Cboe Launches Bitcoin and Ethereum Continuous Futures, Bringing Perpetual Contracts to the U.S.

Cboe Global Markets plans to launch a “continuous futures” product for Bitcoin (BTC) and Ethereum (ETH) on November 10, 2025. This move is expected to have ripple effects not only on BTC and ETH themselves, but also across the broader cryptocurrency ecosystem connected to them. For instance, the launch could drive increased trading activity, which might indirectly influence network throughput or transaction patterns on BTC hyper, a Layer 2 project aimed at enhancing Bitcoin’s scalability and speed while building a new ecosystem. However, the final implementation depends on approval from U.S. regulators, and the launch is anticipated to bring significant changes to the existing cryptocurrency futures market.

In recent years, perpetual contracts have accounted for a significant portion of total BTC trading on overseas exchanges, becoming a key trading tool for both institutional and retail investors. However, the introduction of such contracts has faced many restrictions under the U.S. regulatory framework. With the launch of continuous futures, Cboe enables U.S. investors to access perpetual-style products in a regulated and stable environment.

The new continuous futures contracts will be cash-settled daily based on spot prices and are designed to give long-term investors more stable access to cryptocurrencies. Cboe plans to use this offering to expand the digital asset derivatives market and meet institutional investor demand. In particular, the daily settlement structure makes it easier to manage risks associated with price fluctuations and allows investors to maintain long-term positions.

The newly introduced continuous futures differ from traditional futures contracts in that they take the form of a single contract with a fixed 10-year maturity. Unlike traditional futures, which expire on a set date and require positions to be rolled over or renewed at each expiration, continuous futures eliminate this process, making position management much simpler. They are, in fact, similar to the popular perpetual contracts widely used in decentralized derivatives markets.

Cboe plans to structure the new products to comply with U.S. regulations, using cash settlement based on the spot prices of BTC and ETH. The exchange emphasized that ’perpetual-style derivatives are already widely adopted in overseas markets’ and added that ’it is now time to offer the same utility in the U.S.’ The project is being led by Catherine Clay, head of Cboe’s Global Derivatives division.

According to market research firm Kaiko, approximately 68% of Bitcoin trading volume so far in 2025 has been conducted through perpetual contracts (perps). This demonstrates that perpetual contracts continue to enjoy strong demand in the market due to their trading flexibility and leverage opportunities. Analysts expect that Cboe’s new offering will encourage participation from regulated investors and, as a result, significantly expand the cryptocurrency derivatives market in the U.S.

Cboe’s plan represents the first attempt to implement a perpetual contract-style product structure, previously active mainly on overseas exchanges, within the U.S. regulatory framework. By introducing this innovative approach, Cboe aims not only to set a benchmark for developing new regulated derivatives products but also to provide U.S. institutional investors with a reliable and compliant means of participating in the rapidly growing cryptocurrency margin derivatives market.

The initiative is expected to foster increased market liquidity, encourage greater investor engagement, and help bridge the gap between U.S. and international cryptocurrency trading platforms, offering a pathway for long-term market expansion and innovation.

With this launch, Cboe plans to expand its digital asset offerings in the global derivatives market and is expected to develop additional cryptocurrency products and long-term contract-based offerings in the future. This initiative aims to narrow the gap between the U.S.-regulated market and overseas markets, providing both institutional and retail investors with a wider range of investment options.