Cboe Global Markets announced continuous futures for Bitcoin and Ether with a planned start on November 10, 2025, subject to regulatory approval. The initiative aims to deliver constant exposure within a regulated setup, bringing the usefulness of foreign perpetual-style contracts to the U.S. futures market. The company and media reports note that the product is intended for both large money managers and individual investors.
Product overview and launch timeline
Cboe’s offering seeks to replicate the appeal of perpetual contracts in a regulated U.S. environment, an approach highlighted by media experts and the company’s press release. The planned launch date is November 10, 2025, but it depends on regulatory approval, according to news reports alongside Cboe’s investor relations communications. The company presents this project as a regulated option to foreign markets, aiming to reach large money managers while also attracting individual traders who prefer intermediation and clear rules. Cboe also offers training through The Options Institute on October 30 and November 20, with courses explaining how the product works, according to the firm’s release.
Contract structure and pricing mechanics
The contracts are structured as long instruments with a single 10-year maturity, which reduces the need to roll positions frequently, as noted by Cboe’s official communications and financial news outlets. They will settle in cash and track the spot price through daily adjustments determined by a funding rate method, described in Investing.com coverage and Cboe’s release. Continuous futures are long contracts that try to act like perpetual contracts, and the funding rate is the daily change that makes the future price equal to the spot price.
A single 10-year contract simplifies managing a position compared to the usual rolling of shorter-dated contracts, an operational benefit Cboe highlighted. At the same time, the design introduces exposure to contango or backwardation and depends on the funding rate method, and daily adjustments can increase losses or gains if the spot price moves significantly.
Regulation, clearing, and market context
Cboe Clear U.S., a CFTC-regulated clearing company, will handle clearing, according to Investing.com, adding regulatory oversight to the product. Catherine Clay, Global Head of Derivatives at Cboe, noted that “perpetual-style futures have gained wide use in foreign markets. Now Cboe brings that usefulness to our regulated U.S. market,” according to the company’s release. As a measure of institutional demand in crypto derivatives, PR Newswire mentioned that CME Group has increased its product list, suggesting competition among regulated exchanges to offer access to digital property.
Cboe’s continuous futures aim to provide lasting, regulated exposure to Bitcoin and Ether with cash settlement and daily funding rate adjustments. Success will depend on regulatory approval and adoption by participants able to clear at Cboe Clear U.S., with the next step focused on securing approval ahead of the planned November 10, 2025 start.
