Cboe to Launch U.S.-Regulated Continuous Bitcoin and Ether Futures on December 15

Quick Breakdown 

• Cboe will launch Bitcoin (PBT) and Ethereum (PET) perpetual-style futures on December 15, pending regulatory approval.
• Contracts offer 10-year expiration, daily cash adjustments, and regulated margining for long-term crypto exposure.
• Education sessions will guide institutions on mechanics, funding rates, and trading strategies ahead of launch.

 

Cboe Global Markets is set to introduce a new class of crypto derivatives next month, marking one of the most significant expansions of regulated digital asset products in the U.S. market. Beginning December 15, the exchange will offer Bitcoin Continuous Futures (PBT) and Ether Continuous Futures (PET) on the Cboe Futures Exchange, pending regulatory approval.

On December 15, Cboe will launch Continuous Futures for Bitcoin ( #PBT ) and Ether ( #PET ), bringing the benefits of perpetual-style exposure into a transparent, U.S.-regulated environment.

Learn more and prepare for trading:

— Cboe (@Cboe) November 17, 2025

The products are designed to replicate perpetual-style contracts, long popular on offshore crypto exchanges, within a U.S.-regulated clearing and margining framework. The contracts will feature a 10-year listed expiration and daily cash adjustments, enabling investors to maintain long-term exposure without needing to roll their positions.

Regulated perpetual-style exposure comes onshore

Cboe said the structure is aimed at institutions seeking efficient and transparent ways to gain directional exposure to bitcoin and ether. The futures will be centrally cleared by Cboe Clear U.S., a CFTC-regulated clearinghouse, with trading available 23 hours a day, five days a week.

The contracts will track Cboe’s Kaiko Real-Time Rate benchmarks for BTC and ETH, with a daily “funding amount” adjustment that aligns futures pricing with spot market conditions. This setup mimics the mechanics of offshore perpetuals but layers on regulated margin requirements, counterparty risk protections, and compliance oversight.

Executives said the product fills a gap for investors who have avoided perpetuals due to jurisdictional risks but want capital-efficient crypto exposure that traditional futures cannot fully replicate.

Institutional education pushes ahead of launch

Ahead of the rollout, Cboe’s Options Institute will host education sessions in December and January to walk institutions through the mechanics, funding rate methodology, and potential trading strategies.

The exchange expects the new futures to attract hedge funds, market makers, proprietary firms, and asset managers looking to hedge, express long-term views, or participate in high-liquidity directional trading without the operational friction of position rolling.

This expansion follows Cboe’s earlier rollout of Bitcoin and Ethereum perpetual futures on November 10, 2025. This event signalled the exchange’s long-term strategy to bring perpetual-style crypto derivatives entirely onshore under U.S. regulatory oversight.