Cboe Futures Exchange to Offer Trading in Continuous Futures for Bitcoin and Ether on December 15

Rhea-AI Summary

Cboe (NYSE: CBOE) will list Cboe Bitcoin Continuous Futures (PBT) and Cboe Ether Continuous Futures (PET) on Dec 15, 2025, subject to regulatory review. The contracts have a 10-year expiration with a daily cash adjustment (Funding Amount) to create perpetual-style exposure without periodic rollovers.

Contracts will be cash-settled, centrally cleared through Cboe Clear U.S., use Cboe Kaiko Real-Time Rates, and trade on a 23x5 schedule: Sunday–Friday, 6:00 PM–5:00 PM ET. Education courses are scheduled for Dec 17, 2025 and Jan 13, 2026.

Positive

• Listing date set for Dec 15, 2025 (subject to review)
• 10-year expiration enables perpetual-style exposure
• Centrally cleared via Cboe Clear U.S., reducing counterparty risk
• 23x5 trading schedule: Sun–Fri 6:00 PM–5:00 PM ET
• Uses Kaiko real-time rates for underlying price tracking

Negative

• Offering subject to regulatory review, potential approval delays
• Daily Funding Amount applies to open positions, creating ongoing cash flows

Insights

Derivatives Market Structure Analyst

Cboe will list U.S.-regulated perpetual-style Bitcoin and Ether futures on December 15, 2025, centrally cleared and 23x5.

Cboe is introducing two Continuous Futures, PBT and PET, designed to provide long-term, perpetual-style exposure with a 10-year listed expiration and a daily Funding Amount that adjusts cash to align contract and underlying prices. The contracts use the Cboe Kaiko Real-Time Rate as the reference price, will be cash-settled, and clear through Cboe Clear U.S., LLC, a CFTC-regulated clearinghouse; margin requirements will follow CFTC rules and may allow cross-margin offsets with existing CFE-listed Financially Settled Bitcoin and Ether futures.

Key dependencies and risks include regulatory review (the December launch is "subject to regulatory review"), the effectiveness of the daily Funding Amount to track spot prices, and market adoption of a new contract structure in a U.S.-regulated venue. Monitor the regulatory approval status and the published funding-rate methodology and contract specs before December 15, 2025. Educational sessions on December 17, 2025 and January 13, 2026 will provide public detail on contract mechanics and use cases within weeks of listing.

• Cboe's Bitcoin and Ether Continuous Futures will offer investors U.S.-regulated perpetual-style exposure
• Continuous Futures will be centrally cleared through Cboe Clear U.S., LLC, a CFTC-regulated derivatives clearing organization, and available to trade 23x5
• Cboe's Options Institute to host educational courses on Continuous Futures on December 17 and January 13

CHICAGO, Nov. 17, 2025 /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today announced its new Cboe Bitcoin Continuous Futures (PBT) and Cboe Ether Continuous Futures (PET) are planned to begin trading on Cboe Futures Exchange, LLC (CFE) beginning 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 provide the same benefits many investors utilize traditional futures for, such as capital efficiency, volatility management, tactical trading, and the ability to enter short positions.

"As perpetual futures have historically been traded offshore, Cboe is excited to help expand access to these products within a U.S.-regulated, transparent, and intermediary-friendly environment," said Rob Hocking, Global Head of Derivatives at Cboe. "The structure of Cboe's Continuous Futures is designed to enable streamlined and efficient portfolio and risk management, while providing investors a controlled way to gain some leveraged exposure to digital assets. We are excited to keep diversifying CFE's offerings to meet growing customer demand, and equally 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.

"Bringing perpetual-style futures to U.S. regulated markets addresses a real need for institutional investors seeking efficient, long-term crypto exposure," said Anne-Claire Maurice, Managing Director of Derived Data at Kaiko. "These continuous futures eliminate the operational friction of rolling positions while maintaining the transparency and oversight that regulated markets provide. We're pleased our real-time rates can support this innovation."

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 help 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. Registration is open to the public.

PBT and PET futures will be available to trade on a 23x5 basis, from Sunday to Friday from 6 p.m. ET to 5 p.m. ET. More technical information including contract size and funding rate methodology can be found here.

About Cboe Global Markets

Cboe Global Markets (Cboe: CBOE), the world's leading derivatives and securities exchange network, delivers cutting-edge trading, clearing, and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, and FX across North America, Europe, and Asia Pacific. Above all, we are committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future. To learn more , visit www.cboe.com.

Cboe Media Contacts			Cboe Analyst Contact
Angela Tu	Tim Cave			Kenneth Hill, CFA
+1-646-856-8734	+44 (0) 7593-506-719			+1-312-786-7559
atu@cboe.com	tcave@cboe.com			khill@cboe.com

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SOURCE Cboe Global Markets, Inc.

FAQ

When will Cboe (CBOE) start trading Bitcoin Continuous Futures (PBT)?

Cboe plans to begin trading PBT on Dec 15, 2025, subject to regulatory review.

What is the expiration and structure of Cboe's Continuous Futures (CBOE PBT/PET)?

Each Continuous Future has a 10-year expiration and a daily cash adjustment to create perpetual-style exposure.

How will Cboe Continuous Futures (CBOE) be cleared and settled?

Contracts will be cash-settled and centrally cleared through Cboe Clear U.S..

What trading hours will Cboe Continuous Futures (CBOE PBT/PET) follow?

They will trade on a 23x5 basis: Sunday–Friday from 6:00 PM ET to 5:00 PM ET.

What price reference will Cboe use for PBT and PET futures?

PBT and PET will use the Cboe Kaiko Real-Time Rate to track their underlying digital assets.

Are there educational resources for Cboe Continuous Futures (CBOE)?

Cboe's Options Institute will host courses on Dec 17, 2025 and Jan 13, 2026, open to the public.