TLDR
- Cboe Global Markets will launch 10-year Bitcoin and Ethereum continuous futures on November 10, 2025
- Contracts eliminate rolling requirements with single 10-year expiration dates
- Cash-settled products align to spot prices through daily funding adjustments
- US traders gain access to perpetual-style crypto derivatives in regulated environment
- Follows similar launches by Bitnomial in April and Coinbase in July 2025
Cboe Global Markets has announced plans to launch continuous futures contracts for Bitcoin and Ethereum on November 10, 2025. The new products await regulatory approval from US financial authorities.
The Chicago-based derivatives exchange will introduce these contracts on Cboe Futures Exchange (CFE). Bitcoin and Ether continuous futures represent a new approach to crypto derivatives trading in US markets.
Traditional futures contracts require traders to roll positions periodically as contracts expire. Cboe’s continuous futures eliminate this requirement by offering single contracts with 10-year expiration dates.
The contracts will use cash settlement and align to real-time spot prices of Bitcoin and Ether. Daily cash adjustments maintain price alignment through transparent funding rate calculations.
US Market Adoption of Perpetual Trading
Catherine Clay, Global Head of Derivatives at Cboe, discussed the launch at the HOOD Summit in Las Vegas. She highlighted the strong adoption of perpetual-style futures in offshore crypto markets.
The continuous futures bring perpetual-style trading to US-regulated exchanges. This shift provides American traders with regulated alternatives to offshore crypto platforms.
Data from Kaiko research shows perpetual contracts account for 68% of Bitcoin trading volume in 2025. Total open interest for crypto perpetuals reaches $876 billion across global markets.
Cboe expects the new contracts to attract both institutional participants and retail traders. The exchange sees growing retail demand for crypto derivatives access.
Competition in US Crypto Futures
Cboe joins other exchanges offering perpetual-style crypto products to US traders. Bitnomial launched the first US perpetual futures contracts in April 2025.
Coinbase introduced nano Bitcoin and Ether Perpetual Futures in July 2025. These earlier launches established precedent for perpetual-style crypto trading in US markets.
The new Cboe contracts will clear through Cboe Clear US, a CFTC-regulated derivatives clearing organization. This provides institutional-grade clearing and settlement infrastructure.
Educational and Regulatory Environment
The Options Institute will conduct educational courses on continuous futures October 30 and November 20. Public registration is available for these training sessions.
This launch continues Cboe’s product innovation roadmap for crypto derivatives. The exchange previously launched Bitcoin futures in 2017 before stepping back from crypto product expansion.
US financial regulators have shown increased openness to crypto derivatives products. This regulatory shift has enabled exchanges to introduce previously restricted trading instruments.
Cboe Clear US will handle clearing operations for the new contracts. The CFTC-regulated clearing organization supports the exchange’s expansion into crypto derivatives clearing.
The continuous futures mark Cboe’s return to active crypto product development. The exchange aims to build a comprehensive global derivatives and clearing ecosystem.
Trading education and market preparation continue ahead of the November launch date. Cboe provides technical information and specifications for the new Bitcoin and Ether continuous futures.
