Cboe to Launch Continuous Bitcoin & Ether Futures in November 2025

 

Cboe to Launch Continuous Bitcoin & Ether Futures in November 2025

Cboe Global Markets to Launch Continuous Bitcoin and Ether Futures in November 2025

Chicago, September 10, 2025 – Cboe Global Markets Inc. (Cboe: CBOE), one of the world’s leading exchange operators, has revealed its plans to introduce continuous futures contracts for Bitcoin (BTC) and Ether (ETH) on November 10, 2025, pending regulatory approval.

The new instruments will be listed on the Cboe Futures Exchange (CFE) and represent one of the most significant product launches in the U.S. crypto derivatives market to date. Unlike traditional futures contracts that expire every month or quarter, these continuous futures are designed as single, long-dated contracts with a 10-year expiration cycle, minimizing the need for investors to repeatedly roll positions.

This move marks another important step in the integration of digital assets into regulated U.S. markets and could change how institutional investors gain exposure to cryptocurrencies.

What Are Continuous Futures?

Traditional futures contracts come with specific expiration dates, requiring traders and institutions to roll their positions periodically to maintain exposure. This process adds cost, complexity, and potential slippage to trading strategies.

The continuous futures model being introduced by Cboe eliminates much of that burden. These contracts will:

• Be structured as single, long-dated products with expirations as long as 10 years.
• Adjust daily to reflect real-time spot market prices of Bitcoin and Ether.
• Use a transparent funding rate methodology to ensure alignment with the underlying market.
• Be cash-settled, meaning no physical delivery of crypto assets is required.

Effectively, these instruments behave like perpetual futures contracts, a popular product in offshore markets, but with the regulatory oversight and infrastructure of a U.S.-based exchange.

Why Is This Important?

The crypto derivatives market has grown significantly over the past five years, but much of this growth has been outside the United States. Perpetual futures, widely offered on offshore platforms, dominate trading volumes because they provide continuous exposure without expiry.

However, offshore venues are often criticized for:

• Limited regulatory oversight.
• Counterparty risks.
• Uncertain compliance with investor protection standards.

By offering perpetual-style products under the supervision of U.S. regulators, Cboe is positioning itself as a bridge between traditional finance (TradFi) and the digital asset ecosystem.

Catherine Clay, Global Head of Derivatives at Cboe, emphasized this point during her remarks at the HOOD Summit in Las Vegas:
“Perpetual-style futures have gained strong adoption in offshore markets. Now, Cboe is bringing that same utility to our U.S.-regulated futures exchange.”

Key Features of Cboe’s Continuous Futures

1. 10-Year Expiration

   • Investors can hold positions for a decade without rolling.
   • Ideal for institutions with long-term exposure strategies.

2. Daily Cash Adjustments

   • Prices are aligned to real-time spot market movements.
   • Risk of dislocation from underlying assets is reduced.

3. Transparent Funding Rate

   • Cboe introduces a clear methodology for calculating daily adjustments.
   • This transparency sets it apart from opaque offshore practices.

4. Clearing Through Cboe Clear U.S.

   • The contracts will be cleared by a CFTC-regulated derivatives clearing organization, ensuring robust risk management.

5. Cash-Settled

   • No physical crypto custody is required, making the product accessible to a wider range of institutional participants.

Regulatory Context

The U.S. regulatory landscape for digital asset derivatives has been evolving steadily. While the Commodity Futures Trading Commission (CFTC) has jurisdiction over commodity derivatives, the Securities and Exchange Commission (SEC) has been cautious with crypto-related securities products.

By launching these futures on a CFTC-regulated exchange and clearing them through Cboe Clear U.S., the company ensures compliance with existing frameworks. This provides investors with greater security, trust, and regulatory clarity than offshore platforms can offer.

The move also comes at a time when regulators are actively working to establish clear rules for digital assets. Cboe’s initiative could help shape how regulators view long-dated crypto derivatives and could even serve as a model for other exchanges.

Institutional Demand for Crypto Futures

The last few years have seen a steady rise in institutional participation in digital assets. Hedge funds, asset managers, and even pension funds have started exploring Bitcoin and Ether as part of their portfolios.

However, institutions often face barriers, such as:

• Unregulated platforms with high counterparty risk.
• Short-dated futures contracts, requiring constant position management.
• Operational challenges with custody and settlement.

Cboe’s continuous futures aim to address these challenges by providing:

• A regulated venue with compliance standards.
• Reduced operational burden through long-dated expirations.
• A risk-managed clearing system backed by Cboe’s infrastructure.

For long-term investors, this could make Bitcoin and Ether exposure more practical and efficient.

Educational Support: The Options Institute

To help traders and institutions understand these innovative contracts, Cboe’s educational arm, The Options Institute, will host two courses focused on continuous futures:

• October 30, 2025
• November 20, 2025

These sessions will cover:

• Contract structure.
• Pricing and funding rate mechanics.
• Risk management strategies.
• Use cases for institutional and retail traders.

By offering education alongside product launch, Cboe is ensuring that the market is prepared to use these contracts responsibly.

Market Impact and Outlook

The introduction of continuous futures could have several long-term implications for the digital asset market:

1. Increased Institutional Participation

   • The regulated nature of Cboe’s platform may attract more institutional investors who previously avoided crypto derivatives.

2. Competition with Offshore Exchanges

   • Offshore platforms like Binance and Bybit dominate perpetual futures trading. Cboe’s entry could shift part of this activity back to U.S. markets.

3. Improved Market Stability

   • Transparent funding mechanisms and regulated clearing could reduce risks of manipulation and extreme volatility.

4. Benchmark for Future Products

   • Other exchanges may follow suit, launching similar long-dated futures or hybrid products.

5. Integration with Traditional Finance

   • Over time, these futures could be included in broader institutional portfolios, risk management tools, and even retirement fund strategies.

About Cboe Global Markets

Cboe is one of the world’s largest exchange operators, with platforms across North America, Europe, and Asia-Pacific. Its product offerings span multiple asset classes, including:

• Equities
• Derivatives
• Foreign Exchange (FX)
• Digital Assets

The company is best known for its flagship VIX futures, which serve as a global benchmark for equity volatility. With the introduction of continuous crypto futures, Cboe is extending its innovative track record into digital assets.

Conclusion

Cboe Global Markets’ plan to launch continuous Bitcoin and Ether futures on November 10, 2025 represents a significant milestone for the cryptocurrency derivatives market. By combining the utility of perpetual futures with the trust of U.S. regulatory oversight, Cboe is creating a product that could reshape how institutions and traders engage with digital assets.

With 10-year expirations, daily cash adjustments, and transparent funding rates, these futures contracts offer both stability and flexibility. As the broader financial industry continues to adopt digital assets, this development may accelerate the integration of cryptocurrencies into the mainstream global financial system.