Cboe Global Markets is preparing to introduce new Bitcoin and Ether “Continuous Futures” on December 15, opening the door to long-term, perpetual-style exposure for institutional traders.
The exchange operator confirmed the plans on Monday, outlining a contract design that aims to replicate the mechanics of perpetual futures through a daily cash adjustment.
That adjustment removes the need for traders to roll their positions at expiry, addressing a long-standing friction point for market participants who rely heavily on futures for hedging or tactical positioning.
Designed to Operate Like Perpetual Futures
The new contracts will have a 10-year term, offering unusually extended exposure compared with traditional futures.
Cboe says the structure is intended to provide the same benefits analysts and institutional investors typically seek in futures markets, including capital efficiency, volatility hedging and access to short exposure.
Clearing, Risk Management and Regulatory Alignment
Cboe Clear US will handle clearing for the contracts, reducing counterparty risk and aligning margin treatment with Commodity Futures Trading Commission standards.
The firm added that cross-margining may be available against existing Cboe Futures Exchange cryptocurrency contracts, potentially lowering capital requirements for active traders.
Pending regulatory approval, the futures will trade for 23 hours a day, five days a week, mirroring the structure used for other CFE crypto products.
Cboe Expands Its Crypto Derivatives Business
Cboe Global Markets operates exchanges across North America and Europe and has expanded its presence in the digital-asset sector over the past several years.
In September, the company confirmed plans to develop long-duration perpetual-style crypto futures, citing growing institutional demand and the evolving regulatory landscape in the U.S.
Regulatory Shifts Open the Door to New Offerings
While U.S. regulators historically resisted allowing exchanges to list certain crypto futures products, that stance has softened in recent years.
The Commodity Futures Trading Commission moved earlier this year to gather public input on perpetual derivatives, requesting commentary in April on their benefits, risks and potential effects on market integrity.
The consultation signaled growing openness toward innovative derivatives structures, even as the agency continues to weigh investor protection issues.
A Rapidly Expanding Crypto Futures Market
Other exchanges have begun introducing new futures products as well.
Bitnomial listed the first CFTC-regulated XRP futures in March, while Coinbase revealed plans for nano-sized Bitcoin and Ether perpetual contracts in July.
The broader crypto futures market remains substantial.
As of Monday, open interest in perpetual futures across the digital-asset sector reached approximately $767 billion, according to CoinMarketCap.