According to ETF Store President Nate Geraci, the Chicago Board Options Exchange is considering converting its Bitcoin and Ethereum continuous futures into true perpetual futures contracts. This would be the first time a major US exchange brings the perpetual contract model, long used on offshore crypto platforms, into a regulated American setting. Unlike standard futures, perpetuals have no expiry date, so investors would not need to close or roll their positions at set intervals.
ETF Store President Nate Geraci commented on X that traditional financial incumbents continue to react to crypto-native innovations. He noted that this transformation represents a clear example of traditional finance adopting structural designs born in the Web3 space.
Cboe considering converting its btc & eth continuous futures into perpetual futures…
Entrenched tradfi incumbents are now continually forced to react to crypto-native innovations.
Just the beginning.
via @kryshur @Vlajournaliste pic.twitter.com/SKeCUQe4uh
— Nate Geraci (@NateGeraci) June 23, 2026
What are Cboe’s continuous futures?
The exchange recently introduced Bitcoin Continuous Futures (PBT) and Ether Continuous Futures (PET), providing long-term price exposure. These offerings enable market participants to maintain digital asset positions over extended durations, bypassing the typical friction of frequent contract renewals.
While traditional futures necessitates rolling positions over every few months, PBT and PET feature a ten-year lifespan. Investors can sustain their market exposure for up to 120 months without the standard expiration constraints found in conventional financial instruments.
Functioning as cash-settled vehicles, these contracts do not involve the physical delivery of underlying tokens. Instead, financial outcomes are settled in USD, utilizing the Cboe Kaiko Real-Time Rates as the primary pricing benchmark.
How is Cboe offering institutions safer and more transparent market exposure
Cboe is bringing a more regulated version of “perpetual-style” crypto trading onshore. This is designed for institutions that want a straightforward and transparent way to bet on the price movements of bitcoin and ether. The contracts will be cleared through Cboe Clear U.S., a CFTC-regulated clearinghouse, and can be traded nearly all day during the workweek (23 hours, five days a week).
They also include a daily adjustment, similar to the funding rates used in offshore perpetual futures, to keep prices in line with the spot market. The key difference is that this version operates under strict regulation, with proper margin rules, reduced counterparty risk, and full compliance oversight.
Meanwhile, the Bank of England has relaxed its final stablecoin rules, removing individual holding limits and instead setting a £40 billion issuance cap for each stablecoin. The reserve requirements have also been eased, now allowing up to 70% to be held in short-term government debt.
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