Cboe Global Markets to Launch Perpetual-Style Bitcoin and Ether Futures on December 15

Cboe Global Markets is set to debut new, long-term bitcoin and ether futures, known as “continuous” futures, on December 15, pending regulatory approval.

Key Features of the New Contracts:

• Style: Perpetual-style futures, designed for long-term exposure without the need for constant position rolling.
• Tenor: They will feature 10-year expirations (PBT for Bitcoin and PET for Ether).
• Trading: They will trade on a 23×5 schedule (23 hours a day, 5 days a week) with daily cash adjustments.
• Pricing: Each contract will reference Cboe Kaiko Real-Time Rates, with daily funding applied to maintain alignment with spot market prices.
• Regulation & Clearing: The contracts will be cash-settled and cleared through Cboe Clear US, adhering to CFTC margin rules. Crucially, they allow for cross-margining offsets with Cboe’s existing crypto futures.

Market Impact and Strategy:

Cboe executives highlighted that these products establish a US-regulated, transparent environment for perpetual-style trading, which has historically been dominated by offshore exchanges.

The goal is to simplify portfolio and risk management for institutional investors seeking leveraged, long-term exposure to crypto assets.

This launch comes as perpetual futures soar in popularity, with centralized exchange volumes hitting nearly $7 trillion last month. Singapore Exchange is also planning a similar perpetual futures launch on November 24 to capture rising institutional demand.