Cboe Global Markets plans to roll out bitcoin and ether continuous futures on Dec. 15, 2025, bringing long-horizon contracts to a U.S.-regulated venue without forcing traders through the usual ritual of rolling expiring futures.

The products — Cboe Bitcoin Continuous Futures (PBT) and Cboe Ether Continuous Futures (PET) — come with a 10-year expiration and a daily cash adjustment. In practical terms, that means traders get perpetual-style exposure in a market where perpetuals have historically been an offshore playground. Cboe says the structure is intended to create steady alignment between futures pricing and spot levels, using its Cboe Kaiko Real-Time Rates to track bitcoin and ether pricing throughout the trading week.

The contracts are set to clear through Cboe Clear U.S., a CFTC-regulated derivatives clearing organization. According to the exchange, central clearing and transparent margining frameworks aim to reduce counterparty risk while keeping the products aligned with U.S. regulatory requirements. Traders can also expect the potential for cross-margining offsets with existing Cboe products like its financially settled bitcoin and ether futures, making portfolio juggling a little less chaotic for institutional users.

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In the announcement, Cboe’s derivatives team positioned the new products as tools for long-term exposure, volatility management, and tactical strategies — all while offering the ability to establish short positions when needed. The daily cash adjustment, labeled a “Funding Amount,” effectively acts as a built-in mechanism to help keep futures and spot prices from wildly drifting apart.

The continuous futures will be available to trade 23 hours a day, five days a week — from Sunday evening through Friday afternoon Eastern time. This gives both domestic and international traders wide access windows without navigating the fragmented schedules of some global crypto venues.

To help users get comfortable with the new structure, Cboe’s Options Institute will host educational webinars on Dec. 17 and Jan. 13, covering potential use cases and technical details behind the contracts’ design. Registration is open to the public, giving anyone curious about the mechanics a chance to get a tour before the products go live.

FAQ ❓

• When do Cboe’s bitcoin and ether continuous futures begin trading?
  They are scheduled to start trading on Dec. 15, 2025.
• What makes these “continuous” futures different?
  They use a 10-year expiration and daily cash adjustment to mimic perpetual-style exposure.
• Will these contracts be regulated in the U.S.?
  Yes, they will trade on CFE and clear through Cboe Clear U.S., a CFTC-regulated clearinghouse.
• How often can traders access these markets?
  The futures will be available 23 hours a day, five days a week.

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