Key Highlights
- Cboe will launch Bitcoin (PBT) and Ether (PET) continuous futures in the U.S. on December 15, 2025.
- Each contract has a 10-year expiration with daily cash adjustments to track spot prices.
- Trading is regulated, cash-settled, centrally cleared, and runs 23 hours a day, five days a week.
Cboe, a derivatives and securities exchange network, announced today that it is planning to launch new continuous futures for Bitcoin (PBT) and Ether (PET) on its Cboe Futures Exchange (CFE) starting December 15, 2025, pending final regulatory approval.
The contracts are designed to give traders long-term, capital-efficient exposure to the two largest cryptocurrencies while remaining compliant with U.S. regulations. Each contract will have a 10-year expiration and have a daily cash adjustment, called a “Funding Amount,” to keep the price of the futures close to the real market price.
First U.S.-regulated perpetual crypto futures
This is the first time U.S. markets will offer perpetual-style crypto futures. Before, these kinds of contracts were mostly on offshore exchanges. The new products are designed to help professional investors trade crypto safely and efficiently without worrying about rolling old futures contracts.
“As perpetual futures have historically been traded offshore, Cboe is excited to help expand access to these products within a U.S.-regulated, transparent, and intermediary-friendly environment,” Rob Hocking, Global Head of Derivatives at Cboe, said.
The new futures will be cash-settled and cleared through Cboe Clear U.S., which is regulated by the CFTC. This system is intended to reduce the risk of a counterparty failing to pay. Traders may also get benefits from cross-margining with other existing Cboe Bitcoin and Ether futures, which will help institutional users manage their portfolios more efficiently. The contracts will follow real-time Bitcoin and Ether prices using Cboe Kaiko Real-Time Rates, with daily funding adjustments applied to open positions to mirror spot pricing.
Flexible trading hours and educating investors
Trading will be available 23 hours a day, five days a week, from Sunday evening to Friday afternoon Eastern Time. This schedule gives both U.S. and international traders plenty of time to trade.
To help investors learn about the new futures, Cboe’s Options Institute will host webinars on December 17, 2025, and January 13, 2026, covering use cases and technical details. Registration is open to the public. Anyone can register and join to understand how the contracts work before they go live.
Anne-Claire Maurice, Managing Director of Derived Data at Kaiko, said, “These continuous futures eliminate the operational friction of rolling positions while maintaining the transparency and oversight that regulated markets provide.” The futures are meant for long-term investing, managing risk, and even entering short positions if needed.
Why It Matters
The launch will give U.S. investors a safe and regulated way to trade popular crypto products that were mostly only available offshore. It reduces risks, adds transparency, and makes crypto investing easier and more efficient for professionals.
In short, investors can plan for the long term, manage risk, and trade these two crypto products almost anytime, all under a watchful and trusted system.
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