Cboe to Launch Continuous Bitcoin and Ethereum Futures

Cboe Global Markets plans to introduce Continuous Futures for Bitcoin and Ethereum on November 10, 2025. These contracts aim to provide a U.S.-regulated, 10-year expiration with perpetual-style features, pending regulatory approval.

Key players include Cboe Global Markets and global head of derivatives, Catherine Clay. Cboe aims to bring perpetual-style utility popular offshore to the United States, enhancing market accessibility. Catherine Clay remarked, “The launch brings perpetual-style utility that gained adoption in offshore markets to US traders.”

The launch could potentially transform U.S. crypto markets by providing institutional and retail traders a regulated alternative to existing offshore products. Cboe’s contracts will be cleared through Cboe Clear US and are subject to CFTC oversight.

Existing crypto derivatives markets on CME could experience impact, as platforms offering U.S.-compliant products gain interest. Historically, similar launches have attracted significant liquidity migration and derivatives-driven price discovery.

This marks the first U.S.-regulated 10-year crypto futures, building on the 2017 Bitcoin futures introduction. Offshore perpetual swaps have previously influenced trading liquidity and leverage, similar trends might follow domestically.

Experts suggest the launch may align regulatory-compliant access for U.S. traders. The move could bridge gaps between offshore and U.S. markets, leveraging historical trends evident in previous futures launches on platforms like CME.