Cboe Considered Converting Bitcoin & Ethereum Continuous Futures Into Perpetuals
According to Nate Geraci of The ETF Store, Chicago Options Exchange (Cboe) is considering converting its Bitcoin (BTC) and Ethereum (ETH) continuous futures into perpetual contracts.
The claim, posted on X, suggests traditional financial firms are under increasing pressure to keep building crypto-native products. If Cboe proceeds, the shift from continuous futures to Cboe-perpetual style products could change how traders access leverage, roll risk, and liquidity around BTC and ETH.
For market participants, the key takeaway is that Cboe may offer a new venue for BTC and ETH trading via perpetuals, potentially supporting derivatives activity and reshaping hedging strategies. However, this is still at the consideration stage, so timing and final contract terms remain uncertain.
Neutral
This news is best viewed as neutral because it is not a confirmed launch—Cboe is “considering” a conversion. Still, the direction matters.
If Cboe moves from continuous futures to BTC/ETH perpetuals, it could attract incremental derivatives volume by simplifying access for traders who prefer perpetual mechanics (often tighter trading experience and potentially different funding dynamics). Historically, when major venues add or upgrade crypto derivatives (e.g., futures roll mechanics changes or new perpetual listings), open interest and liquidity can rise in the short term as hedgers and speculators reposition.
However, because contract terms (funding, margining, listing timeline) are unknown, traders may wait for specifics. In the near term, the market reaction is likely limited to sentiment and positioning rather than a sustained trend. Over the long term, if the product actually launches and gains traction, it could improve market depth and hedging efficiency for BTC and ETH, but that depends on execution and uptake.
Overall: the potential for incremental derivatives liquidity is positive, but the lack of confirmation keeps the expected impact neutral.