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Cboe Global Markets ushers in a new era for digital currency derivatives in the United States. The Cboe Futures Exchange (CFE) will begin offering continuous futures contracts for Bitcoin (PBT) and Ether (PET) on December 15, 2025, pending final review by regulators, the exchange operator announced today.
This marks the first time that regulated markets in the United States have accommodated sustained exposure to cryptocurrencies, which are traditionally only offered on offshore exchanges.
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Qubo Lists Perpetual Style Cryptocurrency Futures Contracts in US Regulatory Framework
The new products are designed to provide professional investors with long-term, capital-efficient exposure to the two largest digital currencies. It eliminates the operational friction of expiring futures contracts.
Each contract will have an expiration period of 10 years and include a daily cash adjustment. In doing so, it reflects the mechanisms of ongoing swaps while remaining fully compliant with US derivatives regulations.
Continuous futures contractsone of the most traded cryptocurrency products in the world, has a long history in offshore platforms. This is due to regulatory restrictions in the United States.
Cboe’s move brings a familiar but heavily guarded version of this toolkit to corporate offices. Look for transparency, clear protection and regulatory compliance.
“While futures are traditionally traded offshore, Cboe is excited to help expand access to these products in a US-regulated, transparent, broker-friendly environment,” said Rob Hocking, Head of Global Derivatives Group at Cboe.
The structure allows for more efficient portfolio and risk management, he added. At the same time, it must provide investors with a controlled path to leveraged digital assets.
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Current futures contracts will be cash settled, centrally cleared, and subject to CFTC standards via Cboe. US margin requirements will follow standard derivatives supervision.
Traders can receive cross-margin benefits with Financial Stable Bitcoin (FBT) and Financial Stable Ether (FET) contracts held on the CFE.
Designed for capital efficiency and long-term exposure
Contracts will follow Cboe Kaiko spot rates for BTC and ETH. A daily “funding amount” similar to the funding payments used in ongoing swaps will be applied to open positions. This keeps futures prices in line with spot markets.
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Anne-Claire Morris, General Manager of Derivatives at Kaiko, said: “Introducing continuous-style futures to US regulated markets meets a real need for institutional investors looking for effective long-term exposure to cryptocurrencies.”
She emphasized that the structure eliminates the risks of recycling while maintaining transparency and oversight. This is in line with recent remarks from Youngsun Shin, Head of Product at Flipster, in an interview with BeInCrypto. According to Shane, it should be Risk management Part of the innovation itself.
Trading will be available 23 hours a day, five days a week, from Sunday evening to Friday noon (ET). Notably, this mirrors the existing CFE crypto derivatives tables.
Start education and prepare for the market
In recognition of the complexity and novelty of these products, the Cboe Options Institute will host two public education sessions on December 17, 2025 and January 13, 2026.
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These courses help traders understand:
- contract specifications,
- finance accounts, and
- Strategic use cases, ranging from hedging and volatility trading to long-term synthetic positioning.
As institutional demand for regulated crypto exposure increases, especially as ETF markets expand, Cboe’s ongoing contracts could become one of the biggest structural improvements to US crypto derivatives in years.
