Cboe to Launch 10-Year Bitcoin and Ether Continuous Futures

Cboe Futures Exchange will launch 10-year Bitcoin and Ether “Continuous Futures,” offering regulated, long-term exposure starting December 15.

The Cboe Futures Exchange (CFE) will soon introduce an innovative product for digital asset trading. It is going to launch “Continuous Futures” for both Bitcoin (PBT) and Ethereum (PET) on December 15, 2025. These are 10-year contracts with a daily cash adjustment. As a result, the design is an effective way of providing perpetual style exposure to institutional investors.

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This structure seeks to enhance the efficiency of capital and ease risk management. These products remove the operational requirement to roll expiring futures positions periodically. The new contracts will clear through Cboe Clear U.S. completely. Therefore, they are still in full compliance with all the rules imposed by the CFTC. This is a great first for the regulated markets in the US.

Rob Hocking, Cboe’s Global Head of Derivatives, said that he was excited about the launch. Indeed, while he acknowledged, perpetual futures have historically been trades on offshore venues. He also said that Cboe is now diversifying access in a transparent and intermediary-friendly environment and the one regulated by the U.S. government. This product helps investors to gain controlled leveraged exposure.

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The Continuous Futures are meant to provide the same key benefits as traditional futures. These include capital efficiency, improved volatility management and the ability to take short positions. Specifically, the new contracts are based on the Cboe Kaiko Real-Time Rate to effectively monitor the price of the underlying digital assets.

Daily Adjustments and Central Clearing Enhance Risk Management

A very critical factor is that of the “Funding Amount,” or the daily cash adjustment. This is an adjustment that is made daily on all open positions. Furthermore, it is useful in promoting a necessary price match between the Continuous Future and the underlying spot asset price. This mechanism is important for the “perpetual-style” contract structure.

Anne-Claire Maurice, Managing Director of Derived Data at Kaiko, abated the innovation. She said that introducing perpetual-style futures to regulated markets meets an institutional need that is real. Moreover, there is no operational friction of constant position rolling with these continuous futures. The products preserve oversight that the regulated markets must provide.

The Continuous Futures will only be settled in cash. They will also be centrally cleared through Cboe Clear U.S. Significantly, this central clearing helps to effectively mitigate counterparty risk for traders. Margin requirements will be transparent and fully compatible with all existing CFTC rules.

There is also scope for cross-margining of offsets. This benefit applies to other products listed on the CFE that are cleared by Cboe Clear U.S. This includes the existing Financially Settled Bitcoin (FBT) and Ether (FET) Futures. To conclude, this feature should increase the efficiency of capital for all the market participants.

The Options Institute, which is Cboe’s educational division, will host educational courses. These sessions will discuss the characteristics and possible use cases of the Continuous Futures. The public can register for these courses, which are scheduled for December 17, 2025, and January 13, 2026.

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