Cboe launches 10-year Bitcoin and Ether continuous futures, reshaping U.S. crypto derivatives

Cboe Global Markets, a major derivatives exchange network, has announced its intention to launch continuous futures for Bitcoin and Ether on November 10, 2025, subject to regulatory approval. These new contracts will be cash-settled and feature a unique 10-year expiration, differing from traditional shorter-term futures. This structure is designed to simplify position management for both institutional and retail traders by eliminating frequent rollovers, thereby reducing associated costs.

The continuous futures will replicate real-time asset valuations through daily cash adjustments and transparent funding rate methodologies. Catherine Clay, Global Head of Derivatives at Cboe, highlighted the demand for regulated perpetual-style futures in the U.S., a market currently dominated by offshore exchanges. Cboe aims to fill this gap, offering U.S. traders access to these products within a trusted, transparent, and regulated environment.

This initiative aligns with Cboe's strategy to broaden its futures offerings beyond its established VIX futures. The continuous futures will be cleared through Cboe Clear U.S., a CFTC-regulated clearinghouse, reinforcing Cboe's goal of building a robust global exchange ecosystem. This launch follows other digital asset-related developments from Cboe, including planned Bitcoin index futures and existing Bitcoin ETF index options, enhancing flexibility for traders to hedge or speculate on digital asset price movements.

The move also coincides with growing regulatory clarity in the U.S. regarding crypto derivatives. The CFTC is reportedly preparing to approve perpetual futures contracts, which are popular globally but have faced regulatory hurdles in the U.S. Bringing these products onshore is seen as beneficial for the U.S. crypto industry and economy, fostering greater participation and innovation.

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