Cboe to Launch 10-Year Bitcoin and Ether Futures in US

Cboe Global Markets has announced plans to launch continuous futures contracts for Bitcoin (BTC) and Ether (ETH), bringing a popular decentralized finance (DeFi) product into US markets for the first time. The exchange operator, which is part of the Chicago Board Options Exchange, said on Tuesday that the contracts are scheduled to begin trading on November 10, pending regulatory review. Unlike standard futures that require traders to roll their positions into new contracts as they expire, continuous futures will provide long-dated exposure with a 10-year expiration period. This structure is designed to reduce the need for constant position management, a challenge that often deters traditional investors from crypto markets. Perpetual-Style Contracts for Regulated Markets Cboe explained that the product will function similarly to perpetual contracts, which have become a dominant form of crypto trading in offshore and DeFi markets due to their lack of expiry dates. The contracts will be cash-settled and aligned to spot prices through transparent funding mechanisms. “Perpetual-style futures have gained strong adoption in offshore markets. Now, Cboe is bringing that same utility to our US-regulated futures exchange,” said Catherine Clay, Global Head of Derivatives at Cboe. Growing Appetite for Perpetuals Perpetual contracts currently dominate Bitcoin derivatives markets. Research from Kaiko indicates they account for 68% of Bitcoin’s total trading volume in 2025, reflecting widespread trader preference for this format. CoinMarketCap data shows open interest in perpetual futures has reached $876 billion this year, underscoring their role in driving liquidity and leverage. By introducing continuous futures, Cboe hopes to attract US traders who have previously turned to offshore exchanges for these products. A Return to Crypto Expansion This launch marks a significant step for Cboe, which first introduced Bitcoin futures in 2017 but later scaled back its crypto derivatives efforts. The renewed push follows a friendlier regulatory environment under the Trump administration, with US agencies showing greater openness to new crypto products. Other US platforms have already made moves. Bitnomial launched perpetual futures in April, becoming the first exchange to do so under US oversight. Coinbase followed in July with nano Bitcoin and Ether perpetual futures, expanding its offerings to retail-focused traders. Cboe’s entry into the space suggests growing competition and regulatory acceptance for products that bridge traditional finance with digital assets.