Cboe Global Markets, Inc. (Cboe: CBOE), the world’s derivatives and securities exchange network, announced its new Cboe Bitcoin Continuous Futures (PBT) and Cboe Ether Continuous Futures (PET) are set to commence trading on Cboe Futures Exchange, LLC (CFE) starting December 15, 2025, subject to “regulatory review.”
Cboe’s Continuous Futures are designed to offer traders “long-term exposure to bitcoin and ether.” The contracts will have a “10-year expiration at listing and a daily cash adjustment, effectively creating perpetual-style exposure while eliminating the need to periodically roll positions.”
Continuous Futures are designed to offer the same type of benefits many investors utilize traditional futures for, such as “capital efficiency, volatility management, tactical trading, and the ability to enter short positions.”
Rob Hocking, Global Head of Derivatives at Cboe said that the structure of Cboe’s Continuous Futures is intended to enable “streamlined and efficient portfolio and risk management, while providing investors a controlled way to gain some leveraged exposure to digital assets.”
Hocking added that they are pleased to keep diversifying CFE’s offerings to meet customer demand, and “focused on expanding our education efforts to help market participants understand the utility of these new futures.”
The PBT and PET futures will use their “respective Cboe Kaiko Real-Time Rate to track the underlying digital asset.” A Funding Amount (the daily cash adjustment) will be applied daily “to open positions to promote price alignment between the Continuous Future and the underlying asset prices.”
Anne-Claire Maurice, Managing Director of Derived Data at Kaiko said that bringing perpetual-style futures to U.S. regulated markets “addresses a real need for institutional investors seeking efficient, long-term crypto exposure,”
They also mentioned that these continuous futures “eliminate the operational friction of rolling positions while maintaining the transparency and oversight that regulated markets provide.”
The Continuous Futures will be cash-settled and centrally “cleared through Cboe Clear U.S., helping mitigate counterparty risk.”
Margin requirements will be transparent and in compliance with CFTC rules and regulations, and there will “be potential for cross-margining offsets with other CFE-listed products cleared by Cboe Clear U.S., such as the Financially Settled Bitcoin (FBT) and Financially Settled Ether (FET) futures.”
To educate investors on the characteristics of Continuous Futures, The Options Institute, Cboe’s educational division, will host “courses on Cboe’s Continuous Futures and discuss potential use cases on December 17, 2025, and January 13, 2026.”
PBT and PET futures will be available to trade “on a 23×5 basis, from Sunday to Friday from 6 p.m. ET to 5 p.m. ET.”
As covered, Cboe Global Markets, the derivatives and securities exchange network, delivers trading, clearing, and investment solutions to people across the globe.
Cboe reportedly offers trading solutions and products in various asset classes, such as equities, derivatives, and FX across North America, Europe, Asia Pacific.
