Cboe Unveils First US Perpetual-Style Bitcoin and Ether Continuous Futures

Core Insights - Cboe Futures Exchange is set to launch Bitcoin (PBT) and Ether (PET) Continuous Futures on December 15, 2025, pending regulatory approval, marking a significant development in US crypto derivatives [1][2] - The new products aim to provide professional investors with long-term, capital-efficient exposure to Bitcoin and Ether, eliminating the operational friction associated with rolling expiring futures [2][4] Group 1: Product Features - Continuous Futures will have a 10-year expiration and feature daily cash adjustments, mirroring perpetual swaps while complying with US derivatives regulations [2][5] - The contracts will be cash-settled, centrally cleared, and governed by CFTC-regulated standards, ensuring adherence to US margin requirements [5] - A daily "Funding Amount" will be applied to open positions, aligning futures pricing with spot markets [6] Group 2: Market Context - Perpetual futures have historically been traded offshore due to regulatory constraints in the US, and Cboe's introduction of these products aims to bring a regulated version to institutional investors [3][4] - The move is expected to enhance transparency, provide clear protections, and align with regulatory standards, addressing the needs of institutional investors seeking efficient crypto exposure [3][7] Group 3: Industry Implications - The introduction of perpetual-style futures in a US-regulated environment is anticipated to expand access to these products, facilitating better portfolio and risk management for investors [4][7] - The structure of the new futures contracts is designed to remove rolling risks while maintaining transparency and oversight, aligning with industry calls for integrated risk management in financial innovations [8]