Quick Breakdown:
- Cboe Global Markets plans to introduce Bitcoin and Ethereum continuous futures on November 10, 2025, pending regulatory approval.
- The futures contracts will feature maturities up to 10 years, eliminating frequent rollovers common in traditional futures.
- These cash-settled products aim to attract institutional and retail investors by offering regulated, transparent, and long-term exposure to the two largest cryptocurrencies within a U.S.-regulated framework.
Cboe Global Markets is set to launch Bitcoin and Ethereum perpetual futures on November 10, 2025, pending regulatory approval, marking a pivotal moment in U.S. crypto derivatives trading. These continuous futures will feature contracts with up to 10-year maturities, significantly reducing the need for frequent rollovers that traditional futures require. The design simplifies position management and lowers associated costs, making it easier for investors to maintain long-term exposure to Bitcoin and Ethereum.
Cboe’s operation in the U.S.
Unlike offshore perpetual contracts popular in decentralized finance and unregulated markets, Cboe’s offerings will operate within a U.S.-regulated, centrally cleared system, ensuring transparency, trusted intermediaries, and adherence to regulatory standards. The contracts will be cash-settled and aligned to spot market prices through a daily funding rate adjustment mechanism, which aims to mirror real-time valuations of Bitcoin and Ethereum accurately.
Catherine Clay, Cboe’s Global Head of Derivatives, emphasized the growing demand from both institutional and retail market participants for regulated perpetual futures. She highlighted that the new contracts will appeal to a broad spectrum of traders seeking to access crypto derivatives confidently within a transparent and regulated environment.
This launch represents Cboe’s renewed commitment to expanding its crypto product suite following earlier endeavours, including the launch of Bitcoin futures in 2017 and a strategic realignment of its digital assets business in recent years. The introduction of continuous futures could shift significant crypto derivatives trading volume from offshore platforms back into the U.S.-regulated market, reinforcing the country’s crypto marketplace infrastructure.
Cboe’s continuous futures will clear through Cboe Clear U.S., a Commodity Futures Trading Commission (CFTC)-regulated clearinghouse, assuring robust oversight and security for market participants.
This milestone aligns with broader industry trends favouring regulatory clarity in crypto trading, positioning the U.S. as a competitive hub for digital asset derivatives.
Similarly, Coinbase has expanded its derivatives offerings by launching perpetual futures trading in the United States, granting eligible users access to high-leverage crypto trades previously unavailable under U.S. regulatory frameworks.
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