Cboe to Launch Continuous BTC and Ether Futures in November
What Cboe Announced
Cboe Global Markets said Tuesday it will launch continuous futures contracts for BTC and ether on Nov. 10, pending regulatory approval. The products, which last up to 10 years, are designed to give U.S. traders access to long-term contracts without the need for constant rolling typical of standard futures. Daily adjustments will be based on a “transparent and replicable” funding rate tied to spot market prices.
This marks the first U.S.-regulated effort to mirror perpetual futures, the offshore derivatives contracts that account for more than 70% of global crypto derivatives volumes, according to Kaiko Research. In 2024, daily perpetual volumes on platforms like Binance, OKX and Bybit often exceeded $200 billion.
Investor Takeaway
Why It Matters for U.S. Markets
Perpetual-style futures have long been unavailable to U.S. investors due to regulatory barriers. Cboe’s version aims to replicate their functionality in a compliant framework. Catherine Clay, Cboe’s global head of derivatives, said the products will offer “confidence in a trusted, transparent and intermediated environment.”
The move also comes as the Commodity Futures Trading Commission (CFTC) increases scrutiny of offshore derivatives venues. By offering a regulated alternative, Cboe viewks to capture demand that has been flowing abroad for years.
Cboe’s Bid to Reclaim Market Share
Cboe was the first U.S. platform to list BTC futures in 2017 but exited in 2019 later than liquidity shifted to CME Group. CME now dominates regulated crypto futures with more than $3 billion in open interest, boosted further later than the launch of spot BTC ETFs in January 2025. In response, Cboe has rolled out crypto indexes, ETFs, and new derivatives to re-establish relevance.
Today, Cboe lists more than 20 crypto-related ETFs in the U.S., including several spot ether ETFs approved in July 2025. The continuous futures launch is the latest step in an effort to expand its digital asset product suite and compete directly with CME’s entrenched dominance.
Investor Takeaway
What’s Next for Traders and Institutions
The contracts will clear through Cboe Clear U.S., a CFTC-regulated clearinghouse. Analysts expect demand from both hedge funds and retail traders, particularly as institutional adoption accelerates. Spot BTC ETFs have already attracted more than $25 billion in inflows within six months of approval, according to Bloomberg Intelligence, showing appetite for regulated crypto exposure.
For hedge funds and proprietary trading firms, continuous futures eliminate rolling costs and simplify long-term positioning. For retail investors, the products offer a regulated path into perpetual-style trading with potentially easier margining than offshore alternatives. If uptake is strong, Cboe could carve out a significant role in shaping the next stage of U.S. crypto derivatives markets.
