Cboe Launches 10-Year Bitcoin & Ether Continuous Futures
Cboe Futures Exchange will launch 10-year Bitcoin continuous futures (PBT) and Ether continuous futures (PET) on December 15, 2025, pending CFTC approval. These Bitcoin continuous futures and Ether continuous futures feature daily cash adjustments based on the Cboe Kaiko Real-Time Rate, enabling perpetual-style crypto exposure without periodic rollovers. The contracts are cash-settled and centrally cleared via Cboe Clear U.S., with transparent margin requirements and cross-margining alongside existing FBT and FET futures. Rob Hocking highlights that the futures provide institutions with regulated, onshore access to perpetual-style derivatives, while Anne-Claire Maurice underscores the operational efficiency and risk management benefits. Cboe Options Institute will hold educational sessions on December 17, 2025, and January 13, 2026. The launch is expected to boost capital efficiency, improve volatility management and offer U.S. traders a regulated alternative to offshore perpetual futures.
Bullish
The introduction of 10-year Bitcoin and Ether continuous futures on a U.S. regulated exchange is likely bullish for crypto markets. In the short term, traders may increase long positions to capitalize on the transparent daily funding rates and avoid rollover costs typical of perpetual contracts. In the long term, institutional adoption is expected to rise due to Cboe’s CFTC-compliant framework, centralized clearing and cross-margining benefits, boosting liquidity and reducing volatility. Historical trends show that regulated derivatives often attract new capital and foster price appreciation in the underlying assets.