Cboe to Launch “Perpetual-Style” Bitcoin & Ether Futures on December 15, 2025

Cboe Global Markets is gearing up to introduce a new product suite — “Continuous Futures” for bitcoin and ether — scheduled for launch on December 15, 2025, pending regulatory approval. These contracts, branded as the Cboe Bitcoin Continuous Futures (PBT) and Cboe Ether Continuous Futures (PET), are designed to provide perpetual-style exposure to the underlying digital assets.

Unlike traditional futures contracts that expire monthly or quarterly and require periodic position “roll-overs,” these Continuous Futures carry a 10-year listed expiration at launch and incorporate a daily cash-adjustment mechanism (a “Funding Amount”) to keep contract pricing aligned with the spot price of the underlying asset. The objective is to mimic the perpetual swap structure common in offshore crypto markets, but within a U.S.-regulated, centrally cleared framework.

The contracts will be cash-settled (no delivery of the actual tokens) and cleared through Cboe Clear U.S., a derivatives-clearing organization regulated by the Commodity Futures Trading Commission (CFTC). They will reference the Cboe Kaiko Real-Time Rate for spot pricing and operate on a trading schedule of 23 hours/day, 5 days a week. The structure also may allow cross-margining offsets with Cboe’s existing financially-settled bitcoin and ether futures.

From an institutional standpoint, the launch marks a meaningful step. By offering long-term exposure in a regulated environment, the product reduces operational burdens (like roll-overs), lowers counterparty risk via central clearing, and brings more transparency to the crypto derivatives landscape. For traders and asset managers seeking strategic diversification or hedging tools around digital assets, this may fill a gap between direct crypto ownership and standard futures.

However, some cautions remain. The December 15 date remains subject to regulatory review, meaning launch timing and product specs could shift. The daily funding adjustment introduces a unique cash-flow element for open positions, which traders will need to factor into their risk models. And although the product aims to approximate a perpetual exposure, it is not a true infinite-term contract (it still has a 10-year listed expiry).

In sum: Cboe’s Continuous Futures initiative signals the evolving maturity of crypto derivatives in the U.S., merging the leverage and flexibility of offshore perpetuals with U.S. regulatory infrastructure. As the industry awaits the actual launch and initial trading volumes, this product could become a key instrument for long-horizon crypto allocations and institutional adoption.