- Cboe will launch continuous Bitcoin and Ether futures on November 10 for long-term exposure.
- Derivatives account for 75% of crypto trading, with perpetual futures dominating volumes.
- SEC and CFTC will discuss regulating new crypto products, including perpetual futures.
Cboe Global Markets has revealed plans to launch long-dated Bitcoin and Ether futures contracts on November 10, 2025, pending regulatory approval. These continuous futures contracts are designed to provide U.S. traders with a more effective and efficient way to trade cryptocurrencies.
These contracts have a 10-year expiration, which will adjust their prices daily, thus removing the need for constant contract rollout. This will, in turn, enhance the management of long-term exposure to both Bitcoin and Ether more easily.
Cboe’s U.S.-Regulated Futures Provide Safer Crypto Trading Option
Unlike traditional futures, the continuous futures will be cash-settled, aligned with real-time spot prices for Bitcoin and Ether, and adjusted daily using a transparent, replicable funding rate methodology. This mirrors the functionality of perpetual futures, which have become popular offshore but have been unavailable in the U.S. due to regulatory challenges.
“Perpetual-style futures have gained strong adoption in offshore markets. Now, Cboe is bringing that same utility to our U.S.-regulated futures exchange,” said Catherine Clay, Cboe’s Global Head of Derivatives.
The contracts will be cleared through Cboe’s U.S.-regulated clearinghouse, Cboe Clear U.S., ensuring compliance with U.S. regulations and providing a safer environment for traders.
Additionally, the Cboe Options Institute stated that it would offer educational courses on October 30 and November 20, 2025, to get traders ready for the new continuous futures contracts, giving traders a complete understanding of the new products.
Cboe’s Efforts to Reclaim Market Share
Cboe’s reintroduction of crypto futures follows its first move to list Bitcoin futures in 2017, which ended in 2019 following unfavourable market dynamics. As the crypto markets see renewed growth, Cboe is now looking to regain its role in the crypto derivatives market.
With the addition of continuous futures, Cboe is expanding its current CFE product lineup. This includes its flagship Cboe Volatility Index (VIX) futures, as well as new products in equity volatility, digital assets, and global fixed income.
Also, Cboe has expanded its product lineup to include crypto-related exchange-traded funds (ETFs), like those that track spot Ether. These moves show Cboe’s effort to diversify its products and cater to the institutional demand for digital assets.
Derivatives Account for Over 75% of Crypto Market Activity
According to Kaiko’s research, more than 75% of all trading activity in crypto markets involves derivatives, with a significant chunk of that volume being perpetual futures. In 2024, perpetual futures made up 68% of all Bitcoin trading volume, showcasing their key role in market liquidity. Furthermore, these products allow traders to speculate on price changes without owning the actual assets.
With daily trading volumes between $10 billion and $30 billion, perpetual futures have been a major driver of activity on platforms like Binance, OKX, and Bybit. However, the limited regulatory oversight in offshore markets has led traders to seek regulated alternatives that provide similar benefits.
Related: Cboe Seeks SEC Approval for Ethereum ETF Staking Integration
Roundtable in September to Discuss New Crypto Products
Furthermore, Cboe’s launch of continuous futures aligns with rising regulatory efforts to manage the fragmented oversight of digital asset markets. On September 5, 2025, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) recognized that inconsistent regulation had pushed crypto activity overseas.
As a solution, the two agencies will host a joint roundtable on September 29, 2025, to talk about regulating new crypto products, including perpetual futures. SEC Chairman Paul Atkins and CFTC Acting Chairman Caroline Pham emphasized that better coordination between the agencies could “lower barriers, improve efficiency, and reaffirm U.S. leadership in global financial markets.” The roundtable will explore regulatory frameworks for perpetual contracts, expanded trading hours, and measures to protect investors.
