Cboe to Offer 23×5 Trading for BTC and Ether Perpetual-Like Futures
What Is Cboe Bringing to the U.S. Crypto Derivatives Market?
Cboe Global Markets is preparing to launch BTC and ether “continuous futures” on December 15, creating the first U.S.-regulated crypto derivatives that function similarly to perpetual futures. The listing is pending final regulatory approval, but Cboe says the products are designed to give institutions a long-term, rollover-free way to trade crypto exposure.
The contracts will be listed on the Cboe Futures platform under the tickers PBT (BTC Continuous Futures) and PET (Ether Continuous Futures). Each product will feature a 10-year expiration at listing, daily funding adjustments to keep prices aligned with spot markets, and cash settlement instead of physical delivery.
Traditional futures expire monthly or quarterly, requiring traders to “roll” their positions forward. By contrast, perpetual futures — overwhelmingly popular on — do not expire, using daily funding mechanics to anchor prices to the underlying asset. Cboe’s continuous futures replicate that structure but under U.S. regulatory oversight.
Rob Hocking, Cboe’s global head of derivatives, said the new structure is intended to offer a compliant alternative to offshore perps. He noted that the long-dated design and funding adjustments aim to deliver streamlined portfolio management while giving traders controlled leveraged .
Investor Takeaway
Why Do These Contracts Matter for Traders?
. Trading volumes on decentralized platforms surpassed one trillion dollars in September, a record high, while centralized platform futures volumes neared seven trillion dollars, driven primarily by perpetuals.
Despite their popularity, perps remain unavailable on U.S. regulated markets due to structural and risk concerns. This forces U.S.-based institutions to either avoid perps or route exposure offshore, where counterparty and compliance risks are higher.
Cboe aims to close that gap.
The new continuous futures offer several advantages for institutional and sophisticated traders:
- Long-term exposure without roll costs. Positions can be held for years without executing roll trades, eliminating slippage and operational friction.
- Daily funding adjustments. Similar to perpetuals, funding charges or credits keep futures prices aligned with BTC and ether spot rates.
- U.S. regulatory clarity. Clearing through Cboe Clear U.S. provides counterparty protections and margin oversight under CFTC rules.
- Cross-margining potential. Traders may offset margin with existing Cboe crypto futures positions, such as the financially settled BTC (FBT) and ether (FET) contracts.
The contracts will trade almost continuously — Sunday to Friday, from 6 p.m. to 5 p.m. Eastern Time — creating a 23×5 schedule that mirrors global crypto markets.
How Will Cboe’s Products Compete With Offshore Perpetuals?
Cboe’s timing is strategic. Perpetuals remain one of the most profitable products in crypto trading, generating significant fees across Binance, OKX, Bybit and decentralized platforms. But their offshore nature has been a dealbreaker for many institutional players.
Cboe’s continuous futures may appeal to:
– Hedge funds needing audited, compliant instruments
– Asset managers with mandates restricting offshore derivatives
– viewking regulated funding-rate environments
– Advanced retail traders wanting high-liquidity leverage without using overseas entities
Anne-Claire Maurice, managing director of derived data at Kaiko, said that bringing perpetual-style futures into regulated markets fills a genuine need for long-term, efficient crypto exposure. She emphasized that institutions have been viewking ways to avoid operational rollovers without forfeiting oversight.
The products reference Cboe Kaiko Real-Time Rates, which aggregate deep liquidity data to derive fair pricing benchmarks for BTC and ether. The daily funding amount will adjust open positions based on deviations from the spot benchmark.
Singapore platform also announced plans to offer BTC and ether perpetual futures begining November 24, signaling a global shift toward regulated perps.
What Comes Next for U.S.-Regulated Crypto Derivatives?
If Cboe’s continuous futures gain traction, they could reshape how large market participants hedge exposure and manage directional risk. A few potential market impacts include:
- Shift of perp demand into regulated markets. may increasingly prefer compliant funding-rate products.
- More stable funding-rate dynamics. U.S. oversight could reduce manipulation and extreme funding swings common on offshore venues.
- Pressure on competitors. CME, which dominates institutional BTC and ETH futures, may introduce its own perpetual-style instruments.
Cboe’s entry comes as institutional interest in crypto derivatives remains high despite recent market volatility. With BTC trading below 93,000 dollars and ether near 3,000 dollars, long-dated exposure instruments could view immediate demand from funds positioning around macro and regulatory catalysts.
