for Ether. Each contract comes with a 10-year term at listing and uses daily cash adjustments to maintain alignment with spot prices.

Futures are standardized contracts that allow traders to buy or sell an asset at a predetermined price on a future date. They are commonly used for hedging and speculation.

Cboe first revealed plans for these products in September. The exchange designed them as a response to the popularity of perpetual futures on offshore platforms.

The contracts will be cash-settled rather than requiring physical delivery of the underlying assets. A daily funding amount adjusts open positions based on the Cboe Kaiko Real-Time Rate for Bitcoin and Ether.

Regulatory Framework and Trading Hours

Clearing will be handled through Cboe Clear US, a CFTC-regulated clearinghouse. This structure aims to reduce counterparty risk for participants.

Margin rules align with Commodity Futures Trading Commission standards. The exchange plans to offer potential cross-margining with existing Cboe Futures Exchange crypto futures products.

Trading will operate nearly around the clock. Sessions will run from Sunday at 6 p.m. to Friday at 5 p.m. ET, with a one-hour break each day.

Rob Hocking, Cboe’s global head of derivatives, said the structure enables streamlined portfolio and risk management. The products provide investors a controlled way to gain leveraged exposure to digital assets.

Market Context

The crypto futures market has grown substantially in recent years. Open interest on perpetuals in the crypto market stood at about $767 billion on Monday, according to CoinMarketCap data.

US regulators historically blocked exchanges from listing certain crypto futures products. The regulatory environment has shifted under President Donald Trump’s administration, creating space for new crypto-derivatives offerings.

On April 21, the CFTC requested public feedback on perpetual derivatives. The agency sought input on how these products function, their use in trading and clearing, and implications for market integrity and customer protection.

Bitnomial crypto exchange launched the first CFTC-regulated XRP futures in the US in March. Coinbase announced plans to launch nano-sized Bitcoin and Ether perpetual contracts in July.

The new Cboe products target hedge funds, asset managers, and sophisticated retail traders. These participants have been cautious about using offshore crypto platforms due to regulatory uncertainty or counterparty risks.

The contracts allow for shorting and margin trading. They offer tools that investors use in traditional futures markets, including capital efficiency, volatility hedging, and tactical trading.

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