Cboe Continuous Futures Add Long-Term BTC and ETH Access

• Cboe launches 10-year crypto futures with daily cash adjustments for long-term exposure.
• Contracts clear through CFTC-regulated Cboe Clear U.S. with cross-margining options.
• New futures use Kaiko benchmark rates and come with planned educational sessions.

Cboe Continuous Futures will begin trading on December 15, 2025, marking a large expansion of the Cboe Futures Exchange’s digital-asset offerings. The exchange confirmed that two new long-duration contracts, Bitcoin Continuous Futures (PBT) and Ether Continuous Futures (PET), are scheduled for introduction pending regulatory review.

These derivatives are structured with 10-year expirations at listing and will apply a daily cash adjustment intended to keep contract values aligned with Bitcoin and Ether benchmark rates. The model is designed to emulate perpetual-style behavior without requiring traders to roll positions, creating a long-horizon instrument in a fully regulated U.S. environment.

Cboe Continuous Futures Bring Perpetual-Style Structure to U.S. Markets

The new contracts will trade on the Cboe Futures Exchange (CFE) and operate 23 hours a day, five days a week. Cboe Continuous Futures will rely on the Cboe Kaiko Real-Time Rate to track the underlying digital assets. Each contract will apply a daily Funding Amount, described as a cash adjustment, aimed at maintaining price alignment with spot market conditions. 

The exchange stated that the structure is meant to provide long-term exposure supported by features typically associated with exchange-listed derivatives, such as capital efficiency, volatility management, tactical positioning, and the ability to enter short positions.

Cboe highlighted that perpetual-style derivatives historically operated outside U.S. regulatory oversight, and the introduction of a long-duration, daily-adjusted product reflects increased demand from institutional traders seeking exposure under domestic regulatory standards. 

All contracts will clear through Cboe Clear U.S., a CFTC-regulated clearing organization. The clearing system includes transparent margin requirements and potential cross-margining offsets with other CFE-listed instruments such as Financially Settled Bitcoin (FBT) and Financially Settled Ether (FET) futures.

Clearing Structure, Margin Rules, and Benchmark Data

The exchange confirmed that the contracts will be cash-settled and centrally cleared to reduce counterparty risk. Margin practices will comply with Commodity Futures Trading Commission rules, and the cross-margining benefits are expected to support capital efficiency for firms trading across multiple cryptocurrency futures products. 

Officials from Kaiko noted that the real-time benchmarks supporting Cboe Continuous Futures were designed to promote consistent tracking and market clarity across long-duration instruments.

Education Efforts Scheduled Following Product Launch

Cboe stated that its Options Institute will introduce two educational sessions focused on the new instruments. The sessions, planned for December 17 and January 13, will outline how the 10-year expiration structure, daily adjustments, and benchmark integration function in practice. The courses are aimed at traders and institutions preparing to engage with the new futures model shortly after the December 15 rollout.

With the arrival of Cboe Continuous Futures, the exchange will offer a regulated structure intended to replicate perpetual-style exposure while remaining aligned with domestic oversight, expanding the tools available to institutions operating in the digital-asset futures market.